Leaving Southern Virginia

No matter the reason for leaving Southern Virginia, there are required steps you must take before your departure. First you will have to visit the Registrar’s Office and complete the necessary paperwork. From there you will be directed to the other offices you must see before you leave. If you have federal loans you must complete loan exit counseling online.

Graduating

If you are graduating from Southern Virginia University with student loans, please follow the instructions to Payoff Your Loans on our website.

Your post-graduation plans determine how you should handle your student loans:

  • Not planning to pursue a higher degree: Contact your lender to notify them that you are out of school and inform them of your new address and employer.
  • Planning to attend graduate school: Obtain a new deferment form to take to your graduate school in order to have your loans further deferred.

Serving a Mission

Proper preparation will result in successful forbearance of your loans while you are away.

  1. Pick up a Leave of Absence form from the Registrar’s Office before you leave campus.
  2. If you have a student loan, you must complete loan exit counseling online and then come to Student Financial Services.
    • This is something the student is required to do, not a parent. Check with your lender to see what online servicing they may offer.
  3. Obtain a power of attorney form.
    • This form authorizes a trusted individual (usually a parent) to handle your loan business while you are away.
    • This form must be notarized, which can be done at most banks, or if you are still on campus, Whitney Larsen in the Registrar’s Office and Tyson Cooper in Student Financial Services also are notaries.
  4. Contact your lender to see what documentation is required as well as information regarding their forbearance process.
  5. Be sure to give all the necessary information about your loans, lender name, address, contact information (including electronic service site log in information), etc., to your representative.
    • You or your representative, if you have already begun your mission, will have to file for a voluntary/discretionary forbearance form. This form will need to be filed more than once since they are only valid for six to 12 months at a time.
  6. Please note that your six-month grace period will be used first before any forbearance.

If you have private loans (not Stafford), you must contact your lender directly to gain an understanding of their forbearance policies.

Transferring or Withdrawing

If you plan to withdraw from Southern Virginia, understand that your lender will expect you to start making payments on your loan six months after your last date of attendance at Southern Virginia University. If you are continuing your enrollment at least half-time in a degree program, you should apply for an in-school deferment through your lender. Take the deferment form provided by your lender to the registrar of your new school and follow the necessary procedures. Be sure to follow up with your lender two to three weeks after the beginning of the term to ensure that they have received the updated deferment form.

CAUTION: You may need to complete this step more than once before you are finished with your education. Do not ignore communications from your lender regarding payments due.

Your aid at Southern Virginia University does not transfer to another institution. You must start fresh there by adding the new institution to your FAFSA and working with their financial aid office. Your undisbursed aid at Southern Virginia University will be canceled automatically.

If you are transferring to Southern Virginia, you will need to complete the exiting procedures required of your previous university, then complete the steps required of our Registrar’s Office.


Questions?

Contact Student Financial Services at 540-261-8405 or student.finances@svu.edu.