Student Loans: A NYPIRG Student Empowerment Workshop

I. Intro NYPIRG [NYPIRG is an exceptional resource for students]

A. A place to learn new skills while working on important issues
B. PC(s) - fulltime staff person(s) trained in student development
C. Issue experts and staff attorneys working for and with students
D. Student oard of !irectors to choose issues and identify programming needs
E. "orkshops addressing issues# organi$ing# communications# leadership# civic action#
financial literacy# student housing%tenants rights and now student loans
II. Intro Workshop: College students are &orrowing a lot of money# student loan de&t has
passed credit card de&t# topping '( trillion) Students are finding it difficult to pay loans &ack#
recent headlines may have left students unsure# and direct marketing companies# working for
lenders# use many advertising tactics- some even illegal- to promote their loans to students#
regardless of the &est interest of the student) *he A+ found that companies were using
deceptive offers# fraudulent solicitations or illegal incentives)
!"e#t$%e: ,-PI.+ prepared this workshop to help students sort through the marketing and to
give them the information they need to manage and payoff their de&t) It will help students who
will soon graduate with student loan de&t to understand the choices they will soon face
regarding payment plans# deferments and for&earances# and loan consolidation) This workshop
is not a one-on-one financial planning session, so if ou ha!e specific "uestions on the right
plan for ou, reach out to the ca#pus$s financial aid office [or insert other ca#pus depart#ent,
or co##unit group]) In this workshop we will/
() .eview student loan de&t history
0) .eview the various types of student loans
1) *alk a&out managing your de&t - including choosing a payment plan and deciding
whether to consolidate
2) !iscuss what to do if you have trou&le making payments
3) Identify various loan forgiveness programs availa&le to you
4) !iscuss recent federal student loan legislation
5) 6nd with a list of great online and real world resources you can use
A. Student Loans Br$e& '$stor(
() College students are &orrowing a lot of money7
Student loan de&t has passed credit card de&t# topping '( trillion)
15 million Americans hold outstanding student loan de&t# and 0)5 million of those
de&t holders are ,ew -orkers)
,ew -ork graduates carrying student loan de&t had an average de&t of '05#1(8)
9n this campus the average student graduating with de&t owes [see
econo#icdi!ersit%org for a#ount])
(
0) Among all &achelor:s degree recipients# median de&t was7
'5#;48 at pu&lic four-year institutions
'(5#828 at private not-for-profit four-year institutions
1(#(;8 at for-profit institutions)
1) Pell +rant recipients# who generally have family income under '38#888# are much
more likely to &orrow and to &orrow higher sums
2) Students are finding it difficult to pay loans &ack
1
See www)economicdiversity)org for a campus-&y-campus list of average student de&t load)
02#<88 ,-S &orrowers defaulted on their student loans or were more than nine
months delin=uent on their payments &etween 088; and 08(0)
In 08(0# 2<> of 03-12 year-olds say they are unemployed or under-employed)
3) .ecent headlines may have left students unsure7
In 0885# Congress passed the College Cost .eduction and Access Act) "hen it
expired# Congress made the &i-partisan decision to extend the 1)2> rate on the
su&sidi$ed Stafford loan for one year# until ?uly (
st
# 08(1) @nfortunately# Congress
failed to meet this yearAs deadline of ?uly (
st
and the rates instantly dou&led to
4)<>) And a less-student friendly &i-partisan solution passed that set interest
rates to that of (8-year *reasury yields plus a Congressional add-on percentage)
B. 'ow the Cred$t Cr$s$s $s a&&e#t$n) student *oans
C. 'ow the Cred$t Cr$s$s $s not a&&e#t$n) student *oans
III. +(pes o& Student Loans , (ou ma( a*read( ha%e: Perk$ns- Sta&&ord- P*us are
&edera**( $ssued *oans. +here are a*so pr$%ate *oans. According to the CBP# roughly '<42
&illion is outstanding federal student loan de&t while the remaining '(38 &illion is in private
student loans
A. Perk$ns Loans7 *he Bederal Perkins Coan Program provides low interest loans for
graduate and undergraduate students with exceptional financial need) the &est student loan
terms)
