Online exit counseling is available for those students that are graduating from Metropolitan State University of Denver, or whose enrollment drops below six credit hours.
If you graduated or dropped below six credits prior to August 1, 2017, you will complete your exit counseling though the MSU Denver Perkins Loan Department. In order to participate in the online exit process, you must first obtain your disclosure form as well as your rights and responsibilities form from our office. These items were mailed to you in our Exit Packet. If you have not received a copy or have misplaced yours, please contact our office for a replacement.
To complete your exit counseling please complete following steps:
Step 1) Complete the Perkins Loan exit counseling and print out the confirmation when you are finished. To begin your counseling, please visit Mapping Your Future.
Step 2) Print out and complete the following documents: Exit Paperwork
Step 3) Return a signed copy of your confirmation, disclosure, personal information questionnaire, and your rights and responsibilities to the Perkins Loan Office, and we will lift your hold for diploma or transcript pick up.
If you graduated or dropped below six credits after August 1, 2017, you will complete your exit counseling through our Perkins Loan servicer, UNISA Inc.
To complete your exit counseling, please visit our servicers exit counseling website at: http://www.unisaedocs.com/
Information on Exit Counseling process:
As part of your exit process, we must provide you with information. Please review the information below and if you have questions or concerns please call 303-615-0072 to speak with a Perkins loan representative.
Make a one-time credit card payment online or setup ACH payments:
You will need to setup a new account through our servicer’s website, www.unisainc.com. In order to setup a new account, you will need your new encrypted account number. Please call our servicer at 1-800-875-8910 in order to obtain this information.
Checks or Money Orders by Mail to:
P.O. Box 4385
Englewood, CO 80155
Credit Card Payments by Phone:
PLEASE NOTE: Have your account number with each payment. When making a payment to us directly , we cannot provide you with an up to date balance or payment amount. Please call our servicer for this information at 1-800-875-8910.
PLEASE NOTE: Have your account number with each payment. When making a payment to us directly by phone, we cannot provide you with an up to date balance or payment amount. Please call us for this information at (303) 615-0072.
- Go to: https://www.unisainc.com/borrower
- Click on Sign Up
- Follow the directions
In order to view your account information you must first register with Unisa, Inc. To register you must provide the following information: Account Number (found on your billing statement), Social Security Number, and Date of Birth. If you do not know your account number, please call UNISA, Inc. at 1 (800) 875-8910.
Once you have properly provided all of the information outlined above access to your information is allowed. You will never have to complete the registration process again. It is only required to initially set up your user account.
Borrower Account Access will give you the flexibility to monitor your account at any time. This feature has no scheduled downtime and reflects all recent activity on your account.
If you have any questions or problems regarding your online account contact Unisa, Inc. at 1 (800) 875-8910. For all other inquiries contact the Perkins Loan Department at 303-615-0072.
Default occurs when a borrower misses a payment on his or her loan(s).
Maintaining a good credit history is important for any borrower whether it is a student loan payment, a credit card payment, mortgage payment, etc. Sometimes when money is short you may be tempted to skip or delay your Perkins Loan payment. It is never a good idea to miss a payment or send it in late! Your loan is reported to Experian National Credit Bureau on a monthly basis and is treated like any other form of credit. A late payment will affect your credit score.
Remember, a poor credit report will negatively affect your financial reputation for many years to come. It could keep you from obtaining a car, a mortgage or even a credit card. Sometimes prospective employers request a copy of your credit report. Some insurance companies base your payment on your credit report. Therefore it is very important to do all you can to make your loan payments on time or apply for a deferment.
How will I know if I'm in danger of defaulting?
If you miss a payment MSU Denver will send you a letter reminding you that your payment is late. If your account remains past due MSU Denver will attempt to contact you to get your account back on track. If we are unsuccessful your account will be sent to a collection agency.
If you fail to make Perkins Loan payments on time or if you default on your loans the consequences are serious:
- You will no longer be able to make easy monthly payments.
