What is the entrance counseling interview?
The entrance interview is a presentation of information and a series of questions that explains the commitment the student is making. It is important that students understand that loans require repayment and the entrance interview helps educate students to what they can expect when the enter repayment on their loans.
What is the entrance counseling for a loan?
Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default.
What is a loan exit interview?
An exit interview is a loan counseling session in which you are advised of your loan repayment schedule, obligations, and rights to deferment and/or cancellation. Your school is required by the federal government to conduct this exit interview whenever you are no longer enrolled as at least a half time student.
What is master promissory note and entrance counseling?
By completing Entrance Counseling and the Master Promissory Note (MPN), a student is indicating that they understand and accept the obligations, rights, and responsibilities of borrowing. All first time borrowers must complete an Entrance Counseling session and an MPN prior to receiving loans at CWI.
What is loan exit counseling?
Student loan exit counseling is an online course offered by the US Department of Education through StudentLoans.gov that walks students through the federal loan(s) they signed up for to pay for their education. The purpose of loan counseling is to prepare student borrowers for repayment.
Is loan exit counseling required?
Exit counseling is required for all federal student loan borrowers. Borrowers who received a subsidized, unsubsidized or PLUS loan under the direct loan program must complete exit counseling when they drop below half-time enrollment, leave school or graduate. Understand your loan repayment terms and plan options.
Who do you contact if you have questions about repayment plans?
Contact the Department of Education’s (ED) Office of Federal Student Aid (FSA) if you have questions about your loans or payments.
What is entrance counseling and MPN?
What is an unsubsidized loan?
Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods.
What is the difference between delinquent and past due?
If you make your payment on or before this date, it may not be considered late but you may still incur interest but not a late payment fee. If you fail to make the payment before, you are considered delinquent. Your loan is in delinquent status even if you make your payment a day or two after the due date.
What is the entrance counseling process for student loans?
To ensure that you understand this responsibility and the obligation you are assuming, the Federal Government requires you to participate in loan counseling, called “Entrance Counseling,” prior to receiving a direct loan. You can conduct your Entrance Counseling session online. You must have a student FAFSA ID to complete the process.
Why do I need entrance counseling?
Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default.
How do I Complete my Perkins Loan entrance counseling?
Perkins Loans entrance counseling is completed once as a first time borrower at Temple University. Click here for instructions to complete your Perkins Loan entrance counseling. Health Professions, Nursing and Institutional/Long-Term University Student Loans must complete entrance counseling each year the loan is awarded.
What is a promissory note & entrance counseling?
Promissory Note & Entrance Counseling. All loans require that you sign a promissory note. This note is signed by the borrower when taking out a loan. By signing the promissory note, the borrower promises to repay the loan. The promissory note also includes important language about your rights and responsibilities as a borrower.