Graduating Seniors

Congratulations on your upcoming graduation! We want to ensure that you have a strong financial footing once you depart from Pitzer. Thus, it is important to understand more about your loans.

Exit Counseling

All students who borrowed through the Federal Direct Loan Program, the former Federal Perkins Loan Program or Pitzer’s College Loan Program are required to complete exit counseling.

In April, the Office of Financial Aid will hold exit counseling sessions for seniors. You must complete exit counseling or a hold may be placed on your cap and gown.

Pitzer College Loan borrowers: Contact the Office of Financial Aid to complete this exit counseling.

Perkins Loan borrowers: Contact the Office of Financial Aid to complete this exit counseling.

Federal Direct Subsidized/Unsubsidized Borrowers: Complete this exit counseling online on the Federal Student Aid website.

Loan Summary

Visit the National Student Loan Data System for a summary of your federal loans and a list of your lenders. The U.S. Department of Education will usually assign your loan to a servicer who will manage your payments.

Repayment Plans

There are various repayment plans to help students avoid default and hurting their financial future. Visit the Federal Student Aid website for all repayment plan options.

Terminology

Lender
A lender is the organization that made the loan (borrower’s school, bank, credit union, etc.).
Servicer
The servicer is the company that processes your payments and manages your loan.
Exit Counseling
A mandatory information session that takes place before you graduate or drop below half-time enrollment that explains your loan repayment responsibilities and when repayment begins.
Grace Period
For certain types of loans, a period of time after you graduate, leave school, or drop below half-time enrollment when you are not required to make payments.
Repayment
Repayment is paying back money you borrowed by making scheduled payments to a loan holder or servicer.
Deferment
A temporary postponement of payment on a loan that is allowed under certain conditions during which interest generally does not accrue on a subsidized loan.
Principal
The total sum of money borrowed plus any interest that has been capitalized.
Capitalization
The addition of unpaid interest to the principal balance of a loan.
Forbearance
A period during which your monthly loan payments are temporarily suspended or reduced. Your lender may grant you a forbearance if you are willing but unable to  make loan payments due to certain types of financial hardships. 
Default
Default is failure to repay a loan outlined in the agreed promissory note. Most federal student loan default occurs when a payment isn’t made in more than 270 days. It can result in legal consequences and a loss of eligibility for additional federal student aid.