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According to federal regulations, postsecondary institutions are required to complete exit loan counseling with each borrower within 30 days of learning that the student has ceased at least half-time enrollment. Schools must maintain documentation of compliance with the exit counseling requirement. In addition, they are required to provide exit counseling data to the guaranty agencies listed in the borrower’s records within 60 days.
ISAC participates in the Mapping Your Future ExitExpress process, an automated method of retrieving student loan exit counseling data. This means that schools whose student loan borrowers use Mapping Your Future’s Online Student Loan Counseling service no longer need to forward paper confirmation to ISAC when student loan exit counseling requirements have been fulfilled. Through ExitExpress, ISAC will automatically receive these confirmations electronically from Mapping Your Future.
Utilizing ExitExpress increases the security of exit counseling data, makes the exit data process more efficient for all organizations involved, and aids in default prevention efforts through more accurate and up-to-date information. A financial aid administrator can also determine if a guarantor has retrieved the borrower information by looking at individual confirmations. An asterisk and a date indicate when the report was retrieved by the guarantor.
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