Loan Counseling and Repayment

Both Entrance and Exit Counseling are requirements of the Federal Stafford Loan program. All borrowers are asked to complete these requirements online.

Entrance Counseling

Undergraduate and Graduate Student Stafford Loan Borrowers

A first-time Federal Stafford Loan borrower is required to complete Stafford Entrance Loan Counseling before any Stafford Loan funds can be disbursed. During Stafford loan counseling, borrowers are provided important information with regard to their rights as well as the responsibilities they assume when borrowing a student loan. In an effort to provide this information when it is most convenient to the borrower, all students wishing to borrow a Federal Stafford Loan are asked to complete this requirement online. By selecting this link to Stafford Loan Counseling, you will be directed to the Stafford Entrance Loan Counseling website. (Important - you should only use this link if you have already been offered a Federal Stafford Loan and you have already completed a Stafford Loan master promissory note (MPN). You will need to create an account and then proceed with the tutorial and quiz. Please be careful to use your correct Social Security Number (SSN.) The Financial Aid Office will retrieve the results electronically and if you use an incorrect SSN, we will not be able to document that you have completed this requirement.

In addition to completing Stafford Entrance Loan Counseling, before loan funds can be disbursed you will need to complete a Stafford Loan MPN. If you need to complete both the MPN and the loan counseling, you should go to: Stafford MPN and Loan Counseling. Once you reach the end of the Stafford Entrance Loan Counseling session and are told that you have successfully completed the requirement, make sure you continue to the MPN site by electing to go to the next step.

You are only required to complete Stafford Entrance Loan Counseling and a Federal Stafford MPN once as long as the lender you select continues to participate in the Federal Family Education Loan programs. Students that borrowed under the Federal Stafford Loan program at another university are assumed to have completed these requirements and are not required to complete them again.

If you are a Graduate Student that has accepted a Grad PLUS loan, you must continue to the next section. If you are an Undergraduate Student, you are not required to do the next section.

Graduate Student Grad PLUS Loan Borrowers

Graduate Students borrowing Grad PLUS loans are required to complete Entrance Loan Counseling before any Grad PLUS loan funds can be disbursed. During Grad PLUS loan counseling, borrowers are provided important information with regard to their rights as well as the responsibilities they assume when borrowing a Grad PLUS loan. In an effort to provide this information when it is most convenient to the borrower, all students wishing to borrow a Grad PLUS Loan are asked to complete this requirement online. By selecting this link to Grad PLUS Loan Counseling, you will be directed to the Grad PLUS Entrance Loan Counseling website. (Important - you should only use this link if you have already been offered a Federal Grad PLUS Loan and you have already completed a Grad PLUS Loan master promissory note (MPN). Please be careful to use your correct Social Security Number (SSN.) The Financial Aid Office will retrieve the results electronically and if you use an incorrect SSN, we will not be able to document that you have completed this requirement.

In addition to completing Grad PLUS Entrance Loan Counseling, before loan funds can be disbursed you will need to complete a Grad PLUS Loan MPN. If you need to complete both the MPN and loan counseling, you should go to: Grad PLUS MPN and Loan Counseling. Once you reach the end of the Grad PLUS Entrance Loan Counseling session and are told that you have successfully completed the requirement, make sure you continue to the MPN site by electing to go to the next step.

You are only required to complete Grad PLUS Entrance Counseling and a Grad PLUS MPN once as long as the lender you select continues to participate in the Federal Family Education Loan programs. Students that borrowed under the GRAD Plus Loan program at another university are assumed to have completed these requirements and are not required to complete them again.

Exit Loan Counseling

Before Federal Student Loan borrowers graduate, withdraw, or drop below half-time status they are asked to complete their Exit Loan Counseling requirement(s). Half time enrollment is being enrolled for at least six credits for an undergraduate and four credits as a graduate during regular semesters. Exit Counseling is provided to help borrowers make wise decisions with regard to repayment of their loans. In order to make this as easy and convenient as possible, borrowers are able to complete this requirement online.

Borrowers that have borrowed through the Direct Loan program should complete Exit Counseling at the Direct Loan Servicing Center website. Borrowers that have borrowed a Federal Stafford and/or Grad PLUS Loan through the Federal Family Educational Loan (FFEL) Program should complete Exit Loan Counseling on the FastFacts website. Both sites provide personalized information and will ask you to confirm that the contact information they have for you is accurate.

Links to both sites are given below:

Direct Loan Online Exit Counseling

FFEL Stafford and Grad PLUS Loan Exit Counseling

Borrowers that leave school or drop to less than half-time enrollment status are also required to complete exit counseling.

Loan Repayment, Forbearance & Deferments

Borrowers are asked to select a repayment plan when it becomes time for them to repay their student loans. For more information on repayment plans and a sample loan repayment schedule, visit the Department of Education website.

Students having difficulty repaying their loans have many options available to them; both in the form of deferments and forebearances. A deferment is a temporary suspension of loan payments for specific situations such as reenrollment in school, unemployment, or economic hardship. If you don't qualify for a deferment you may qualify for a forbearance. A forbearance is when a lender allows a borrower to temporarily postpone repaying the loan principal however the interest continues to accrue on the loans. The borrower must continue paying the interest charges during the forbearance period. Forbearances are granted at a lender's discretion; usually in extreme financial hardship or other unusual circumstances when a borrower does not qualify for a deferment. You cannot receive a deferment or a forbearance if your loan is in default. It is very important to always contact your lender/servicer to find out what options are available to you. The links below can be used to access websites and forms for the more popular loan holders:

Great Lakes Forms page

Direct Loan Servicing Center Deferment Forms

ECSI (Uwm 3rd party Servicer of Perkins and Nursing Loans)

For inschool deferment forms, undergraduates should submit the form to the Department of Enrollment Services, located in Mellencamp Hall, room 274. Graduate students should submit all forms to Graduate School, located in Mitchell Hall, room 261. If you are attending elsewhere, you will want to submit the form to the registration office at that school.

Additional information on deferments and forebearances is provided by the Department of Education. Difficulty Repaying.

Some borrowers may qualify for loan cancellation or loan discharge. This means they may not have to repay some or all of their outstanding loan balance. Loan Cancellation or Loan Discharge.