Perkins Loan Exit Interview

WHY DO I HAVE TO DO AN EXIT INTERVIEW?
All Federal Perkins Loan borrowers are required to complete an exit interview prior to leaving campus.  As a result of leaving campus, your loan file will be transferred to the SUNY Student Loan Service Center.

WHAT IS THE PURPOSE OF AN EXIT INTERVIEW?
To inform you of your privileges and obligations under the Federal Perkins Loan Program, as well as to bring your loan file up-to-date for the SUNY Student Loan Service Center.

WHEN DOES REPAYMENT START?
Repayment is required to begin at the end of your nine-month grace period following your separation from campus.

HOW LONG DO I HAVE TO REPAY MY LOAN?
The length of repayment is determined by the total amount borrowed, the interest rate, and the repayment amount.  Federal Perkins Loans have a maximum ten-year repayment period.

WHAT IS THE INTEREST RATE?
The interest rate for Federal Perkins Loans is 5%.

WHAT IF I PLAN ON CONTINUING MY EDUCATION?
You are eligible for Student Deferment as long as you are enrolled at least half-time in an eligible course of study.

CAN I JUST TELL YOU MY PLANS NOW?
As it has been determined that you are required to complete an exit interview at this time, the exit interview should be completed now.  You will notify the SUNY Student Loan Service Center of your enrollment status at the proper time by using a Student Deferment form, which they will use to determine your eligibility for deferment.

HOW WILL STUDENT DEFERMENT ELIGIBILITY BE DETERMINED?
A Student Deferment form must be filed with the SUNY Student Loan Service Center at least once a year for each year you are in an eligible status.

CAN YOU GIVE ME THE STUDENT DEFERMENT FORM NOW?
You should request the Student Deferment form directly from the SUNY Student Loan Service Center after they have sent you their acknowledgment statement.  This acknowledgment statement indicates that your loan account information is established on their system.  All correspondence, as well as loan payments are to be directed to the SUNY Student Loan Service Center not to Binghamton University.

CAN I CONSOLIDATE MY FEDERAL PERKINS LOAN WITH MY OTHER LOANS?
Although this is an option, you should consider that the interest rate on the Federal Perkins Loan is 5% and the other loans have variable interest rates that may be higher.

HOW CAN I CONTACT THE SUNY STUDENT LOAN SERVICE CENTER?
Once your loan account information is established at the SUNY Student Loan Service Center, you may contact them at:
 

Address:                                  One University Place
                                               Rensselaer, NY  12144-3497
Phone:                                     (518) 525-2626
Website:                                 http://slsc.albany.edu/
E-Mail Address:                       SLSC@uamail.albany.edu/
Voice Response System:             (518) 443-5868, Option Two (2)
Fax:                                         (518) 525-2600

WILL I HAVE TO PROVIDE ANY INFORMATION TO THE SUNY STUDENT LOAN SERVICE CENTER?
The records of the SUNY Student Loan Service Center are assigned loan account numbers.  In nearly all cases, the basis for your account number will be your social security number. It is extremely important to include your loan account number on all correspondence to the SUNY Student Loan Service Center.

WHAT IS MOST IMPORTANT?
Attend the exit interview session, notify the SUNY Student Loan Service Center of changes to your address, provide necessary documentation as required, and make timely payments as the funds revolve back to future BU Federal Perkins Loan borrowers.