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Financial Aid Office

Federal Direct (Stafford) Loan Exit Information

What Steps You Need To Take

If you have received educational loans while at Delta College and either recently graduated or are no longer attending, you must arrange to begin repayment of your student loans. You may also want to correct your anticipated graduation date if you will be continuing your education at Delta College or apply for a deferment, forbearance or cancellation of your student loan. This information must be provided to the holder of your loan.

Default Information

Default is a legal term, but simply put it means that a borrower who has promised to repay a student loan has failed to meet his or her obligation. A loan is delinquent until it is 270 days overdue, at which time it becomes defaulted.

The consequences of defaulting on your educational loans can affect your future in significant ways. It can also impact your college or university, as well as American taxpayers.

To avoid loan default, you must repay a student loan according to the agreed terms on a timely basis. Avoid the negative consequences of loan default. They include:

  • Poor credit rating - which is difficult to resolve 
  • Withholding of income tax refunds
  • Garnishment of wages
  • Loss of all Federal financial aid eligibility

What to do First

  1. Complete Exit Loan Counseling at Read the information and answer the questionnaire to complete your loan obligation with Delta College.
  2. Before you contact your loan servicer, become knowledgeable about loan repayment options.  Visit the Repayment Guide for information about consolidation, forbearance, forgiveness and others.
  3. Explore different repayment options and estimate monthly loan payments with the Repayment Estimator.
  4. If you have extenuating circumstances and are worried about making payments visit the Deferment and Forbearance page for special consideration requirements.
  5. Visit the Understanding Default page to learn why you don't want this to happen to you.
  6. Visit NSLDS (National Student Loan Database System) for information about your loan history, which includes loan amounts, servicers and their contact information.

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