Entrance Counseling is a federal requirement for all Federal Stafford Loan recipients. The funds for your loan will not be disbursed until you have completed the counseling. Entrance Counseling provides you with information about: Your rights and responsibilities as a borrower.

What is Stafford loan entrance counseling?

Entrance Counseling is a federal requirement for all Federal Stafford Loan recipients. The funds for your loan will not be disbursed until you have completed the counseling. Entrance Counseling provides you with information about: Your rights and responsibilities as a borrower.

What is a direct loan entrance 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.

Do I need to complete entrance counseling for loans annually?

Once on file, entrance counseling has no expiration date and your MPN is valid for ten years as long as you are borrowing loans. You are not required to complete them annually, though you are able and certainly welcome to do so.

How long does it take for entrance counseling to process?

Select Undergraduate for the student type and then Continue. Complete each step of the entrance counseling process and click Submit Counseling once you have finished. It can take up to 7 business days for CWI to be notified of your completion.

What happens if I don’t complete exit counseling?

Exit counseling is required by federal law. What happens if you don’t complete it depends on your school. Typically, the Bursar’s office will put your transcripts and diploma on hold until you finish exit counseling. Generally, you’ll still be able to graduate.

What does entrance counseling mean?

Entrance counseling is a federal requirement for all loan borrowers at Community College of Philadelphia. It is used to educate students on the types of funds they are borrowing, the amount students may borrow, interest rates, repayment options and debt consolidation.

What is the purpose of entrance counseling?

Entrance counseling is a mandatory process by the United States Department of Education for student loan borrowers to best understand their responsibilities when taking on federal loans. The ultimate goal of entrance counseling is to lower the rate of delinquency and default among borrowers.

Is entrance counseling important?

Entrance counseling at StudentAid.gov is particularly important because it reviews everything you need to know about the gravity of your debt. It’s designed to keep you out of delinquency and default. The Federal Student Aid office’s counseling is required for all first-time federal loan borrowers.

Do I have to do the entrance counseling for fafsa?

Entrance Counseling is required before you can receive your first Direct Subsidized Loan or Direct Unsubsidized Loan (as either an undergraduate or a graduate/professional student) or your first Direct PLUS Loan (as a graduate/professional student).

Where do you complete entrance counseling?

Your school will tell you how to complete your entrance counseling. Your school may require in-person counseling, or you may be able to complete the counseling online. (The school will provide the URL for your counseling if it’s available online.)

Is there a deadline for exit counseling?

While there’s no universal student loan exit counseling deadline, there are three scenarios when you must complete it.

How do I complete the loan entrance counseling?

Your future monthly loan payment

  • Your repayment plan options
  • When you should enter repayment

    • How can I access my Stafford Loan?

    while you’re in school at least half-time,

  • for the first six months after you leave school (referred to as a grace period*),and
  • during a period of deferment (a postponement of loan payments).

    • How do I apply for a loan at Stafford?

    Fill out the FAFSA ; and

  • Complete the Federal Direct Unsubsidized Loan Application.
  • Email the application as an attachment to Monique Howell at [email protected] or mail to the address on the form.

    • How long is the Stafford Loan process?

    How long does it take to process a Stafford loan? Short answer: it takes around 1 to 3 weeks to get a federal student loan, and 2 to 10 weeks to get a private student loan. But there’s much more to know.