Loan Repayment

Understanding the repayment process for your student loans can go a long way toward building a solid financial foundation.

If you have borrowed a federal loan from UNMC and you will be graduating, withdrawing, or taking a leave of absence, you must complete exit counseling. The exit counseling is designed to make you aware of your repayment responsibilities, familiarize you with your lender(s), give you examples of repayment schedules, and to answer any questions you may have regarding your loans.

Exit Loan Counseling

Before you begin repaying your federal loan(s), the federal government requires that you understand the basics of repayment. Online exit counseling takes just a few minutes and will cover:

• The necessity of repaying your student loan
• Subsidized, Unsubsidized Stafford, PLUS, and Perkins Loans
• Your repayment options
• Estimating your payments
• Deferment and forbearance
• Reasons for loan cancellation
• Your rights and responsibilities
• Keeping in touch with your lender/servicer

We recommend you review your federal student loan accounts prior to starting the exit counseling session. Start your review.

Complete the Loan Exit Counseling

You will need your Social Security Number, Date of Birth, your FSA ID, and names, addresses, phone numbers, and email addresses for four references. This will take approximately 15 to 30 minutes to complete.

Changes Announced in Federal Student Loan Servicers

Three current federal student loan servicers announced they will no longer be servicing federal student loans when their contracts expire on December 31, 2021. However, the Department of Education has extended FedLoan Servicing’s contract through 2022 to allow additional time to transfer their loan portfolio. On December 22, 2021, the Department of Education also announced MOHELA will be the future servicer for borrowers in the Public Service Loan Forgiveness (PSLF) Program and the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program. Borrowers in these programs will remain with FedLoan Servicing until they are transferred to MOHELA later in 2022.

The Department of Education has selected new servicers to handle the billing and other services on federal student loans. Transition information is available on the new loan servicers’ website. 

Borrowers will be contacted via email and phone regarding their student loans from both their current loan servicer and their new loan servicer. Please review the correspondence carefully as you may need to create a new online account and update your direct debit information. 

The current payment pause and 0% interest on student loans remains active through December 31, 2022.

Borrowers are encouraged to visit Who’s My Loan Servicer for further information.