- You will lose your deferment or forbearance options.
- You will not be eligible for further financial aid.
- Your school academic transcripts will be withheld.
- Your loan may be turned over to a collection agency.
- Your loan will be reported to Experian Credit Bureau which will negatively affect your credit score.
- Your state tax refund can be withheld.
- Your total debt may be increased by late fees, additional interest, court costs, collection fees, attorney fees and other costs.
- Your wages may be garnished.
- You may lose job opportunities
- You may be sued.
Remember, if you have trouble making your payment call MSU Denver at (303) 615-0072 or your Servicer, UNISA, Inc. at 1 (800) 875-8910. There are a numerous options that may be available to you during times of financial hardship. This office will be glad to work with you to help you avoid the serious consequences of defaulted loans.
WHEN TO EXPECT THE BILLING STATEMENT
- You will be mailed a bill monthly with a detachable coupon included from our billing company UNISA, Inc.
- Send your check or money order along with the monthly coupon to the address on the coupon.
- Payment is due the first of every month. However, late charges are not applied until the 10th of every month. Your account will not be reported as past due until you have not made a payment for 30 days. After you are 30 days past due your account will be reported to the credit bureaus.
- If a payment is not received, a letter will be mailed on the 15th of that month reflecting the overdue payment PLUS the late charges assessed on your account. You will keep receiving letters until your account is current.
- If two consecutive payments are not received you will receive a letter stating your account is in jeopardy of going to collections. To avoid this make a payment immediately.
- You can ONLY SEND ONE MONTHS WORTH OF PAYMENT AT A TIME. If you send in multiple payments with multiple coupons it will all be applied towards the month that is currently due. You WILL STILL OWE FOR THE NEXT MONTH.
TO INSURE PROMPT PROCESSING OF YOUR PAYMENT
Make checks or money orders payable to UNISA, Inc. You can send payments to the address below:
P.O. Box 4385
Englewood, CO 80155
- Clearly write your account number on the check or money order.
- Along with your payment, please send the payment coupon portion of your statement.
- If you have a new mailing address and/or phone number please send a letter of notification along with your payment.
If you have any questions or discrepancies with your account contact us at (303) 605-0072.
The Federal Consolidation Loan is designed to assist you with managing your student loan debt. It allows you to combine multiple student loans together, thus having one loan payment and loan holder. Your consolidating lender merges your existing loans into a new single loan called a Federal Consolidation Loan.
Determine Which Loans You Can Consolidate
- Subsidized and unsubsidized Federal Stafford Loans
- Federal Grad PLUS Loans
- Federal Supplemental Loans for Students (SLS)
- Federal Perkins Loans
- Health Professions Student Loans (HPSL), including Loans for Disadvantaged Students (LDS)
- Health Education Assistance Loans (HEAL)
- Federal Insured Student Loans (FISL)
- Federal PLUS (Parent Loans for Undergraduate Students) Loans
- Federal Nursing Loans (NSL)
- Federal Consolidation Loans (if you have at least one other eligible loan to consolidate with it)
It's important to note that you do not have to consolidate all of your loans. You can choose which ones you want to include and which one you don't. For example, many students choose not to include their Perkins Loans in order to maintain the forgiveness options on those loans.
Not sure who holds (or collects on) your federal student loans? Find your existing loans now.
Choose a Lender
As of 1/1/2011 the only agency consolidating student loan debt is Direct Lending (Department of Education).
With the large number of consolidation lenders available, it's important that you conduct research to ensure you find the one that works best for you. Note: Once you consolidate, you can't re-consolidate with a different lender unless you have a new loan to add to the consolidation. It's possible that you could be dealing with whichever lender you choose for 30 years.
It's a good idea to shop lenders to find the one with the best incentive plan. If you're not sure where to start, considering contacting the holder of your current loans and/or your guarantor.
