Exit Counseling

Borrowers must repay student loans. The median loan indebtedness of students attending Lincoln Land Community College is $11,096.00. The median monthly payment for this indebtedness is $105.50. 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 qualify 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

You can review your federal student loan history and by logging in to the National Student Loan Database (NSLDS). For a better understanding of how to repay your student loan and your repayment options, visit the Federal Student Aid website.

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 grace period:

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

Step 3: Borrower completes exit counseling

You are required to complete exit counseling 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 begins, you will receive a repayment disclosure from the Department of Education.

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 manage 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
  • Name, address and phone number of your expected employer (enter "unknown" if you don't have one yet)
  • Your FSA ID (the same username and password you used to complete the FAFSA)