Borrowers must repay student loans.  The average loan indebtedness of students attending Lincoln Land Community College is $5,371.00.  The average monthly payment for this indebtedness is $65.88.  Remember to include your loan payment as a fixed monthly expense when developing your budget.

Loan Repayment Process

Step 1:  Loan enters repayment status
(If you will be attending elsewhere after LLCC, you may be eligible for a deferment.)
Your loan changes to repayment status when you drop below half-time enrollment by:

• graduating,
• withdrawing,
• not taking enough classes, or
• not satisfactorily completing enough classes.

Step 2:  Grace period begins
Before your first loan payment is due, you are given some time to find a job and get your finances together.
The grade period:

• begins the day you drop below half-time enrollment status,
• lasts six months, and
• is available to subsidized and unsubsidized Federal Stafford Loan borrowers.

Step 3:  Borrower completes Exit Counseling
You are required to complete an exit interview whenever your federal student loan changes to repayment status.

Step 4:  Repayment Terms are Established
A variety of repayment options are available when your loan enters repayment status.  Once the repayment option is selected and shortly before your grace period ends, you will receive a repayment disclosure from your lender.

Unable to Make Payments
If you are unable to make your monthly payments, contact your lender immediately to avoid default by considering alternative repayment options.  Additionally, depending on your circumstances, you may qualify for loan forbearance or forgiveness.

After graduating or dropping below half-time attendance, you are required by federal regulation to complete an exit counseling session.  It shows you how to mange your student loans after college.

Before you start, gather the following information:

• Your social security number
• Your driver's license number
• Name, address, and phone number of your closest relatives
• Name, address, and phone number for two references at different addresses (so lenders can contact the references if they lose touch with you)
• Name, address, and phone number of you expected employer (enter "unknown" if you don't have one yet)
• Name of your lender or lenders
  

COMPLETE EXIT COUNSELING