Your Fast-Track Exit Counseling Guide for Tennessee Student Loans

Your Fast-Track Exit Counseling Guide for Tennessee Student Loans

Any student who goes under half-time enrollment or graduates from college will have to go through student loan exit counseling as required by federal law. Student loan exit counseling is an overview of information on what each type of student loan is and what your repayment options are. Running through the basics of this process can help you gain a better understanding of what it will be like to pay back your student loans. If you have concerns about bankruptcy, then do not hesitate to seek guidance from one of our Tennessee Bankruptcy Attorneys.


Tennessee student loan exit counseling will run you through the essentials of what types of loans you will be paying back, your repayment options, and the consequences for not paying back your student loans. Exit counseling is your rule book for paying student loans, which is why understanding the overall process is so vital for avoiding delinquency and default.

You should be able to find out the types of student loans you will be paying back online, but the three main types of federal student loans are Direct and FEEL Subsidized Loans, Direct and FEEL Unsubsidized Loans, and Direct and FEEL PLUS Loans. To start off, Direct and FEEL PLUS Loans only apply to graduate students or parents of undergraduate students. These loans require you to pay interest and require the start of repayment by six months after your graduation or drop below half-time.

Direct and FEEL Subsidized Loans only apply to undergraduate students, come with interest while you are enrolled in school, and require repayment six months after graduation or dropping below half-time. Whereas, Direct and FEEL Unsubsidized Loans apply for all students and come with the same requirements as Direct and FEEL PLUS Loans.

The first repayment strategy is the standard repayment plan, when you pay your loans in monthly fixed amounts within 10 years. This monthly amount depends on how high your student loans are. A graduate repayment plan means you make lower payments at the beginning that gradually increase over 10 to 30 years. An extended repayment plan involves choosing to have fixed or graduated payments within 25 years.


If none of these repayment strategies are working for your financial situation, then you can always explore alternative Tennessee student repayment options. You can try consolidating your loans, a method of combining all your federal student loans into one loan with one interest rate. This can simplify and decrease your payments.

You can opt for an income-driven repayment plan that adapts to your monthly income. In some cases, you might be able to postpone payment through Tennessee student loan forbearance or deferment. Last resort options involve student loan bankruptcy and cancellation. Some employers offer student loan forgiveness.


Consider seeking guidance from our lawyers in Chattanooga, Tennessee and North Georgia if you find yourself close to bankruptcy. Contact Tom Bible Law at ((423) 690-7712 today to talk to a Bankruptcy Lawyer in Tennessee for a free consultation today. Our legal team of Tennessee bankruptcy lawyers is located in Chattanooga and Tullahoma.

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