1. Bor undergrad and grad students with most financial need) *he college acts as the
lender (they determine the amount) using funds provided &y the federal government)
-ou make payments to &ack to the college or its agent) ,ot all schools participate in
the program)
0) *he amount you can &orrow depends on your financial need# the amount of other aid
you receive# and the availa&ility of funds at your college or career school)
1) Students must file a Bree Application for Bederal Student Aid (BABSA) and Perkins
promissory note as part of the application process for a Perkins Coan)
2) Su&sidi$ed loan
3) Coan program with the most opportunities for loan forgiveness7 loan cancellation for
teacher service at low-income schools and under certain other circumstances
specified in the law (D6A)) Students may defer repayment of the loan while enrolled
(at least half-time) at a postsecondary school)
4) Can &orrow up to '3#338 per year for undergraduates and '05#388 totalE up to '<#888
per year for graduate or professional students and '48#888 total) Average ,ew
Award as of 08((7 '(#;4<
5) @p to (8 years to pay off) ,o alternate payment plans unless you consolidate it
together with Stafford loans)
<) Interest .ate is set at 3> and there are no fees except for late payment
;) ; month grace period
B. Sta&&ord Loans7 the largest source of federal student aid
0

() -ou &orrow from the Bederal +overnment
Stafford Coans carry a fixed interest rate# and are typically the most afforda&le
type of student loans
At this school we [&heck with the financial aid office]
2
www)finaid)org
0) Su&sidi$ed7 for students with demonstrated financial need-- the federal government
pays the interest while you:re in college and during grace and deferment
1) @nsu&sidi$ed7 all students are eligi&le--you pay all the interest on the loan# and it gets
added to your total (capitali$ed) while you:re in college
2) Interest .ates F Bees
Bederal law sets the maximum interest rates and fees charged
Stafford loans &orrowed after ?uly (# 0884 have a fixed interest rate of 4)<>
In 0885# a Bederal law passed that cut interest rates in half &y 08(() Birst
reduction (from 4)<> to 4>) Coans in 088< have 4> interest rate# 088; saw
decrease to 3)4># 08(8 saw decrease to 2)3># and 08(( saw decrease t8 1)2>
which was extended in 08(0)
"hen this law (and the one year extension) expired in ?uly 08(1# unfortunately#
Congress let rates dou&led to 4)<>) And a less-student friendly &i-partisan
solution passed that set interest rates to that of (8-year *reasury yields plus a
Congressional add-on percentage) *he rates will vary year-to-year with the
market &ut will stay fixed throughout the repayment life of the loan and will &e
capped at <)03> for all undergraduate loans) Students taking out loans for this
year should expect to pay 1)<4> (rates are higher for parent and graduate loans))
-ou pay a (> origination fee
Stafford Loan Interest Rates
Academic Year Subsidized Rates Unsubsidized Rates Graduate Rates
2011-12 3.40% 6.80% 6.80%
2012-13 3.40% 6.80% 6.80%
2013-14* 3!"# 3!"# $41#
Current Stafford Loan interest rates in effect from 07/01/2013 to 06/30/2014
*Tese rates a!e "een u#dated to ref$ect te ne% student $oan interest rate $e&is$ation tat %ent into effect
on 'u&ust () 2013.
3) Choice of payment plans7 standard ((8 years)# extended# graduated and income
&ased
4) +race Period and Gaximum Amounts
4 Gonth grace period - time &etween graduation % leaving school and when you
have to start paying
Coan limits vary &y year# type of degree# and type of loan (su&sidi$ed or
unsu&sidi$ed))
Stafford Loan Limits
%e&endent Students Annua' Loan Limits
*irst +ear ,-)-00 .,3)-00 su"sidi/ed/,2)000 unsu"sidi/ed0
Second +ear ,6)-00 .,4)-00 su"sidi/ed/,2)000 unsu"sidi/ed0
Tird +ear and 1e2ond ,7)-00 .,-)-00 su"sidi/ed/,2)000 unsu"sidi/ed0
Inde&endent Students Annua' Loan Limits
*irst +ear ,()-00 .,3)-00 su"sidi/ed/,6)000 unsu"sidi/ed0
Second +ear ,10)-00 .,4)-00 su"sidi/ed/,6)000 unsu"sidi/ed0
Tird +ear and 1e2ond ,12)-00 .,-)-00 su"sidi/ed/,7)000 unsu"sidi/ed0
3raduate or 4rofessiona$ ,20)-00 .,8)-00 su"sidi/ed/,12)000 unsu"sidi/ed0
Lifetime Limits
5nder&raduate 6e#endent ,31)000 .5# to ,23)000 ma2 "e su"sidi/ed0
5nder&raduate 7nde#endent ,-7)-00
3raduate or 4rofessiona$
,138)-00 .5# to ,6-)000 ma2 "e su"sidi/ed0
or ,224)000 .for 8ea$t 4rofessiona$s0
*or $oans first dis"ursed on or after 9u$2 1) 2008.
