What does entrance and exit counseling include?
Loan counseling is required before an FFEL borrower takes out a loan, loan counseling is provided individually by a Financial Aid Officer. Additionally, upon completion of or withdrawal from the College loan exit counseling will be provided. Entrance counseling will include: 1. Information regarding the seriousness and importance of the loan repayment obligation. Although the lender may send payment coupons or billing statements as a convenience to the borrower not receiving these items does not relieve the borrower of his or her obligation to make payments. Additionally, the loan must be repaid even if the borrower does not finish the program, can not obtain employment after graduating, or is dissatisfied with the school’s programs or other services. 2. The need-based and non-need-based stat and local aid programs, school aid programs, and other private aid programs that are available. 3. A description of the consequences of default, including adverse credit reports, federal offset, a
Related Questions
- Do the MDHE Entrance and Exit counseling booklets provide the borrower with an explanation of the information contained in the NSLDS and contact information for the NSLDS?
- I have completed my online Loan Entrance Counseling requirement. Why does it still show up on my To-Do List?
- What is an Entrance Loan Counseling Session?
