Exit Interview Information
Educational loans are serious financial obligations that must be repaid. It is your responsibility to understand and meet the terms and conditions of your loan agreement.
Not all loans are alike; interest rates, repayment periods and other allowances vary depending upon the loan program and the source of the loan fund. Exit documents are designed to help you understand your rights and obligations as a student loan borrower. However, the promissory note is the legal document governing your loan.
The rules governing your loan(s) are established by Federal regulations, state laws and /or donors' wishes. Parts of these rules require that our office provide you with an "Exit Interview" when you graduate, withdraw, or drop below the number of credits required to keep your loan from entering repayment status.
WHAT IS AN EXIT INTERVIEW?
When our office is notified that your loan account is about to enter either its initial grace period or repayment status, we are required to provide you with a copy of your promissory note, a repayment schedule for the loan(s) that you have with our office and an explanation of your rights and obligations as a loan borrower.
You will be asked to sign the repayment schedule and to fill out an information sheet. Please note that signing the schedule does not bind you to the payments as listed; it only verifies that we gave you a copy. Your repayment dates will be updated if you are granted a deferment or cancellation. (You will not receive a new schedule unless you request one.)
Failing to complete an exit interview when requested will result in the placement of a hold on your University records and future enrollments.
WHO MUST FULFILL THE EXIT INTERVIEW REQUIREMENTS?
- Borrowers expecting to graduate this semester.
- Perkins borrowers who have dropped below half-time.
- Long Term Institutional Loan borrowers who have dropped below the required number of credits.
- Nursing Loan borrowers who have dropped below half-time or have left the Nursing program.
- Health Profession borrowers who are not full-time or have left all Health Profession programs.
NOTE: If you have previously signed and returned exit interview documents and have not reactivated your loan (e.g. by returning as a full-time student before your initial grace period has expired), you are not required to complete an exit interview at this time.
WHO WILL RECEIVE MAILED EXIT INFORMATION?
You must complete an Exit Interview if you graduate, transfer from or leave the campus (even for one semester) which granted the loan or drop below the required number of credits (at anytime) which caused your loan to enter its initial grace period (half-time for Perkins Loan, Nursing Loans and some Institutional funds; full-time for Primary Care and Pharmacy Loans). The Exit Interview is mandated by Federal and/or Institutional Regulations. The Exit Interview provides an explanation of repayment, loan terminology, and deferment and cancellation privileges.
WHAT ABOUT BANK LOANS?
If you are attending an exit interview meeting because you have one of the loans listed above, we will supply a limited amount of information about your bank loans. Otherwise, you must contact your lender for repayment information.
Forms and questions should be directed to:
The University of Wisconsin
Bursar's Office - Student Loans
333 East Campus Mall #10501
Madison, WI 53715-1383
If you have questions while on campus, please stop at the Student Loans Office, 333 East Campus Mall #10501, between 8:00 AM - 4:00 PM, Monday through Friday.