Exit Counseling Requirements

Who has to do it?

Any student who borrowed Federal Direct Loans or Perkins Loans AND who:

  • Graduated (or have applied for graduation)
  • Transferred (or plans to transfer in an upcoming semester)
  • Fell below ½ time enrollment (including if you withdrawal mid-semester)
  • Left the University for any reason (temporarily or permanently) 

Why do I have to do it?

Exit Counseling will provide you with the following information:

  • When repayment begins
  • How much you will repay
  • What to do if you can't make your loan payment
  • Who you will make student loan payments to 

Exit Counseling Steps

  • Step 1: Have the following information with you:
  • Step 2: Log in to studentloans.gov
    • Select the "Complete Loan Counseling (Entrance, Financial Awareness, Exit" link
    • Click on the "Start" button to the right of the "Exit Counseling" link and follow the steps, making sure to complete them all. Data will not be saved if you stop before completing all of the steps. 
  • Step 3: If you have received Federal Perkins Loans:
    • Unsure if you have Perkins loans? Check online at www.nslds.ed.gov/nslds/nslds_SA/.
    • You will receive an e-mail from Ferris instructing you to go to the MyLoanCounseling website to complete exit counseling. 
    • Select “Complete Exit Interview” on the Borrower-Student drop-down

Interested in more information?

  • Exit Counseling provides you with contact information for your Loan Servicer. Your Loan Servicer is the company that you will make payments to and who you should contact if you need to change your repayment plan. Always make sure your Loan Servicer has updated contact information for you; you should contact your Loan Servicer and set up an online account!
  • Exit counseling does NOT automatically enroll you in the repayment plan that you selected during your counseling session, you should contact your Loan Servicer for repayment plan selection.
  • Exit Counseling will NOT cause you to automatically go into loan repayment. If you plan to begin attendance at another college or university before your loan grace period ends, you may not be required to make any payment.
  • Failure to pay or defaulting on student loans may have a significant impact on your personal finances, including negatively impacting your credit history and your ability to borrow in the future. For details about the impact on your credit, please select Credit History on the menu to the left.

Additional Exit Counseling information