Entrance and Exit Loan Interviews
Federal Direct Loan Entrance Counseling
The federal government requires a student to participate in loan counseling prior to receiving a Federal Direct Loan. Entrance Counseling will explain various aspects of student loans, such as repayment and interest, and your rights and responsibility. It concludes with a 15-question quiz. You must get all answers correct to successfully complete Entrance Counseling.
The Master Promissory Note (MPN) is a legally binding contract between you and Direct Loan.
Entrance Counseling and MPN can be completed at http://www.studentloans.gov/. You will need your U.S. Department of Education PIN to successfully complete. After you complete Entrance Counseling and MPN, the results will be sent electronically to Mercyhurst University, although you may wish to print a copy of the rights and responsibilities page for personal records.
Federal Direct Loan Exit Counseling
The federal government requires that students participate in Exit Counseling prior to leaving, graduating from college, or dropping below part-time status. To complete Exit Counseling , go to http://www.studentloans.gov/. You will need your U.S. Department of Education PIN to successfully complete Exit Counseling.
During Exit Counseling you will learn about additional deferment and forbearance and how to get the necessary forms. Even though you have a six month grace period, the Exit Counseling process will help you set up a repayment plan, a direct withdrawal and a payment date. The Direct Loan Servicing Center, who handles all Federal Direct Loan repayments, hosts Exit Counseling.