Student Financial Services

PREPARING FOR EXIT COUNSELING

It is not uncommon for a Boston University Medical Campus (BUMC) student to accumulate debt exceeding $150,000; thus, wise planning for post-graduate financial management is essential. Exit Counseling is designed to assist you in establishing repayment schedules for loans incurred while you were at BUMC. You should be aware of all your rights and responsibilities under these programs, including those which may require a service commitment. Since each program has its own special provisions regarding deferment and repayment, it is important that you become familiar with the terms of each one and its affect on your long-range financial planning. As a condition of graduation, you must attend an Exit Counseling Session if you received any institutional loans or any scholarships with a service commitment while studying at BUMC.

As you may be aware, much attention and publicity have been devoted to the problem of student loan delinquencies and defaults. Many defaults occur, not because the borrower is unwilling to fulfill an obligation, but for technical reasons. Understanding how deferments work is the first step toward preventing serious difficulties. Federal regulations stipulate that deferments may be granted for only one year at a time. It will serve you well to keep track of when you are required to reapply for each of your deferments. It is also vital that you inform your loan servicers of changes to your address. Losing contact with your lenders is a sure invitation to needless and seemingly endless problems. You should also try to establish a pattern of prompt payments. If you anticipate a cash flow problem, contact your lender in advance to make alternative payment arrangements.

PLEASE NOTE: Many of the following documents are in IPDF format and allow you to type your information directly on the material and print it. These documents require Adobe Acrobat Reader to view and print. The Reader can be downloaded for free from Adobe.com. You may tab between fields, or click over a field. Please be sure to exit all fields before printing, and once printed, please remember to clear all data.

Please take the time to read this information in preparation for your Exit Counseling Session. When you schedule your School of Public Health, School of Dental Medicine or School of Medicine Session, you will need to complete an Exit Counseling Appointment Form and provide the information to the Office of Student Financial Services (OSFS).

If you borrowed certain types of loans, you will need to complete additional Exit documentation, and bring that information with you for your Session.

Complete the On-line Direct Loan Exit Counseling Session if you borrowed a Federal Direct Loan.
View the Direct Loan Borrower Exit Counseling Guide and complete the Direct Loan Student Contact Information and Rights and Responsibilities Summary Checklist if you borrowed a Federal Direct Loan and want to submit the document directly to OSFS instead of choosing the on-line option above.
Complete the Loan Exit Counseling Session Form if you borrowed any of the following: Boston University institutional loan, Health Professions Student Loan (HPSL), Loans for Disadvantaged Students (LDS), Perkins loan, Federal Primary Care Loan (PCL).
Complete the Certification of Primary Care Training or Practice Form if you borrowed a Federal Primary Care Loan (PCL).

If you prepare for your Exit Counseling Session in this way, you will maximize the usefulness of your time with us. You will also better understand your obligations and how to manage them most effectively in the years ahead.

Although the information we present here and during your Exit Counseling Session is the most current we have available, requirements governing loan programs and repayment are always subject to interpretation and regulatory or legislative revisions. It is therefore very important that you read all communications from lenders and servicers notifying you of changes.

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