C. P*us Loans
() Bederal loans that graduate or professional degree students or parents of dependent
undergrads can &orrow to help you pay for college)
0) @)S) !ept of 6ducation makes the loan through !irect Coan Program
1) Su&Hect to credit approval
2) @nsu&sidi$ed loan
3) Interest .ates and Bees
Bederal law sets the maximum interest rates and fees
PC@S loans have a fixed 4)2(> interest rate
Pay a 2)082> origination fee# deducted from each dis&ursement
4) +race Period# Gaximum Amount# 9ther !etails
*here is no grace period) .epayments &egin 48 days after dis&ursement while
you:re in school)
Gust sign a Gaster Promissory ,ote (GP,) and graduate or professional
students need to complete entrance counseling &efore receiving a PC@S loan
Gax loan amount is cost of attendance minus other financial aid)
D. Pr$%ate Edu#at$on Loans .A*ternat$%e Loans/: "as the fastest growing segment of loan
Industry
1
() Coans that are not secured &y the federal government) 9ffered &y &anks# credit
unions and other lenders)
2. ecoming increasingly prevalent as cost of higher education rises
2
1) Garketed aggressively - lots of commercials# direct mail etc
2) Su&Hect to credit approval and &etter interest rates for &etter scores
3) *erms of private%alternative loans are typically worse than federally &acked loans
Digher interest rates
o ,ot capped &y the federal law
o 9ften varia&le rates (prime interest rate plus some percentage)# while federally
&acked loans have fixed rates
o Sketchy marketing7 may advertise the lowest interest rate they offer (to the most
credit worthy &orrowers) rather than the entire range of rates they offer)
,o real loan forgiveness options
o ,o death%permanent disa&ility forgiveness - heirs would have to pay de&t out of
your estate
o ,o forgiveness for going into high-needs fields
Cess flexi&le payments
o !on:t have to offer the four (Standard# 6xtended# +raduated# and Income
ased) payment plans
o Gy offer some flexi&ility - like interest only payments for a time
Bewer%less flexi&le deferment options
o Gost offer deferment for student enrollment (though interest is capitali$ed)
o Gay not offer or may limit hardship for&earances
4) Should only &e used as a last resort
Gake dou&ly sure you:ve exhausted every federally &acked option (Stafford#
@nsu&sidi$ed Stafford# PC@S loans etc)) &efore turning to private loans
.ead and reread the fine print in the offer A,! on the promissory note &efore
signing
Students typically have lower credit scores (they have short credit histories) so if
you have to take out a private loan# getting a parent to cosign will save you money
(assuming they have &etter credit than you)
,ever &orrow more than you need to pay your cost of attendance - extra has to
&e counted as an asset in the federal financial aid formulas
Shop around# &ut &e careful &ecause terms%rates may &e descri&ed differently
from lender to lender)
E. 0nsure a!out wh$#h *oan (ou ha%e 1 wh$#h terms2
() !ig up the papers and keep them all in one file
0) Iisit ,ational Student Coan !ata System (www)nslds)ed)gov)
Dave to enter some personal information and apply for a PI, num&er
1) Ask the financial aid office
*hey have it all on file
3
ProHect 9n Student !e&t# Pri!ate 'tudent (oan Polic )genda#
see at http7%%proHectonstudentde&t)org%initiativeJview)phpKinitiativeJidxL5
4
*en years ago# only five percent of total education loan volume was in private loans) *oday they represent an
estimated 08 percent of what all undergraduate# graduate# and professional students and their families &orrow to pay
for school)
Bederal regulations re=uire you to have an exit interview with them &efore
graduation
I3. 4ana)$n) Student Loan De!t
A. Cons$der Conso*$dat$on
() .efinancing two or more student loans into one larger loan) -ou can consolidate
federal student loans) Bederal law sets the length of these loans and caps the interest
rates)
