Federal Loan Entrance and Exit Counseling
The first time you borrow a federal loan in your program at Drexel, you will need to complete entrance counseling. Until you have completed this requirement, the funds will not pay to your account. The purpose of entrance counseling is to ensure that you understand your rights and responsibilities as a new loan borrower and that you understand the regulations governing each loan program, such as interest rates, grace periods, deferment/forbearance options, prepayment, consolidation, and other general repayment obligations. You are also informed of the consequences if you do not repay your student loans (default) and of various repayment strategies.
Entrance counseling is completed online:
As a borrower of a federal loan(s), you are required to complete exit counseling once you graduate, drop below part-time, or stop enrollment at Drexel. Exit counseling covers all subjects that were covered in entrance counseling, with an emphasis on repayment strategies. A hold will be placed on your transcripts if you do not complete exit counseling.
To complete the report at the end of these sessions you will need the following:
- Your Social Security number
- Your driver's license number and state of issuance
- Name, address, and telephone number of your next of kin (nearest relative)
- Name, address, and telephone number for two references whom the holders of your loans could contact if they should lose contact with you
- Name, address, and telephone number of your expected employer (if known)
- The amount you owe on each loan, who the lender is, and the date repayment begins. Your lender (or servicer) will give you this information, but not, you are still obligated to pay.
You will also need to know which types of federal student loans you have borrowed during all years of attendance at Drexel University in order to be sure to complete the appropriate exit counseling.