CAC Students Graduating

Exiting/Graduating Student Loan Borrowers

If you have borrowed student loans and will no longer be attending Central Arizona College, there are some things that you must do and be aware of.  Below you will learn about specific situations and the steps you should take.

Dropping Below 6 Credits

If you borrowed federal student loans while at CAC and have dropped below 6 credits, your loans have entered their grace period (assuming you have not gone into repayment before). This means you have 6 months before you begin making payments on your student loan(s) obligation.  If you previously used your grace period, you will immediately go into repayment.

As a borrower, you are required to complete the online Direct Loan Exit Counseling if you drop below 6 credits, graduate, or leave school.  Exit counseling provides important information to prepare you to repay your federal student loan(s).  Log in to Federal Student Aid using your FSA ID to begin your Exit Counseling session.

Your student loan obligation is very important and how you manage it will help you to determine your future financial success. We recommend contacting your loan servicer and setting up your online account as soon as possible.

For additional information, check out these sections:  Repaying Student Loans and Avoiding Default.

Completely withdrawing from CAC

If you borrowed federal student loans while at CAC (or any other school) and have dropped all your courses, your student loans will enter into their grace period. In most cases, you will have 6 months before you must begin making payment on your loan(s).

As a borrower, you are required to complete the online Direct Loan Exit Counseling if you drop below 6 credits, graduate, or leave school.  Exit counseling provides important information to prepare you to repay your federal student loan(s).  Log in to Federal Student Aid using your FSA ID to begin your Exit Counseling session.

Your student loan obligation is very important and how you manage it will help you to determine your future financial success. We recommend contacting your loan servicer and setting up your online account as soon as possible.

For additional information, check out these sections:  Repaying Student Loans and Avoiding Default.

Not Attending Next Semester

If you borrowed federal student loans while at CAC and have decided that you will not be attending CAC or any other school next semester, your loan(s) will enter their grace period. This means you have 6 months before you must begin making payment on your student loan(s).

As a borrower, you are required to complete the online Direct Loan Exit Counseling if you drop below 6 credits, graduate, or leave school.  Exit counseling provides important information to prepare you to repay your federal student loan(s).  Log in to Federal Student Aid using your FSA ID to begin your Exit Counseling session.

If you are continuing your education next semester at another school, you still must complete the Exit Counseling. If you enroll in at least 6 credits at the other school, your loans will stay in an in-school deferment status as long as the new school reports your enrollment to the National Student Loan Database (NSLDS). If they do not report this, you should submit a paper deferment form to your loan servicer to ensure your loans stay in good standing.

Your student loan obligation is very important and how you manage it will help you to determine your future financial success. We recommend contacting your loan servicer and setting up your online account as soon as possible.

For additional information, check out these sections:  Repaying Student Loans and Avoiding Default.

Transferring from CAC

If you borrowed federal student loans while at CAC and have decided to transfer to another school to continue your education, there are a few things you need to be aware of:

  • All borrowers are required to complete the Direct Loan Exit Counseling online even if you plan on transferring to another college or university. Log in to Federal Student Aid using your FSA ID. Exit counseling provides important information to prepare you to repay your federal student loan(s).
  • If you have financial aid pending at CAC,  let us know you are transferring so we may cancel your aid.  This ensures a smooth financial aid transfer process for you.
  • If you enroll in at least 6 credits at the other school, your loans will stay in an in-school deferment status as long as the new school reports your enrollment to the National Student Loan Data System (NSLDS). If they do not report this, you should submit a paper deferment form to your loan servicer to ensure your loans stay in good standing.
  • If you enroll in less than 6 credits, your loans will enter their grace period. This means you have 6 months before you must start to make payments on them.

Your student loan obligation is very important and how you manage it will help you to determine your future financial success. We recommend contacting your loan servicer and setting up your online account as soon as possible.

For additional information, check out these sections:  Repaying Student Loans and Avoiding Default.

Graduating from CAC

You’re graduating! Congratulations! That’s awesome!  Whether you are entering the work force or continuing your education, we want you to be prepared!

If you will continue your education, check out the additional information in the ‘Transferring from CAC’ section above.

As a borrower, you are required to complete the online Direct Loan Exit Counseling if you drop below 6 credits, graduate, or leave school.  Exit counseling provides important information to prepare you to repay your federal student loan(s).  Log in to Federal Student Aid using your FSA ID to begin your Exit Counseling session.

If you are entering the workforce, you need to be aware that upon graduation your student loan(s) enter their grace period.  This means you have 6 months before you must begin to make payment on your  federal student loan(s).

Your student loan obligation is very important and how you manage it will help you to determine your future financial success. We recommend contacting your loan servicer and setting up your online account as soon as possible.

For additional information, check out these sections:  Repaying Student Loans and Avoiding Default.

Resources

Research Starting Salaries

Financial Awareness Counseling (login using your FSA ID and password)