What Are Entrance And Exit Counseling? | 10.14.09
Would you lend someone money if you did not know they would pay it back?
The US government gives out $60 billion in federal student loans every year. This is a lot of money and the government needs to make sure that they will get it back. Any student who receives federal financial aid, including the Stafford loan and Perkins loan, must complete both entrance and exit counseling. These sessions ensure that borrowers know that they have an obligation to pay the money back after college. Students often begrudgingly complete the counseling requirement while paying very little attention to the content. However, these sessions are no waste of time. The can actually provide extremely useful information.
Entrance counseling is required before funds are disbursed to your school for the first time. This online session will probably take you about a half hour to complete, but that is a small price to pay for the loans you will be receiving. The goal of this session is to help you understand your loan responsibilities. It also provides tips and tools to help you develop a budget for managing your educational expenses.
Before graduation from college, borrowers must complete exit counseling. This session ensures that you know your debt obligations and that you know when you need to start paying back your loans. At the time when you are required to complete this session graduation will probably be the only thing on your mind. However, if you pay attention it may cut down the number of questions you have when it is time to consolidate or start re-paying.
5 Most Recent Student Loans Blog Posts:
The Student Loan Help blog is sponsored in part by:
