Default Management

As a private career school, students remain in contact with the faculty and staff. Students are required to attend both Exit Counseling and a Default Management Exit Workshop where they receive information on student loans and the repayment process. Students learn how to budget their money and devise an individual repayment plan. Other topics addressed are deferments, forbearance, the consequences of default, credit, future goals in reference to this loan, and loan consolidation. Students are reminded to remain in contact with the Default Management Officer for additional assistance. The Default Management Officer maintains contact via phone calls and mail with each GCC student with a loan. Through this personal relationship, GCC hopes to minimize defaults. The current Cohort Default Rates are listed below.

 Gretna Career College 2-Year Cohort Default Rates (CDRs) for Cohorts 2006-2008

If you need additional information on Cohort Default Rate click the link below: http://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html

Exit Counseling

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans cancelled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations that you will have to repay.

Exit Counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school).

Exit Counseling helps you understand your rights and responsibilities as a student loan borrower, and it provides useful tips and information to help you manage your loans.

Gretna Career College may instruct you to complete online exit counseling or choose to provide exit counseling in person.

The attached Exit Counseling Guide is a great reference for what will be discussed in exit counseling with the default management officer.