2. !ifferent types of Bederal loans can &e consolidated together (e)g) Su&sidi$ed with
unsu&sidi$ed or Stafford with Perkins))
3

3. Can only consolidate during the grace period or repayment)
4

2) -ou can:t consolidate private loans together with federal loans) ut you can
consolidate private loans with other private loans)
3) Interest .ates and Bees
Interest .ate L the weighted average of the interest rates on the loans &eing
consolidated# rounded up to the nearest (%< of a percent and capped at <)03> --
doesn:t really change the cost of the loan
5
*here are no fees to consolidate federal loans
Private consolidation loans have interest rate informed &y your credit score and
will likely have fees
4) enefits
Single monthly payment
9ften reduces si$e of monthly payments
Bor older loans (&efore ?uly 0884)# trade varia&le interest for a fixed rate
Access to alternate repayment plans for PC@S and Perkins &orrowers
.esets the 1-year clock to apply for deferments%for&earances (if you:ve used up
your allowed deferments%for&earances)
PC@S &orrowers (from private lenders) can reduce interest from <)3> to <)03>
Private lenders may offer timely payment discounts and other incentives
Bor private loans# if your credit score has improved you may get lower interest
5) !raw&acks
-ou pay more over the life of the loan
Can cut short you grace period
Cose &enefits of the Perkins loan (expanded forgiveness options# no default fees)
Gay lose (or have to repay) discounts related to current BB6C loans
B. Pa(ment p*ans
*here are 2 types of repayment plans that Stafford loan &orrowers and consolidation loan
&orrowers can choose from or switch &etween7 standard# extended# graduated and income
&ased) Plus loan &orrowers can use all &ut the income &ased plans) *his flexi&ility helps# &ut
remem&er that changes that decrease your monthly payment increase your time to pay off
the loan and the total amount you pay)
5
Parents and students can not consolidate their loans together)
6
Coans that are in default &ut with satisfactory repayment arrangements may also &e consolidated) Bor example to
consolidate a defaulted loan with the !irect Coan program the &orrower must agree to use the Income Contingent
payment plan)
7
Bormula7 de&t ( M interest rate ( N de&t 0 M interest rate 0 N de&t 1 M interest rate 1 / L interest rate
de&t ( N de&t 0 N de&t 1 /
() Standard
-ou to pay a fixed amount# at least '38# each month
@p to (8 years to pay off the loan
Digher payments &ut fastest way out of de&t and least interest paid
0) +raduated
Start with small payments# which go up every two years
(st payments are interest only or half the standard plan payment# whichever is
greater
Cast payments are much larger--up to ()3 times the standard plan payment
Dave (8 years to pay off the loan# depending on amount
1) 6xtended
-ou pay a fixed amount each month
Dave up to 03 years to pay off the loan# depending on amount
<
Cower payments &ut you pay more in interest
2) Payments &ased on income
a) Income Contingent (for !irect Coan orrowers)
your monthly payments are adHusted to an afforda&le level each year#
*he amount calculated using your tax return# your family si$e# your interest rate
and the total amount you owe)
;

After 03 years any remaining &alance is forgiven
&) Income Sensitive (Bor BB6C orrowers)
Payments are a fixed percentage of gross monthly income
Dave to reapply every year and provide proof of income
Cength of loan is (8 years
c) Income ased (,ew for &oth BB6C and !irect Coan orrowers)
Part of College Cost .eduction and Access Act of 0885
@ses a more generous formula that assumes less availa&le income to calculate
monthly payments
(8
After 03 years any remaining &alance is forgiven
3) Comparing the cost [*rite this ta+le on the chalk+oard
Pa(ment pt$ons &or a 567-888 Loan at 9:
;;
Comparing Payment Plan Costs for a $35,000 Loan at 6.0%
Plan Term Initial Monthly Payment
Total Cost of Loan (Interest
Payments!
