Seniors Line Up to Complete Required Loan Exit Interviews

Last week, seniors stood in long lines waiting to complete their student loan exit interviews. Wednesday was the last day for undergraduates to complete these required interviews, where they were informed of their post-graduate rights and responsibilities based on the financial aid they accepted from the University.

According to University guidelines, all students who are planning to graduate in May 2011 are required to complete an exit interview during their final semester if they have borrowed Perkins, Nursing, Law School, Sharp, Bank of America, Graduate Plus, or Stafford loans while attending Boston College. Failure to complete the exit interview process results in a hold on students' transcripts and diplomas.

The information presented during the interview is a summary of the information contained on the promissory notes that students signed. It is suggested that students become familiar with interest rates and repayment terms prior to the interview.

The session will also provide information about the repayment, deferment, and cancelation provisions governing student loans, as well as loan consolidation options.

A "typical" loan portfolio for a graduating senior includes a $5,500 principal balance with a fixed interest rate of 6.8 percent.

Borrowers of Massachusetts No Interest Loans are also required to complete an exit interview prior to commencement. These can be completed online, according to Massachusetts guidelines.