I happen to be an FAO who does them all individually and in person not only for my graduating kids but for the advanced dental kids I inherit. Every year in July, I spend a few hours with each of them going through their files, boxes, exit summaries explaining piece by piece, paper by paper what they owe and the rules for that particular loan. Sadly, I don't know many of my colleagues who would go over debt from another school and the timing of the exit is ridiculous: let's finally go over what you did to get yourself 6 figures in the hole a month before graduation... I think understanding a bit each year is the way to go since I don't know anyone who had the magical epiphany about all of this during their exit loan session (alas, maybe I just inherit the 40 stupidest kids every year from the other schools-- lucky me). As an aside: I adore each one and will spend hours with them and once I make the offer to come in, they just keep coming back with more.
I would add you are less likely to get it on line-- I'm not sure who thinks this is a great idea for any student (it's a total timesaver for FA folks though--erghhhhhh). The on line is very basic info and set up for 1 type of loan and they all are very different. A sub is different from an unsub is different from a PLUS etc... Exits are a federal requirement where I get you to sign a paper that you acknowledge it was a loan and you got all the rules down pat. I take that paper and put it in your file for my audit so I don't get in trouble for not having a record of it. That's why it is required and happens around commencement-- you want to graduate, I need a piece of paper to cover my a** in an audit.
So, the key to the exit is not what you owe but how to manage it and I tell my kids a monkey can add. If you are unfamiliar with the basics of managing the debt, ask. Get over the "everyone knows but me" attitude; trust me, I've only met one in my entire career and most of mine are graduating w/ $250,000 to $500,000 in debt. Keep in mind we don't grade you, write rec letters etc so ask all the questions you have and go back if you have more. Plan on making it a priority.
A good place to start would be what types of loans, current balances and lenders. Keep in mind we only have what you started with and not what you turned it into. By that I mean: did you consolidate at all? The balance I have will always be the original; I don't get an update and it's most likely what will be on the printed form you get handed. Most are convinced there is a magical system we access to tell you what you borrowed-- wrong. There is a system that tracks sub, unsub, PLUS and Perkins which will never list a HPSL, alternative loan institutional loan. It's kind of a manual process but once you have a complete picture of what and who you owe you should take it to the next level.
I'm assuming you are going on to a residency somewhere. The last thing we tell all your lenders was the last date you attended our school it is up to you to tell them if you are doing something you may be eligible to defer repayment for. The simplest way to understand a deferment on a sub loan is to think of it this way: you defer your sub loan, the taxpayers pay the interest on it every day you meet the requirements for the deferment. It all revolves around DATES. Think of this in basic accounting terms: a lender charges the taxpayers and gives you the individual the money for every day you met the requirements of the deferment. Most of them need to be done annually.
The forms are less about you writing a check and more about having fiscal oversight and a signed piece of paper in my file in case I'm audited by the feds. All that said, the common answer to apply for an economic hardship deferment is in flux so pay careful attention.
Ask what date each type of loan is considered to be in repayment and when forms are due. I recommend you bring a day planner and write down what needs to be done when and for whom. The day you enter repayment is the day the interest on your unsub or PLUS will capitalize (add to the original balance). If you borrowed an unsub for $10,000 at 6.8 by the end of the year there would be $680 in accrued interest. At repayment, I add it to the principle and now the outstanding priciple balance is $10,680-- that's the new figure you are tracking. I think at exit you would want the OPB (outstanding prin balance) and also the amount of interest accrued to be able to recognize the new number.
This one you will probably think I'm nuts for saying but here goes: do NOT pack this info in a box to be shipped. Carry it on the plane so you find it when you get to where you're going. I would separate out the latest info (exit stuff: balances, contacts, forms etc) in a primary folder and the rest of the pile in a secondary folder in case you need to go back (shipped is OK for that stuff). Be sure to update your address with each lender. Some allow you to have all your correspondence sent electronically which I recommend while moving and the defaulting it back to paper. Open the mail-- I know that sounds basic but it's sent to tell you something. Usually it's to tell you when they think you're in repayment. If the date looks wonky, call them. The worst thing you can do is ignore it: if I am your lender and I think you are in repayment next week and you ignore the letter, after 30 days, I am reporting it as late/missed to the credit reporting agencies. A lender may be able to back date a deferment but they aren't all over correcting your credit report-- they make more money making loans and less reporting to credit agencies (sounds cynical but they are a business so follow the money and where the profit is generated from). The last thing you want to do is clean up a credit report or try to rebuild your score that got knocked for every late/missed payment reported.
I hope my advice helped but if there is anything I would encourage you to do is take the time and make it a priority. My exit was me and my 150 closest friends in an auditorium and I walked out thinking: what a waste, I knew it was a loan and had to be paid back--duh! Hindsight is 20/20.
