July 31, 2009, Newsletter Issue #130: Entrance and Exit Counseling

Tip of the Week

The Federal Stafford Loan entrance and exit counseling is a valuable tool for students who are borrowing this form of school funding. It is also mandatory.

The entrance counseling is designed to introduce new students to the terms and conditions of their new loan, and to provide advice on managing a budget for college and living expenses. The counseling will take about 30 minutes and is done online.

The exit counseling, or exit interview, can also be completed online in about 30 minutes. During this time you will be informed about all of your rights and responsibilities as a borrower entering repayment. This is designed to fully inform you of the repayment process and how to manage your loans.

While both of these counseling sessions are done online, it is also a good idea to schedule one in person with one of your school’s financial aid advisers. This is the time to ask any questions that you may have so that you are ready to fulfill your loan obligations.

Make sure that before you graduate and leave school you are confident in your knowledge of how to manage your loans from that point on.

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