Guide to Student Loan Exit Counseling
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is Student Loan Exit Counseling?
Finding Student Loan Exit Counseling
It may provide you with a comprehensive understanding of your federal student loan repayment responsibilities Your school may withhold your diploma or academic transcripts if you fail to complete exit counseling
How Does Student Loan Exit Counseling Work?
How Long Does Student Loan Exit Counseling Take?
Completing Exit Counseling
Is Student Loan Exit Counseling Required?
What Happens If I Don’t Complete Exit Counseling?
What Happens After I Complete Exit Counseling?
The Importance of Student Loan Exit Counseling
Student Loan Repayment Options
Income-Based Repayment (IBR)
Pay As You Earn Repayment (PAYE)
Revised Pay As You Earn Repayment (REPAYE)
The portion of your federal student debt that you refinance loses its eligibility for certain debt relief programs, including President Biden’s possible one-time loan forgiveness
It can be difficult to refinance student loans with bad credit
The credit score needed to refinance student loans is generally 670 or higher
You may refinance student loans with a cosigner when shopping around for refi loans
The Takeaway
Frequently Asked Questions
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About the Author
Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and currently serves as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
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