Since Federal Consolidation Loans are governed by federal regulations, you will find that the basics of the loan (such as the weighted average interest rate and deferment eligibility) will be the same from lender to lender. The differences between lenders will be in their incentive programs. Some lenders offer incentives such as lower interest rates for automatic payments or rebates for consecutive, on-time payments.
Questions to ask potential consolidating lenders:
- Do they have repayment incentives? What are they? (Get details!)
- Are you likely to qualify for their repayment incentive program?
- If you are late on a payment, do you still qualify for incentive benefits?
- Is this a Federal Consolidation Loan (not a private consolidation, which most likely has different terms)?
- Will the loan be sold to another lender or servicer? If so, to whom and when?
- What customer service options do they offer? Can you manage your loan online?
Note about Loan Servicers and Loan Sales
Loan holders often use servicers to maintain student loan records and files. Your Consolidation Loan holder might use a servicer to processing consolidation payments or deferments.
To increase the amount of funds available for new loans, a loan holder may sell your Consolidation Loan. If your loan is sold to a new holder, you will be notified in writing. You must direct future correspondence to the new holder.
Understand Consolidation Repayment Terms
The interest rate on your Federal Consolidation Loan will be a fixed rate for the life of the loan. Your rate will be the weighted average of the loans you are consolidating, rounded up to the nearest 1/8th of one whole percent, not to exceed 8.25 percent.
The consolidation rate may result in a slightly higher rate, since it's rounded up to the nearest 1/8th of one percent. On the other hand, if the loans you consolidate have a variable rate that is set to increase, you can lock in a lower, fixed rate.
Your consolidating lender may offer a reduction in the interest rate if you make on-time, electronic payments (direct debit). It's always a good idea to ask your lender about these and any other discounts.
Note: Even though the consolidation will be one loan, if you have subsidized and unsubsidized loans that you are consolidating together, they will be tracked separately. If you decide to return to school or enter into another deferment period, the subsidized portion of your loans will retain the benefit of having the interest paid for you during that time. The only exceptions to this rule are Perkins Loans. If you consolidate Perkins Loans, they are included in the unsubsidized portion of the Consolidation Loan and do not retain their interest benefits.
You can use loan consolidation as a way to manage your debts. In some cases, you can reduce your monthly payments, helping you meet other financial obligations.
Consolidation extends your repayment period from the standard 10-year repayment to up to 30 years, depending on the total amount of your educational loan debt (federal and private).
Maximum Repayment Period
$7,500 - 9,999
$10,000 - 19,999
$20,000 - 39,999
$40,000 - 59,999
$60,000 and higher
While increasing the repayment term reduces monthly payments, it increases the amount of interest you will pay. You will pay more interest over the life of the loan, unless you increase your payments or prepay the loan (without penalty) once your financial situation improves.
Use the consolidation worksheet to estimate your monthly payments, principal, and interest, and compare this to your existing loan payments.
When you begin repayment, your loan holder offers several flexible payment options:
- Standard (equal) repayment is the traditional approach. You will pay less interest under the equal payment plan than under your other options.
- Graduated repayment begins with lower payment amounts that increase over time. This allows payments to be smaller in the beginning of repayment with increases in stages during the repayment period.
- Income-sensitive repayment adjusts your payment annually based on your gross income.
- Extended repayment offers a lower payment by stretching out the life of the loan. If you received your first loan on or after October 7, 1998 and have a total FFELP loan balance of more than $30,000, your repayment term may be extended up to 25 years. Note: If you meet the above qualifications, you can have your repayment period extended for up to 25 years without consolidating your loans. Check with your lender about the pros and cons of this option.
You have the following loans you're considering consolidating:
Loan A: $2,625 balance, 4.13 percent interest
Loan B: $3,500 balance, 5.2 percent interest
Loan C: $5,500 balance, 6.1 percent interest
Loan D: $5,500 balance, 6.8 percent interest
If you consolidate these loans (a total of $17,125), you'll have 15 years (180 months) to repay your Consolidation Loan. The weighted average interest rate of the loans is 5.839 percent. This is rounded up to the nearest 1/8th of one whole percent, resulting in your fixed interest rate of 5.875 percent.
