New online loan exit counseling

Federal regulations and University policy require all students with student loans to complete exit counseling prior to leaving the University of Minnesota. In the past, this counseling was done at group information sessions at Grad Fest, one-on-one, or through a paper process. A new web application has now been developed to allow students to complete this requirement online at their convenience.

At the end of August, this new web application had a "soft launch." This soft launch allowed the team working on this new process the opportunity to test it with a small group of students to identify potential issues and fine tune the system before a large number of students would use it in November (prior to December graduation). During this time, students have been identified as needing to complete exit counseling and have received email communications directing them to the new online system.

Students are identified as needing to complete exit counselling for two reasons: an expected graduation date within 30 days, or enrollment dropping below half-time. Once students are identified, a hold is placed on their records and they are sent an email with instructions on completing the online counseling. Once the exit counseling is completed, the hold is removed.

While there has been no change to the regulation or policy, the new system has streamlined the enforcement. This means that students are more easily identified as needing to complete loan exit counseling and have holds on their record when they may not have previously. In order to remove the hold, the student simply has to complete the online exit counseling. Questions about this process can be directed to Student Account Assistance.