Graduating Law Students Exit Counseling Exit Counseling is required of all students who borrow Federal loans and then drop below half-time status, as well as students who receive a TEACH Grant and are no longer enrolled. Federal Direct Subsidized/Unsubsidized (Stafford) and Graduate PLUS Loan Exit Counseling Federal Perkins Loan Exit Counseling Once this is complete, the information will be electronically sent to Hamline's Office of Financial Aid. If you have any questions about this process or your financial aid, please contact us at 651-523-3000 or send e-mail to the Office of Financial Aid at email@example.com. Student Loan Repayment Your loan provider(s) will contact you regarding repayment. Repaying Your Student Loans Loan Consolidation Information New - Income Based Repayment On July 1, 2009 a major new student loan repayment option will become available for the first time. Income-Based Repayment (IBR) caps monthly federal loan payments at an affordable level based on your income and family size, and forgives any debt and interest that remains after 25 years. If you owe more on your federal student loans than you earn in a year, you can probably benefit from IBR. The lower your income, the lower your monthly payment will be: in some cases, as low as $0. IBR is available for almost all federal loans - past, present, or future - made by any lender, whether for college or graduate school. If you work in a government, nonprofit, or other public service job, you could have your remaining student loan debt forgiven after just 10 years of Income-Based Repayment, or certain other payments. Your loans have to be in the federal Direct Loan Program to qualify, but the 10 years don't have to be consecutive. You just need to make a total of 120 payments while working full-time for a public or nonprofit employer, starting on or after October 1, 2007. For more information, including a simple calculator to estimate monthly payments, please visit www.IBRinfo.org.