Once You Graduate
If you’re getting ready to graduate, that means it’s time to start thinking about repaying your students loans. Knowledge is power when it comes to student loan repayment.
Learn what to do as a student that is graduating.
To start, complete Exit Counseling
Exit counseling provides important information you need to prepare and repay your federal student loan(s) Exit counseling will give you the opportunity to select a repayment plan option through your specific loan provider. To complete the exit counseling you will sign in with your FSA ID information on studentloans.gov.
Manage Your Student Loan
Announcement About Loan Consolidation Companies
Members of the campus community may have recently noticed social media ads for a company offering what appears to be student loan forgiveness and/or consolidation. Please note Keystone College is not affiliated with this company and does not endorse its products. Individuals should be wary of organizations that charge fees to assist with financial aid as there are many free resources available.
See below for more information on the resources available on managing student loans. Please note you should NEVER have to pay a fee to file your FAFSA or consolidate your loans!
If you leave college or drop below half-time status, you will begin repaying your federal student loans. Most loans offer a grace period which will allow you time to get financially settled and choose a repayment plan before you begin repaying your loans.
Understanding Repayment Plans
You have a choice of several repayment plans that are designed to meet your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose.
Loan Repayment Assistance Program
The Keystone Commitment Loan Repayment Assistance Program is our pledge, offered to all first-time, full-time freshmen (beginning Fall 2017) pursuing a baccalaureate degree. Once you are employed full-time after graduation, if you earn less than $40,000 per year, we will help repay your student (and parent PLUS) loans until you do. We believe in the value of a Keystone College education and are that confident in the preparedness of our graduates.
Loan consolidation allows you to combine multiple federal education loans, resulting in a single monthly payment instead of multiple payments. Consolidation can simplify payments but may also result in loss of benefits.
Deferment and Forbearance
You can temporarily postpone or lower your loan payments while you’re back in school, in the military, experiencing financial hardship, or in certain other situations.
Forgiveness, Cancellation, and Discharge
In certain circumstances such as certain kinds of teaching service, total and permanent disability, or the closure of the school where you were studying, your obligation to repay your federal student loan may be removed.
Loans must be repaid. NEVER ignore delinquency or default notices from your loan servicer. If you don’t make your monthly loan payments, you will become delinquent on your student loan and risk going into default.