Financial Aid Loan Entrance and Exit Counseling

Loan Entrance and Exit Counseling

Students should be careful to avoid borrowing excessively. A reasonable monthly student loan payment should not exceed 8-10 percent of one's monthly gross income. (See the Monthly Budget Calculator and Loan Payment Calculator.)

The average student loan debt of borrowers who graduated from the College of Arts & Sciences in the spring of 2007 was $28,000. (About three out of every four graduates from the class of 2007 borrowed a student loan.) Assuming a 6.8 percent interest rate and 10 years to repay their loans, average student borrowers will make monthly loan payments of $322.22.

Loan Entrance Counseling

Prior to borrowing their first Perkins, Stafford, Grad PLUS, or SELF educational loan, students are required to complete loan entrance counseling to ensure they understand their rights and responsibilities. Borrowers must complete this online counseling prior to the disbursement of their loan.

Remember to complete entrance counseling for each type of loan you will use:

Stafford Loan Entrance Counseling (located on the Mapping Your Future website)
Perkins Loan Entrance Counseling (located on the Mapping Your Future website)
SELF Loan Entrance Counseling (located on the Minnesota Office of Higher Education website)
Grad PLUS Loan Entrance Counseling (located on the Mapping Your Future website)

Loan Exit Counseling

Upon graduation (or dropping below half-time status), students will complete loan exit counseling to prepare for entering repayment. Select one of the following links for online loan counseling.

Stafford Loan Exit Counseling (located on the Mapping Your Future website)
Perkins Loan Exit Counseling (located on the UAS Exit Interview website)
Grad PLUS Loan Exit Counseling (located on the Mapping Your Future website)