Exit Counseling

 

Exit Counseling is designed to assist you with understanding your specific loan terms and conditions as well as establishing a loan repayment option suitable to your financial capabilities. Awareness of your loan options, rights and responsibilities is crucial to successful repayment.

You MUST complete Exit Counseling if you:

  • Graduate
  • Register less than half-time
  • Take a Leave of Absence
  • Transfer to another institution
  • Withdraw from Boston University

Federal Direct Loan borrowers must complete Exit Counseling. This can be done electronically at www.studentaid.gov.  If you have questions following your online Exit Counseling, you can schedule an individual appointment with SFS.

If you received any BU need-based loans during your education at BUMC, you are required to meet with a SFS staff member in addition to completing your online Direct Loan requirement. It is recommended that you complete the Federal Exit Counseling prior to attending a session. BU Exit Counseling requirements operate differently for each school:

Henry M. Goldman School of Dental Medicine students attend one of three presentations during Integrated Problems and Practice Management (IPPM) as a part of the SFS Sign-Out process. To learn more about repayment, loan servicing, consolidation and debt management, we invite you to visit the American Dental Education Association (ADEA) website.

Boston University Chobanian & Avedisian School of Medicine students attend a Careers in Medicine presentation in April of their graduating year.  Visit Financial Information, Resources, Services, and Tools (FIRST) offered by the Association of American Medical Colleges (AAMC) to help manage your student debt.

During your individual or group Exit Counseling session, you will:

  • Be given a Loan Borrowing Summary detailing prior and current education loan debt with repayment amounts
  • Learn about the terms and repayment conditions of the loans you were awarded
  • Receive a copy of BU promissory note(s)
  • Receive lender contact information
  • Provide references for student contact information purposes only
  • Authorize the receipt and understanding of the information presented by a SFS staff member

It is our goal to present you with information to effectively manage your student loan debt in the years ahead. Although the information we provide during your Exit Counseling Session is the most current, 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 any changes.

 

Helpful Resources:

Direct Loan Exit Counseling Guide