Student loan entrance counseling aids students as they go forward toward financing their college education for the first time. Some loans like Federal Student Loans require student loan counseling, whereas private loans do not.
These sessions help students learn the basics about borrowing money. Some schools require in-person counseling with a student loan counselor, but most have you complete the counseling online. The online process takes from 20 to 30 minutes and must be completed in one session.
Student loan counseling is also required as a student leaves school. PLUS credit counseling helps students and parents make better choices about borrowing money.
Why is it important for your student to complete this counseling anyway?
· Your student will discover what a direct loan is and loan limits
· They will discover the terms and conditions of their loan
· They will learn what the interest rate is on their chosen loan
· They will see options for repayment of their loan (this will help them to not default on their loan)
· The finished counseling report will be sent to their chosen schools so their loan funds can be disbursed.
It is important to not rush through the counseling process or skip portions of the report. This could lead to making wrong choices. Student loan counseling done with care and consideration can ensure a brighter future.
Joanne Leone speaks at My College Planning Team workshops and writes for MCPT’s website. She is a professional speaker, writer, organizer and certified life coach. She earned her bachelor’s degree in communications and creative writing from Chapman University in Orange, California