Leaving School and Loan Repayment
Once you are no longer enrolled at least half time in an eligible program, you'll have a six-month grace period before student loan payments start. You must begin repayment at the end of your grace period. It does not matter whether you drop out of school, graduate or go below half-time, the repayment schedule is the same.
If you have an in-school deferment on a Direct Subsidized or Unsubsidized Loan that entered repayment at an earlier date before you returned to school and you graduate, drop below half-time enrollment, or withdraw from school, you will be required to immediately begin making payments on the loan because the 6-month grace period has already been used up; there is no second grace period.
Make sure that both your school and your loan servicer know that you are no longer enrolled. If you don't begin making payments when required, there is the possibility that you will lose repayment incentives you may have received or even go into default.
See the chart below for the average total indebtedness of Davenport University students attending in the identified year.
|Academic Year||Average Debt||Average Monthly Payment|
If you have borrowed any money to attend DU, you will have an exit meeting, regardless of why you are leaving. We'll explain your rights and responsibilities as a borrower and help you prepare for repayment.
Visit NSLDS . This is a government website about student loans and your loan history. Along with identifying who your servicer is for each loan.
Visit Repayment Options to view the different payment options and a calculator to estimate your monthly payment.
Click here to view the Exit Counseling Guide document.
***Please note, the contact information for the Ombudsman Group on page 28 of this booklet is incorrect. The correct contact information for the Ombudsman Group is below.
FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633
Read through your Rights & Responsibilities for more information.