Entrance and Exit Interviews
To make certain that student loan borrowers are given the most up-to-date
information on student loans, all borrowers are required to attend entrance
and exit counseling sessions.
First-time borrowers of federal loans are required to complete entrance counseling
before the Office of Student Accounts/Bursar may credit their loan proceeds.
The purpose of the 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,
deferment/forbearance options, prepayment, consolidation, and other general
repayment obligations. You are also informed of the consequences of not repaying
your student loans (default) and of various repayment strategies. Students
can complete entrance counseling online at www.StudentLoans.gov.
All student loan borrowers are required to complete exit counseling before
graduating or withdrawing from Drexel University or ceasing to enroll at least
half-time. The interview covers all subjects that were covered in the entrance
counseling, with an emphasis on repayment strategies. A hold is 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)
- You should know how much you owe on each loan, who the lender is, and date
repayment begins. Your lender (or servicer) will give you this information,
but if they don't, 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.
Federal Perkins Loan Program – If you borrowed under
the Federal Perkins Loan Program, please complete the Perkins Loan Exit Counseling
at www.ecsi.net. Log in using Drexel's school
code (7D), your Social Security number, and PIN. Once you've logged in, select
Exit Interview to begin the process.
Federal Student Loan Program – If you borrowed under
the Federal Stafford Loan Program (either a subsidized Stafford Loan or an
unsubsidized Stafford Loan, or both) or the Graduate PLUS program, please complete
the Federal Student Loan Exit Counseling at www.StudentLoans.gov.
A loan must be repaid. Therefore, when deciding whether to borrow, you should
examine your need for assistance and your future ability to repay. Student
loans are expected to be repaid from your income after graduation. Therefore
loans should be viewed as an investment in the education that makes future
Unlike consumer loans, student loans have longer terms of repayment and in
most cases payments are not required while you are in school; and in the case
of subsidized loans, no interest accrues during the in-school period. Unsubsidized
loans (such as the unsubsidized Federal Stafford Loan) will have interest accrue
during the in-school period. You should note how often the interest is capitalized
(added to principal). Please refer to your promissory note for deferment and
Graduated repayment plans are available to lessen payments in the early years
after graduation, and repayment may be extended in most cases beyond 10 years
so that monthly payment amounts may be reduced. In addition, federal loan consolidation
is available for Stafford, Perkins, and PLUS Loans.
It is important that you understand the seriousness of repaying your student
loans. If you have any difficulties in making your loan payments, please contact
the lender (or servicer) of your loans.
To obtain more information on your student loan(s), the following resources