Loan Exit Interview and Repayment Information

During the student’s final semester at MNU, (s)he needs to contact the MNU Student Financial Services Office so the student can complete an on line Exit Interview Session.  The Exit Interview provides the student with valuable information regarding repayment of their student loans, as well as deferment and cancellation benefits they may be eligible to receive.  After the student graduates, leaves MNU, or drops below half-time enrollment, they have a grace period before repayment begins.  For Stafford Loans, the grace period is 6 months; for Perkins Loans, the grace period is 9 months. 

It is important that the student borrower updates the Lender with current contact information (i.e. address, phone number, name change, etc) so the Lender can keep the student informed on the status of the loan.  Failure to make monthly payments or file deferment forms in a timely manner will reflect negatively on the student’s credit history.  Repeated failure to make payments can result in the loan going into default status, resulting in late fees, collection fees, and possible legal action.