Nursing Student Loans

Chapter 5 INSTITUTIONAL RESPONSIBILITIES IN THE REPAYMENT PROCESS

• Section 1 EXIT INTERVIEW

Chapter 5 INSTITUTIONAL RESPONSIBILITIES IN THE REPAYMENT PROCESS

Institutional responsibilities in the NSL repayment process are considerable. These responsibilities are often shared between the school's financial aid administrator and the fiscal officer. The exit interview is a primary example and is discussed below. Readers are also urged to review Fiscal Management for information on accounting requirements, debt collection requirements (e.g., due diligence), cash management requirements, program monitoring and audits.

Section 1 EXIT INTERVIEW

The regulations require a school to conduct and document an exit interview with its borrowers (individually or in groups). The school has the discretion in deciding which office(s) (e.g., financial aid, fiscal, loan collection, dean's) will be responsible for the exit interview, and for determining the specific format of the exit interview as long as the following documentation is obtained:

• The terms of repayment agreed to by the borrower and the school, which must be signed and dated by the borrower indicating acceptance.
• Evidence that the borrower was reminded of his or her rights and responsibilities. This can be documented by having the borrower sign and date a form or statement similar to that used in the entrance interview, or a separate form or statement which provides, or indicates the borrower has received additional information that is not addressed during the entrance interview. For further information, see the Exit Interview Checklist in Exhibit D.
• Updated personal information provided by the borrower during the exit interview. This can be documented by having the borrower complete and date a personal information form similar to that used in the entrance interview, or a separate form which collects additional types of information that is not requested during the entrance interview (e.g., future employment plans). For further information, see the Exit Interview Questionnaire in Exhibit E.

If a borrower fails to appear for an exit interview, the school must attempt to conduct the exit interview by mailing the exit interview information to the borrower and requesting that a copy of the repayment terms and the rights and responsibilities form or statement be signed and dated, the personal information form be completed and dated, and these items be returned to the school. If the borrower returns the information as requested, this will document that the exit interview was conducted.

Fiscal Management, Collections, Chapter 2 also provides information on exit interviews.

[42 CFR Part 57.310]