Loan Counseling is required by the federal government for all Federal student loan programs. There are two types of loan counseling, and they take place at different stages of the loan process.
Entrance counseling is a process that aims to help students understand the rights and responsibilities associated with their student loans before the student incurs the legal obligation to repay those loans. This counseling covers the importance of repayment, the consequences of default, the use of the Master Promissory Note, and provides sample monthly repayment amounts. Note that Saint Mary’s cannot credit a student’s account with loan proceeds until she has completed entrance loan counseling.
Entrance loan counseling for direct loans is only needed once during a student’s academic career at Saint Mary’s College. To complete entrance counseling for Direct Loans, students must log onto www.studentloans.gov and click on the link for complete entrance counseling.
At Saint Mary’s, students must complete entrance loan counseling for Perkins Loans every year in which a student receives a Perkins Loan. To complete entrance counseling for Perkins Loans, students need to read and sign the Perkins Statement of Rights and Responsibilities, which was mailed to her along with her award letter.
Exit Counseling is needed when a student who has borrowed federal student loans graduates or withdraws from Saint Mary’s College. Exit counseling reminds students of their rights and responsibilities as a student loan borrower, and also provides useful tips and information to help students manage their loans.
Students who borrowed Federal Direct Loans while enrolled at Saint Mary’s are required to complete Exit Counseling when they withdraw, graduate, or drop below half-time attendance (even if the student plans to transfer to another school). To complete Exit Counseling students must log onto studentloans.gov and click on the start button for Loan Counseling.
Students who borrowed Federal Perkins Loans while enrolled at Saint Mary’s are required to complete Exit Counseling when the students withdraw, graduate, or drop below half-time attendance (even if the student plans to transfer to another school). Students who need to complete Perkins Exit Counseling will receive an email from University Accounting Service with a link to the online counseling.
If a student enters repayment and has a problem with her federal loan and other reasonable efforts have failed, we recommend that the student contacts the Federal Student Aid Ombudsman. The Ombudsman office managed by the U.S. Department of Education may be able to:
Students can contact the U.S. Department of Education’s Ombudsman at:
Office of Ombudsman
Student Financial Assistance
Room 3012, ROB #3
7th & D Streets, SW
Washington, D.C. 20202