Welcome to Harvard Graduate Loan Exit Counseling!
If you borrowed a Harvard Graduate Loan with HUECU, your school may ask you to complete Exit Counseling. Exit Counseling provides important information to prepare you to repay your education loan, and is typically required when you drop below half-time enrollment, graduate, or withdraw from school.
Please note that the exit counseling process can vary from school to school. If you haven’t already done so, we recommend contacting your school directly to confirm your exit counseling requirements prior to moving forward.
Step One: Watch Exit Counseling Video
The below presentation will provide you with an overview of the information you will need to successfully repay your Harvard Graduate loan.
Part of managing your education loan includes learning some of the key terms associated with your loan. Knowing some of the key terms below can help you better understand your loan and repayment.
Capitalization – When unpaid interest is added to the principal amount of your education loan. This typically happens at the end of any grace, deferment, or forbearance period.
Grace Period – A 6-month period that occurs once you graduate, leave school, or drop below half-time enrollment. Please note that beginning on April 1st, 2023, Harvard Graduate Loans will receive a 9 – month grace period (loans borrowed prior to that date will receive 6 months). Payments are not required during the grace period, which gives you time to get financially settled and prepared for repayment.
Each loan has only one grace period. If you took some time off from school, you may have already used the grace period on some of your loans, so you may go directly into repayment on those loans as soon as you leave school.
Amortization – This is the process of spreading out a loan into a series of fixed payments until the loan is paid off at the end of the payment schedule.
Master Promissory Note – This documents the legally binding promise that you make to pay back your education loan under certain terms and conditions, and goes into detail about the consequences of failing to repay your loan.
Final Loan Disclosure – Confirms the rate, the amount of the loan and the end cost of the loan. Additionally, the repayment schedule is outlined in the Final Disclosure and provides an estimate of what monthly payments will be once in repayment.
U.S Prime Rate – The prime rate is an important index used by banks to set rates on many consumer loan products. HUECU uses the U.S. prime rate as the index for our variable rate education loan products.
Forbearance/Deferment – Allows you to temporarily reduce or stop making payments. However interest will continue to accrue during this period and will capitalize onto the principal balance once you reenter repayment.
Default – Failure to repay your education loan. A Harvard Graduate Loan officially enters default once it becomes 180 days past due.
Lender – A bank or other financial organization that makes funds available to a person or business with the expectation that the funds will be repaid. HUECU is your Harvard Graduate Loan lender.
Servicer – An organization that collects payments on behalf of a lender. The servicer also handles the day-to-day tasks for managing your loan. University Accounting Services (UAS) is the servicer of all HUECU education loans.
You may face some challenges that can make it difficult to manage and repay your education loan. Finding employment after graduating, experiencing a job loss, or unplanned medical expenses are just a few examples of road blocks that can make the repayment process tough. If you are facing a financial hardship or simply want to discuss your repayment options, please reach out to HUECU directly for additional support and guidance. We’re here to help.
In addition to making the student loan repayment experience as seamless as possible for you, we also want to provide you with some tools that can be beneficial to your overall financial wellness. Below are some financial education and counseling resources that you have free access to, as a member of HUECU.
Personal Finance Webinars
HUECU provides live personal finance webinars as well as access to self-serve videos of past sessions at huecu.org/workshops.
Hundreds of videos about budgeting, credit, debt repayment, banking and more are available at huecu.org/financial-education-videos.
HUECU members and their families have access to free financial counseling through our partner GreenPath Financial wellness. Visit huecu.org/GreenPath for more information.
Our budgeting, savings, home buying, credit and debt repayment worksheets can be downloaded and printed at huecu.org/hub.
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