Fisher College
Leaving College
Repayment
Students and parents who have borrowed a federal, state, or supplemental loan are required to repay the amount of funds borrowed, with interest according to the terms of the promissory note that was signed. The loan repayment period is usually 10 years. For student loans, students who have been withdrawn or have completed their requirements will enter their grace period. When the allotted grace period has ended, the student will begin repayment on a monthly basis on the loans borrowed.
For Federal Direct Loans, repayment begins six months after the student graduates, withdraws, or stops attending school at least half time. For Federal Perkins Loans, there is a nine month grace period. However, there are numerous options such as loan consolidation, deferment, and forbearance that can extend the repayment period, depending upon your circumstances.
For Federal PLUS loans, repayment of interest and principal begins 60 days after the loan is fully disbursed. An option for in-school forbearance is available for up to 60 months. The loan repayment term extends up to 10 years.
Ion Tuition
Line Break
Repayments Types
Borrowers Responsibilities
Once you have signed a promissory note for a loan, you are subject to all of the terms and conditions. If eligible, you will be awarded loans as part of your financial aid package. It is your responsibility to notify the Financial Aid Office in writing if you do not wish to accept the loans offered. Repayment on loans is required regardless of your being notified of your debt. It is a student's responsibility to know when repayment is due.
Exit Counseling
Before you graduate, or if you drop below half time attendance, federal regulation requires that you complete an Exit Counseling Session. You are provided information on your obligation to repay your Federal loans, as well as on conditions for deferment, forbearance, and cancellation. These sessions are also an opportunity for you to become more knowledgeable about loan management after college.
If you are withdrawing, you should contact the Office of Financial Aid so we can provide you with information on the loans that you have borrowed while in attendance at Fisher College.
All students who have borrowed a federal student loan are required to complete Exit Counseling. In person Exit Counseling with a member of the financial aid office is encouraged. During your session we will discuss with you your rights and responsibilities as a student borrower entering into repayment. Additionally, we are available to answer any questions that you have regarding repayment options and other debt management concerns. Students must complete Exit Counseling online using their FSA ID and password to log in.
Exit Counseling takes approximately 30 minutes to complete.
Please make sure that you have the following information in order to complete the counseling:
- Your Social Security Number
- Your Driver's License Number
- Names, addresses, telephone numbers for one of your parents (if applicable)
- Names, addresses, telephone numbers for two references residing at different addresses
- Name, address, and telephone number for your expected employer (if known)
NOTE: Providing names and information for your parents, spouse, next of kin and references does not obligate them to assist with repayment of your student loan. Regulation requires you provide this data so your loan holder can locate you in the future; for example, if they have an invalid address or phone number.
At the end of the session you will need to complete and submit your Exit Counseling.