Financial Aid information for Undergraduate Degree Applicants
Your expected graduation term and financial aid
Your expected graduation term is recorded on your student record as the semester you plan to finish all of your undergraduate degree requirements. As a student who has received financial aid at the University of Minnesota, Twin Cities, the accuracy of your expected graduation term is important because it prompts the following two actions related to your financial aid.
Financial aid for future terms is canceled
One month before the end of your expected graduation term, any financial aid awarded you for terms that begin after your expected graduation term will be canceled regardless of your future enrollment status. A notice will be sent to your University student e-mail account to inform you of the cancellation. If your graduation is delayed, be sure to promptly update your expected graduation term to avoid having your financial aid awards canceled.
Loan exit counseling session is required
Before you graduate, you must participate in a loan exit counseling session and complete any required paperwork if you've borrowed from any of the following loan programs:
- Federal Perkins Loan (formerly the National Direct Student Loan)
- Ford Federal Direct Subsidized and/or Unsubsidized Loan
- Nursing Student Loan
- Student Educational Loan Fund (SELF)
- University Trust Fund Loan
During the loan exit counseling session you will be Advised of your borrower
rights and responsibilities as well as those of the lender. There will be an
opportunity
to have your questions answered on loan repayment, deferment, and conditions
that qualify for cancellation of your loans.
Attention Federal Perkins Loan, Nursing Student Loan, and University
Trust Fund Loan borrowers: You are required to complete paperwork
for your loans before you graduate or a hold will be placed on your record.
If you are graduating spring term, you are encouraged to complete your exit
counseling session at the University's Grad Fest in late March or early April.
If you are graduating in a term other than spring, you should arrange for
one-on-one exit counseling session by contacting Student Financial Collections,
20 Fraser Hall, at stdtloan@umn.edu or
612-625-8007.
Attention Ford Federal Direct Subsidized and/or Unsubsidized Loan borrowers: If you have borrowed a Ford Federal Direct Subsidized and/or Unsubsidized Loan (and none of the other loans listed above), you'll need to complete your loan exit counseling session. You do not need to complete any paperwork or contact Student Financial Collections.
Attention SELF borrowers: If you you have borrowed a Minnesota
Student Educational Loan Fund (SELF) administered by OSF and the Minnesota Office
of Higher Education, you'll complete your SELF loan exit
counseling online at http://www.mheso.state.mn.us/sPages/counseling.cfm. You do not need to complete any paperwork or contact Student Financial Collections to fulfill your SELF exit counseling requirement.