If you repay your Consolidation Loan under an equal payment plan, your monthly payment will be $143.36. In the end, you will have paid $25,804.18, which includes $8,679.18 in interest.
- Check to see if your loan holder offers automatic payment withdrawal. This is an easy way to make sure your payments are made on time. Some loan holders even lower your interest rate if you sign up for this option.
- You may prepay all or part of your loan at any time without penalty. Prepayment can substantially reduce your interest costs.
Weigh the Pros and Cons
Consolidation has both benefits (pros) and drawbacks (cons):
Be sure consolidation is right for you! If you're not certain, talk with the holder of the loans you wish to consolidate.
Apply for a Federal Consolidation Loan
When to Apply
To apply for a Federal Consolidation Loan, your loans must be in a grace period or in repayment.
Grace period: Some student loans include a grace period of six or nine months before you are required to begin repaying them. This grace period begins the day after you stop attending school at least half time. For some loan types, the government pays the interest on your behalf during the grace period. If you consolidate while in your grace period, you could be waiving (giving up) part of that grace period. This waiver is permanent, and you can't reverse it.
Note: If you have variable interest rate loans, in some cases you may be able to obtain a slightly lower interest rate on your consolidation loan if you apply for the consolidation during your grace period. Be sure to check with your lender to see if you would qualify for this benefit.
You can also consolidate if your loans are in a deferment or a defaulted status, but some rules may apply.
- Deferment: A deferment is a period of time during which your loan holder temporarily suspends your regular payments. If the loans you are consolidating are in an authorized deferment period, the deferment will end the day the consolidation is complete. If you are still unable to make payments at that time, you will need to reapply for the deferment after you consolidate. In some cases, you might not be eligible for the same type of deferments as you were before the consolidation.
- Default: If the loans you want to consolidate are in default, you must make special arrangements so those loans are eligible to be consolidated:
- Establish a satisfactory repayment arrangement with the loan holder.
- Your consolidating lender will set the number of consecutive, voluntary, on-time, reasonable-and-affordable, monthly payments you'll be required to make before you can consolidate. (A lump sum payment, tax offset, wage garnishment, or court-ordered payment will not count towards the consecutive monthly payments.)
How to Apply
Applying for a Federal Consolidation Loan is a multi-step process that might take four to six weeks to complete. Until the process is complete, you must continue making payments on the loans you wish to consolidate.
Generally, the loan application process works as follows:
- You complete a Federal Consolidation Loan Application and Promissory Note and submit it to the consolidating lender.
- The consolidating lender sends a Lender Verification Certificate (LVC) to your loan holder(s) as listed in your application. The loan holder completes the form and returns it to the consolidating lender.
- Once the consolidating lender has all of your LVCs, they will send you a repayment option letter. This letter includes the estimated principal balance, interest rate, and repayment period of your Consolidation Loan. NOTE: You can cancel all or a portion of your Consolidation Loan at this time.
- Your consolidating lender will send payoff funds to your current student loan holder(s).
- You will receive a repayment schedule and disclosure statement. This document contains important information such as the consolidating balance and summary of your repayment terms, including your first payment due date. Shortly thereafter, you should receive a monthly billing statement for the Consolidation Loan.
- You have 180 days once the consolidation is completed to add any eligible loans you may have missed into the consolidation loan. This might change your repayment term and interest rate.
Solve Your Loan Repayment Problems
Your loan holder understands that you may experience financial difficulty and offers options that temporarily reduce or suspend your monthly payment. If you are having trouble making payments, you should contact your loan holder immediately to request assistance, such as a deferment or forbearance.
A deferment is a period of time during which your loan holder temporarily suspends your regular payments. You may be eligible for a deferment if you are:
- enrolled at least half-time enrollment at an eligible school;
- participating in a graduate fellowship program;
- participating in a rehabilitation training program;
- serving on active duty or performing qualifying National Guard duty during a war, military operation, or national emergency;
- seeing fulltime employment.
