With so much going on as you try to prepare to graduate from college, the mandatory “student loan exit interview” that you have to complete may seem both annoying and a waste of time.
In reality, however, this appointment, whether it’s with someone in the financial aid office or done online, is extremely significant.
In the “interview,” which is really just a review of your loan terms, your balances, your repayment options, and other logistics, you’ll be presented with a lot of information.
It’s crucial that you make sure you understand and know what’s going to happen with the following details:
When your first loan payment is going to be due. “In six months” isn’t an accurate understanding. Six months from when: graduation day? The last day of classes? When you land your first job? Don’t aim to get a time frame. Instead, know the actual date by when the money is due. Once you have that date, write it down in your calendar. In fact, write it down everywhere.
How you can repay your student loan. Can you pay online? If so, how long does it take to set an online account or online payment option up? How long does it take to process online payments? Can you set up automatic payments, or do you have to log in each month and enter them into the system? If you’re going to be mailing a check, what is your account number (which you should write on the memo line)? What is the mailing address for your lender? How long will it take for the mail to reach where you’re located?
What repayment plans are available. One key thing to understand here is not which one you think you are going to use, make sure you comprehend all of the ones that you can use.
No one, after all, plans to go into tolerance or to not make enough money to get started on the standard repayment plan. Not being aware of your repayment options means you won’t have a good understanding of what might be the best fit for your situation, whatever that situation is. If you aren’t clear on every repayment plan option, use the exit interview to ask questions about the differentiation between each of them as well as what a borrower has to do to switch plans.
The exact amount of your first payment. This might come as a shock, but it’s better to be shocked beforehand than to double-whammy yourself and be shocked at 1) the amount and 2) the insufficient funds charge you’ll be hit with if you don’t have enough money in your account. Additionally, if the amount you’re expected to pay isn’t realistic for you, you’ll have plenty of time to request a different repayment plan in advance.
Whom to contact if you have questions or concerns. You never know what’s going to happen, but knowing whom to contact if the unexpected takes place is a smart thing to set up earlier. When should you contact your school, and if you need to do so, whom in particular should you reach out to? If you need to contact your lender, what’s the best way to do so? If you, for example, send an email, how long does it take to receive a response? What if your financial situation changes unexpectedly? You need to change your address? You need to change your bank account number? While much of this can be taken care of online, not everything can. Knowing whom to connect with, and how to do so promptly, might very well mean the difference between staying on top of your student loan situation after graduation or not.