Loan Counseling


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Loan Counseling

Entrance Counseling

 

Before you receive your Federal Stafford Loan (subsidized and unsubsidized), the federal government requires that you understand the basics of borrowing and complete an Entrance Counseling session. This counseling session takes just a few minutes and will cover:

  • The necessity of repaying your student loan
  • Subsidized vs. Unsubsidized Stafford Loans
  • The Master Promissory Note
  • Planning for repayment
  • Estimating your payments
  • Deferment and forbearance
  • Your rights and responsibilities
  • Other loan options

Begin Entrance Counseling:

On-Line Entrance Loan Counseling

 

Exit Counseling

 

If you have borrowed under the Federal Stafford Loan program you are required by federal regulation to complete an exit interview whenever you drop below half-time enrollment status, withdraw, or graduate. This counseling session takes just a few minutes and will cover:

  • The necessity of repaying your student loan
  • Subsidized vs. Unsubsidized Stafford Loans
  • Your repayment options
  • Estimating your payments
  • Deferment and forbearance
  • Reasons for loan cancellation
  • Your rights and responsibilities
  • Loan consolidation and loan serialization
  • Keeping in touch with your lender/servicer
  • Other information resources

Federal regulation also requires that you are presented with the Average Stafford Loan Indebtedness. This information is based on a random sampling of senior level students who have borrowed under the program.

Average total Federal Stafford Loan Indebtedness: $12,765

Average estimated monthly Federal Stafford Loan payment (based on 120 months):

Interest Rate

 Monthly Payment

  Total Interest Paid

  Total Payment (Interest and Principal)

6.00%

$141

$4,241

$17,006

6.80%

$147

$4,863

$17,628

8.25%

$156

$6,022

$18,787

Completion of the exit interview via the Internet is an easy process and only takes about ten minutes. You'll need the following information on hand to complete your exit interview:

  • Your expected employer, address and phone number (if you will be employed upon graduation).
  • Your nearest living relative's name and complete address and phone number.
  • Two other references with complete addresses and phone numbers.
  • Your Drivers License
  • Your Lender's name
  • Your Guarantor's name

Begin Exit Counseling:

On-Line Exit Loan Counseling

Additional Stafford Loan Resources:

Great Lakes Higher Education Corporation: Check your account Online

U.S. Department of Education Loan Default Information

National Student Loan Data System (NSLDS): Review your personal federal student loan history

FinAid Loan Repayment Calculator: Estimate the size of your monthly payments

Direct Loan Budget and Payment Calculators and Interest Rates

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