{"id":39,"date":"2016-02-17T13:48:55","date_gmt":"2016-02-17T18:48:55","guid":{"rendered":"https:\/\/www.umw.edu\/financialaid\/?page_id=39"},"modified":"2016-02-17T13:48:55","modified_gmt":"2016-02-17T18:48:55","slug":"graduation","status":"publish","type":"page","link":"https:\/\/www.umw.edu\/financialaid-test\/process\/leaving\/graduation\/","title":{"rendered":"Graduation"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p>Congratulations on your graduation! There are several things to consider regarding your financial aid after graduation.<\/p><h2>Federal Direct Student Loans<\/h2><h3>Direct Loan Exit Counseling<\/h3><p>Federal Loan Exit Counseling is required by the Federal regulation for all students that withdraw, graduate, or drop below half-time enrollment. It helps student&rsquo;s understand their rights and responsibilities as a student loan borrower, and provides helpful tips to help students manage their loan repayment.<\/p><h3><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#grace\">Grace Periods<\/a><\/h3><p>In most cases, the grace period of a federal student loan is six months. This means that repayment will not begin until six months after graduation. One exception is the Federal Perkins Loan, which has a nine month grace period. &nbsp;During the grace period, it is important to contact your federal loan servicer to choose the payment plan that fits your needs best.<\/p><div class=\"row no-gutters\">\n<ul>\n<li class=\"paragraph\">Direct Subsidized Loans and Direct Unsubsidized Loans have a <span style=\"text-decoration: underline\">six-month<\/span> grace period before payments are due.<\/li>\n<li>Parent PLUS loans <span style=\"text-decoration: underline\">do not<\/span> have a grace period.<\/li>\n<li>Grad PLUS loan as a graduate or professional student, automatically get a <span style=\"text-decoration: underline\">six-month deferment<\/span> after you graduate, leave school, or drop below half-time enrollment.<\/li>\n<\/ul>\n<\/div><h3>Loan Lender v. Loan Servicer<\/h3><h4>Loan Lender<\/h4><p>The loan lender is the organization that initially made the loan. For Federal student loans, the loan lender is the U.S. Department of Education.<\/p><h4>Loan Servicer<\/h4><p>The loan servicer is the &lsquo;middleman&rsquo;. They will collect payments, respond to customer service inquiries, and perform other administrative tasks associated with maintaining a federal loan. The loan servicer agency can be viewed by students by logging into the National Student Loan Database (NSLDS).<\/p><h3>Repayment Plans<\/h3><p>If a student does not contact their loan servicer prior to the end of the grace period, they will automatically be enrolled in the 10-year Standard Repayment Plan. However, there are a variety of other plans that may suit the student&rsquo;s individual financial status better, including several <a href=\"https:\/\/studentaid.ed.gov\/sa\/repay-loans\/understand\/plans\">Income-Based repayment plan options<\/a>.<\/p><h2>Private Educational Student Loans<\/h2><h3>Loan Repayment:<\/h3><p>It is important to contact your private educational student loan lender in order to arrange and better understand student repayment options.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congratulations on your graduation! There are several things to consider regarding your financial aid after graduation.Federal Direct Student LoansDirect Loan Exit CounselingFederal Loan Exit Counseling is required by the Federal regulation for all students that withdraw, graduate, or drop below half-time enrollment. It helps student&rsquo;s understand their rights and responsibilities as a student loan borrower, [&hellip;]<\/p>\n","protected":false},"author":2592,"featured_media":0,"parent":38,"menu_order":100,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"umw_cb_additional_links":[[]],"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_advisory_expires_time":"","_advisory_meta_include":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":{"0":"post-39","1":"page","2":"type-page","3":"status-publish","5":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Graduation &#187; Financial Aid<\/title>\n<meta name=\"description\" content=\"What happens to your financial aid when you graduate?\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Graduation\" \/>\n<meta property=\"og:description\" content=\"What happens to your financial aid when you graduate?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.umw.edu\/financialaid-test\/process\/leaving\/graduation\/\" \/>\n<meta property=\"og:site_name\" content=\"Financial Aid\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/UniversityofMaryWashington\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@MaryWash\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.umw.edu\\\/financialaid-test\\\/process\\\/leaving\\\/graduation\\\/\",\"url\":\"https:\\\/\\\/www.umw.edu\\\/financialaid-test\\\/process\\\/leaving\\\/graduation\\\/\",\"name\":\"Graduation &#187; 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