Standard 10 years $ 388.57 $ 46,628.40
8
Cess than '(8#888 (0 years# '(8#888-'(;#;;; the term is (3 years# '08#888-'1;#;;; the term is 08 years# '28#888-
'3;#;;; the term is 03 years# and for de&ts of '48#888 or more the term is 18 years)
9
Caps monthly payments at 08> of the difference &etween AdHusted +ross Income and (88> of the federal poverty
line
10
Caps monthly payments at (3># of the difference &etween AdHusted +ross Income and (38> of the poverty line
11
Chart made using calculators availa&le at finaid)org) Interest paid under the Income Contingent Plan would vary
&ased upon the si$e and changes in a &orrower:s income over time)
Graduated 10 years $ 263.25 $ 48,882.37
Extended Fixed 30 years
Graduated -30 years
$ 225.51
$ 175.00
$ 67,653.00
$ 73,601.05
In!"e #!ntin$ent
%Initia& sa&ary !' $25,000(
18 years)
$ 243.33 $ 57,*03.45
3. Re#ent <edera* Loans 0pdates
A. !ama=s Student Loan De!t,Re*$e& P*an
a) A new e=uation for Income-ased .epayment (I.)) I. is a repayment plan for
the maHor types of federal student loans that caps your re=uired monthly payment
at an amount intended to &e afforda&le &ased on your income and family si$e)
&) Implemented &y executive order since taxpayer su&sidies to private &anks for
student loans was outlawed (govAt &acked private loans nixed)) Saves govAt '48
&illion over the next (8 years- can now ta&&ed for direct govt loans and
repayment programs) "ill not cost taxpayers anything)
c) "ho does this affectK
i) (from !ept of 6d) ()4 million students graduating starting in 08(0) And an
additional estimated 3)< million people who took out different kinds of
federal loans no earlier than 088< and take out an additional loan after
08(0 who will &e a&le to consolidate them into one loan)
d) *he Os7 caps loan payments at (8> of their discretionary income starting in 08(0
(as opposed to (3> &y 08(2)
e) Borgives &alances after 08 years (from 03 years)
f) *he @S !epartment of 6ducation# which now administers all federal education
loans# is giving &orrowers the option of consolidating federal and private loans
(Bederal Bamily 6ducation Coan (BB6C) Program) at reduced rates)
B. Bene&$ts
a) Pay as you earn7 monthly payment amount will &e less than the amount you
would &e re=uired to pay under a (8-year standard repayment plan# and may &e
less than under other repayment plans) Although lower monthly payments may
&e of great &enefit to a &orrower# these lower payments may result in a longer
repayment period and additional accrued interest)
&) Interest payment &enefit7 if your monthly I. payment amount does not cover the
interest that accrues on your loans each month# the government will pay your
unpaid accrued interest on your Su&sidi$ed Stafford Coans (either !irect Coan or
BB6C) for up to three consecutive years from the date you &egan repaying your
loans under I.)
c) 08--ear &alance forgiveness7 if you repay under the I. plan for 08 years and
meet certain other re=uirements# any remaining &alance will &e canceled)
d) (8--ear pu&lic service forgiveness7 if you work in pu&lic service# on-time# full
monthly payments you make under I. (or certain other repayment plans) while
employed full-time in a pu&lic service Ho& will count toward the (08 monthly
payments that are re=uired to receive loan forgiveness through the Pu&lic
Service Coan Borgiveness Program) *hrough this program# you may &e eligi&le
to have the remaining &alance of your !irect Coans forgiven after you have made
the (08 =ualifying monthly payments as descri&ed a&ove) *he Pu&lic Service
Coan Borgiveness Program is availa&le only for !irect Coans)
C. D$sad%anta)es
a) !oesnAt cover anyone who took out loans &efore 088< (that wonAt &e taking out
more loans starting now))
&) !oesnAt cover purely private loans7 typically taken out# though# when students
exhaust their federal loan amounts
c) !oesnAt cover defaulted loans
d) -ou may pay more interest7 the faster you repay your loans# the less interest you
pay)
e) So I. isnAt focused on assisting with the overall &urden of student loans of the
average student) Instead# it intends to help those with lots of student loans who
either have a low income after school during their early years or have a relatively
low income throughout their career)
3. When Student Loan De!t Seems 0nmana)ea!*e
A. A%o$d De&au*t
() In default after ; months of missed payments
0) Collection agencies will hound you
1) Cate fees and collections costs
2) Credit record%score damaged for 5 years
3) -ou might &e sued
