Online Exit Loan counseling is required of all borrowers of federal and University-administered student loan programs. Exit counseling provides information regarding the rights and responsibilities of a borrower and a lender/servicer. Information about repayment, deferment, and cancellation of loans is provided.

• You are required to complete exit counseling when you:

1. 1. are about to graduate.
   2. leave the University (even if it is just temporary).
   3. drop your registration below half-time enrollment.
   4. transfer to another school.
   5. leave for a National Student Exchange (NSE) experience.

• Complete Exit Loan Counseling here

• As a graduating student that received financial aid:

1. 1. You are required to complete Exit Loan Counseling
   2. You will need to make sure your contact information is up-to-date with your lender so repayment information is sent to you. Repayment begins six months after you graduate or stop attending at least half-time.

• If you are graduating at the end of the fall semester and you are an undergraduate student financial aid regulation requires that your Federal Direct Loans be prorated for the fall term. You will need follow these steps to ensure your financial aid is calculated correctly.

1. 1. Inform Financial Aid of your pending fall graduation date
   2. Request loans for fall after you have finalized your fall schedule.
   3. Understand how your financial aid is effected when you graduate fall (December).

The decision about whether or not to drop a course is an academic issue; however, it is your responsibility to understand the financial implications of this decision.

• Future student aid eligibility

1. 1. Dropping credits may jeopardize future student aid eligibility, including loans. If you request a loan at any time during the term and you are not enrolled at least half-time, your request cannot be processed.
   2. Depending on the time during the semester that you drop a course(s), your grant aid may be adjusted. If you drop during the add/drop period, your grant aid will be adjusted to your finalized enrollment at the end of the add/drop period. Your loans may or may not be reduced.
   3. If you drop credits before all of your aid is disbursed:

• • • You will be responsible for the balance of your tuition bill after your aid is adjusted
    • Your financial aid award(s) may be adjusted if your award(s) requires full-time enrollment or at least half-time enrollment and your credits drop below full-time or you drop to less than half-time.
    • And you are a Federal Pell Grant recipient, the grant will be adjusted; for example, if you drop from 12 to 9 credits, your grant will be prorated
    • And you are a recipient of state or institutional grant(s), your grant(s) may be reduced if you drop from full-time to half-time enrollment, or from half-time to less than half-time.
    • If you are a Scholarship recipient your scholarships may be effected, you should review your scholarship policies to ensure that you comply with their standards.
    • You must also meet UNM’s Satisfactory Academic Progress policy, dropping classes after the add/drop date can affect your ability to meet these requirements.  
• Loan Repayment implications

1. 1. You are required to complete Exit Loan Counseling when you drop your registration below half-time enrollment.
   2. If you drop below half-time (half-time is 6 credit hours for undergraduates and 5 credit hours for graduates during the fall/spring term; 6 credit hours for all students during the summer) your loans enter into their 6 month grace period.

• Withdrawal from all classes during the add/drop period:

1. 1. If you drop classes prior to the end of the third week of the semester (during the add/drop period) your financial aid will be reduced accordingly and you will have to repay any excess funds you received.
   2. Disbursement of Financial Aid occurs in the first week of classes, if you drop classes after disbursement, it may change your eligibility for that aid and you may owe a portion back to UNM.

• Withdrawal from all classes (official or unofficial withdrawal)

1. 1. If you completely withdraw (official withdrawal) or do not earn any academic credit for the semester (unofficial withdrawal) your financial aid may be prorated based on the last date you attended an academic related event.
   2. To earn 100% of your financial aid and not owe the University for Financial Aid you received you have to attend at least 60% of the semester (this is known as the 60% date). The last date of attendance is provided by your instructors when they assign a withdrawal or non-passing grade for the course.  

• • • Will I owe Financial Aid funds back to UNM?
    • Steps to officially withdraw from UNM
    • Apply for a scholarship leave of absence

• You are not attending UNM and have been awarded Financial Aid

1. 1. If you’ve been awarded financial aid (check if you’ve been awarded on Loboweb) but you will not attend UNM you can request that all of your aid be cancelled for the year by submitting a Cancel Financial Aid Request form.
   2. This form should only be completed if you wish to cancel ALL Financial Aid (grants, scholarships, loans, work-study, etc). If you wish to have a specific award cancelled or adjusted then you can submit the Financial Aid Change form.

• Loan repayment options for Military ActiveDuty

1. 1. Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid loan default. Qualifying circumstances are:
      • serving on active duty during a war or other military operation or national emergency and, if you were serving on or after Oct. 1, 2007, for an additional 180-day period following the demobilization date for your qualifying service;
      • performing qualifying National Guard duty during a war or other military operation or national emergency and, if you were serving on or after Oct. 1, 2007, for an additional 180-day period following the demobilization date for your qualifying service;
      • a member of the National Guard or other reserve component of the U.S. armed forces (current or retired) and you are called or ordered to active duty while you are enrolled (or within six months of having been enrolled) at least half time at an eligible school.
   2. You’ll need to work with your loan servicer to apply for deferment or forbearance; and be sure to keep making payments on your loan until the deferment or forbearance is in place. If you do not know who your loan servicer is you can find out by accessing your loan history on the National Student Loan Data System (NSLDS).

• Reentering the University after active duty service

1. 1. Contact the UNM Veterans Resource Center.
   2. Review  Student loan benefits for Military members