ERIC Number: ED427641
Record Type: Non-Journal
Publication Date: 1997-Jul
Reference Count: N/A
Exit Counseling Guide for Borrowers. William D. Ford Federal Direct Loan Program.
Department of Education, Washington, DC.
This guide is intended for students leaving school and therefore needing to plan for repayment of loans received through the William D. Ford Federal Direct Loan Program. The guide offers students guidelines for choosing a repayment plan, information about rights and responsibilities as a borrower under both subsidized and unsubsidized direct loan programs and direct consolidation loans, and guidelines for developing a workable budget. The main section offers basic facts about repaying direct loans and covers the following topics: when repayment must begin, interest rates, the different repayment plans, comparing and selecting repayment plans, consolidation loans, deferment, forbearance, loan discharge, and sources of loan repayment assistance. Following, brief sections focus on consequences of default, managing direct loan records, an information review, important things to find out from the school (such as how to obtain a financial aid transcript), and budgeting. A budget planning worksheet is included. Definitions for common terms related to direct loans are also provided, as are forms for borrower information and a rights and responsibilities summary checklist to be signed and submitted by the student. (DB)
Descriptors: Higher Education, Loan Default, Loan Repayment, Money Management, Student Loan Programs, Student Responsibility
U.S. Department of Education, 600 Independence Ave., S.W., Washington, DC 20202; Web site: http://www.ed.gov/DirectLoan/pubs/studentpubs.html
Publication Type: Guides - Non-Classroom
Education Level: N/A
Authoring Institution: Department of Education, Washington, DC.
Identifiers - Laws, Policies, & Programs: Federal Direct Student Loan Program