4) Paychecks may &e garnished up to (8>
5) Income tax refunds sei$ed
<) ecome ineligi&le for other state and federal student aid
;) *hese de&ts never go away# usually not even in &ankruptcy
B. De&erment
() A temporary &reak from loan payments for
eing enrolled at least (%0 time in college# or in a graduate fellowship# or
reha&ilitation program for a disa&ility
@nemployment
6conomic hardship
Peace Corps
Active Gilitary !uty
0) Casts up to 1 years
1) Dave to apply with lender
2) Bor su&sidi$ed loans Bed government pays interest# for unsu&sidi$ed you have to
pay it during deferment or have it added to your principle (capitali$ed)
C. <or!earan#e
() Shorter term &reak from loan payments
0) Bor &orrowers who don:t =ualify for a deferment &ut need a &reak
AmeriCorps service
Internships F residencies
Binancial hardship
1) Casts up to (0 months at a time &ut can &e renewed for up to 1 years
2) have to apply with lender
3) -ou pay (or capitali$e) the interest regardless of su&-or unsu&sidi$ed loan
D. Sw$t#h to In#ome Based Repa(ment P*an
() Gonthly payments are adHusted to an afforda&le level (prior example under Bederal
Coans update section)
0) Dow to apply for I.7 Bor more information a&out and to apply for I.# contact the
servicer(s) of your student loans) If you are not sure who your loan servicer is or
would like more information a&out your loans# you can look it up on
www)nslds)ed)gov)
3I. Loan <or)$%eness Pro)rams
State and federal government offer a num&er of programs to forgive all or part of your student
loan) *hey:re for students who study and work in particular high need or pu&lic service fields)
A) Bor details on high need or pu&lic service fields# go-to
http7%%www)finaid)org%loans%pu&licservice)phtml
,% for exa#ple-
Caw 6nforcement or Corrections officer - as an example of the many
opportunities to forgive Perkins loans
Pu&lic Sector 6mployees - far reaching example of forgiveness [look to the
footnote for further explanation]
*eacher level ( and 0 - the most commonly known program
3II. <ree 4one(2
*hink a&out Binancial Aid# +rants# or "ork Study first
Bederal Student Aid# an office of the @)S) !epartment of 6ducation# ensures that all
eligi&le individuals can &enefit from federally funded financial assistance for education
&eyond high school)
*oday# Bederal Student Aid performs a range of critical functions that include# among
others7
o 6ducating students and families on the process of o&taining aidE
o Processing millions of student financial aid applications each yearE
o !is&ursing &illions of dollars in aid funds to students through schoolsE and
o 6nforcing financial aid rules and regulations
3III. Resour#es
A. <or In&ormat$on and Resear#h
11 www.studentde!ta*ert.or) ,, Student PI.+:s "e& site a&out student de&t activism)
Includes a Student !e&t -ear&ook where you can post or view picture and profiles of
students struggling with de&t)
11 www.pro"e#tonstudentde!t.or) ,, Cots of research and advocacy a&out student
loan de&t# including state-&y-state data
11 www.e#onom$#d$%ers$t(.or) ,, Das average student loan de&t for almost every
college in the country
B. <or 'e*p w$th Your Loans
() www.#o**e)e&$nan#e#enter.or) P creates a personali$ed college finance plan or
repayment plan &ased on your individual information and situation
www.studenta$d.ed.)o%,, *he !epart of 6ducation:s "e& site has rules and
regulations re student loans
0) www.&$na$d.or) ,, 9ffers lots of information# calculators to help you compare loans#
estimate payments and more
1) 4app$n),(our,&uture.or) ,, *ons on info on student loans# career planning# financial
aid# etc) Some college financial aid offices use it for federally mandated student loan
entrance and exit interviews for students
2) www.om!udsman.ed.)o% ,, *he Bederal Student Aid 9m&udsman of the
!epartment of 6ducation helps resolve disputes and solve other pro&lems with
federal student loans) Site offers lots of resources to educate and help yourself and# if
that fails# they can help you individually)
3) NYS Attorne( Genera* ,, Bor unfair# anti consumer treatment# call the ,-S Attorney
+eneral:s hotline7 (-<88-55(-5533) *heir investigations are ongoing)
4) www.ns*ds.ed.)o% ,, ,ational Student Coan !ata System "e& site allows you to
look up your student loan information)
5) +he >(our s#hoo*? <$nan#$a* A$d &&$#e ,, Dave your information on file
<) Are re=uired to give &orrowers an exit interview to help them plan to manage their
student loan de&t# and learn their rights and responsi&ilities)