- Economic Hardship Deferment Request
- Graduate Fellowship Deferment Request
- In-School Deferment Request
- Unemployment Deferment Request
- Rehabilitation Training Deferment Request
Your loan holder must determine your eligibility for any of these deferments. In most cases, to apply for a deferment, complete the appropriate form with all required documentation and return it promptly to your loan holder.
Forbearance is a period of time during which your loan holder temporarily reduces or suspends your regular payments. You can request forbearance if you are willing but unable to make your full payment. Contact your loan holder for more information on applying: Mandatory Forbearance Request
Interest during Deferments and Forbearance
You are responsible for responsible for paying the interest that accrues on the unsubsidized portion of your Federal Consolidation Loans during deferment and forbearance periods. You may pay the interest as it accrues or allow it to capitalize. Capitalized interest is applied to the principal balance and can result in a higher monthly payment upon conclusion of the forbearance period.
- Make sure you have all your loan records organized. This way, if you need to contact your loan holder, you'll have the facts about your loan handy.
- If you request a deferment or forbearance, continue making your payments until you receive written notification from your loan holder that the deferment or forbearance is approved.
Investigate Cancellation, Forgiveness, and Discharge
Under certain circumstances, your Consolidation Loan, or a portion of that loan, may be cancelled, forgiven, or discharged. In other words, you won't have to repay it.
Below is a summary of some of the cancellation provisions that loan holders, guarantors, and the U.S. Department of Education administer. Contact your loan holder for more information:
- Death: If you die, your loan obligation will be cancelled.
- Total and permanent disability: Your loan also may be cancelled if you become totally and permanently disabled. To have your loan forgiven you will need to apply for total and permanent disability directly with the Department of Education. They can be reached at 1-888-303-7818 or you can visit their website directly at; https://www.disabilitydischarge.com/.
- Teacher forgiveness: A Request for Cancellation for teachers serving in designated low-income schools exists for new Stafford loan borrowers after October 1, 1998. The borrower must teach in a low-income school for five consecutive, complete school years to qualify for forgiveness of up to a maximum of $5,000 in Stafford loan principal and interest. If you consolidated a Stafford Loan that is eligible for teacher forgiveness, that portion of your Consolidation Loan attributed to the Stafford Loan may be forgiven.
- Miscellaneous: A portion of your Consolidation Loan may be cancelled in other instances including school closure, false certification, identify theft, or failure of the school to pay a refund.
Generally, federal student loans are not be cancelled or discharged due to bankruptcy. If you are considering bankruptcy as an option to deal with financial problems, you probably still will have to repay your Consolidation Loan
Avoid Delinquency and Default
Notify your loan holder immediately if you anticipate difficulty making a payment. Failure to pay all or part of a payment when due can result in late charges. Your loan holder also has the option, in some cases, to file a lawsuit against you for failure to make timely payments.
If you fail to make payments for 270 days, your loan is considered to be in default. Defaulting on your student loan can result in the following consequences:
- Damage to your credit rating, which could impact your ability to borrow (for example, you may be denied a car loan)
- Referral of your account to a collection agency
- Collection costs
- Garnishment of your wages
- Withholding of your state or federal Treasury payments (including federal tax refunds, Social Security benefits, etc.)
- Civil lawsuit, including court costs and legal expenses
- Loss of deferment and forbearance entitlements and flexible repayment options
- Loss of eligibility for further financial aid
- Suspension of your professional license
There are three basic guidelines to follow to avoid delinquency and default:
- Inform your loan holder of changes in your name, mailing address, telephone, or Social Security number so that all correspondence is promptly directed to you.
- Read and keep all documents you receive pertaining to your loan and be sure to understand your loan amount and the payments that will be required.
- If you're experiencing financial hardship and are unable to make your payments, call your loan holder for information regarding possible temporary postponement or reduction of payments through a deferment or forbearance.