Student Loan Repayment & Exit Counseling
Most student loans begin repayment six months after the student graduates, withdraws, or takes a leave of absence from the college.Students who have borrowed a federal loan while at Wheaton are required to attend exit counseling where they will receive important information regarding their cumulative loan amount borrowed as well as loan repayment options. Exit counseling is conducted during the spring semester of a student's senior year of college. Students who withdraw or take a leave of absence from the college will receive exit counseling information by mail.
New Video: What to expect at Repayment
Click on the following link for a brief video supplied by Federal Student Aid.
More information and videos are available at studentaid.ed.gov. For details regarding specific loan programs, please review the following information:
Federal Direct Stafford Loans
Your Wheaton College financial aid award package may have included a Federal Direct Stafford Loan. If your loans were federally subsidized, or if you chose to capitalize the interest on your unsubsidized loans, repayment will begin approximately six months after your separation (graduation, withdrawal, or leave of absence) from Wheaton College. You will be sent billing information by the Direct Loan Servicing center prior to going into repayment. Information regarding the Federal Direct Loan program including a repayment calculator is available at the Federal Student Aid web site.
Federal Perkins Loans
Your Wheaton College financial aid award package may have included a Federal Perkins Loan. Perkins loan repayment begins after your grace period expires. Currently students have a nine month grace period for their Federal Perkins loans. Wheaton College is the lender for the loan and Campus Partners is the loan servicer. As the servicer, Campus Partners sends Perkins loan billing statements to the borrower and collects their loan payments. For definitions of important terms, information on various deferments, and general questions, please visit the Campus Partners web site.
Wheaton College Institutional Loans
Your Wheaton College financial aid award package may have included an Institutional Loan such as the Alice Friend Ireland '34 Loan or the Troderman Loan. These loans are awarded to students who meet very specific awarding criteria. Wheaton College is the lender for this loan and Campus Partners is the loan servicer. As the servicer, Campus Partners sends Institutional loan billing statements to the borrower and collects their payments. Even though Wheaton College is the lender, your Institutional loan payments should be sent directly to Campus Partners.
Federal Student Loan Exit Counseling
Exit Counseling sessions are conducted in the spring for all graduating seniors who have borrowed a federal loan while enrolled at Wheaton College. Multiple sessions are conducted during the month of April so students can choose a session that is most convenient to their schedule.
Student loan borrowers receive a cumulative breakdown of all loans borrowed as well as lender/servicer contact information. During the counselor led presentation students have the opportunity to ask any questions they may have regarding their loans including but not limited to: loan repayment, deferment, forbearance, loan consolidation, and loan cancellation. All student loan borrowers complete a federal exit counseling session on-line utilizing the following loan servicing web sites:
Federal Perkins loan: www.mycampusloan.com
Federal Stafford loan: studentloans.gov