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Sharing of Borrower Repayment Plan Preference Information from Exit Counseling

February 19, 2014

As a reminder, January 1, 2014, servicers began receiving borrowers’ repayment plan preference information. First announced in an April 5, 2013 Electronic Announcement posted on the Information for Financial Aid Professionals (IFAP) Web site, the Department released an additional Electronic Announcement at the end of October. The Department is now providing loan servicers with borrowers’ repayment plan preference information that is gathered during Exit Counseling sessions on the StudentLoans.gov Web site.

During this Exit Counseling, borrowers are given repayment plan eligibility information and estimated repayment amounts. They are then given the opportunity to select a repayment plan. This information is now shared with members of the federal loan servicing team, Federal Family Education Loan (FFEL) Program lenders, lender servicers, and guaranty agencies. Preference information for borrowers who completed the Exit Counseling session prior to January 1st will also be shared.

For more information, visit the NSLDS Reference Materials section of the IFAP website, read the above Electronic Announcements, or contact your Regional Director.

Pam King, Midwest Regional Director, Nelnet Partner Solutions

Pam King, Midwest Regional Director, Nelnet Partner Solutions

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