Federal Direct Subsidized/Unsubsidized Loan Counseling

Entrance and Exit Counseling are required for all students who borrow a Federal Direct Subsidized/Unsubsidized Loan.

Entrance Counseling is required of all students who are borrowing a Subsidized/Unsubsidized Loan for the first time at Penn College. Through readings and several true/false questions to check your understanding, Entrance Counseling provides you (the borrower) with information about your rights and responsibilities, before you borrow the loan, including:

• the importance of repayment;
• the consequences of default;
• the use of the Master Promissory Note (MPN); and
• sample monthly repayment amounts.

Entrance Counseling is done online at StudentLoans.gov. You will need to have your Social Security number and your FSA ID available.

After you complete the tutorial and quiz, return to the homepage and choose "Click Here to Review Results from Previous Entrance Counseling Quiz or Add Additional Schools that Should Receive Your Entrance Counseling Results."

Penn College's Financial Aid Office will receive notification 3-5 days after you complete Entrance Counseling.

Exit Counseling is required of all students who have borrowed a Direct Subsidized/Unsubsidized Loan while at Penn College and …

• have withdrawn from all classes; or
• have dropped below half-time status; or
• are graduating or have just graduated.

Exit Counseling is done online at StudentLoans.gov (Tools and Resources section). During the session, you will be asked for your expected permanent address, the phone numbers of two family members, and the name and address of your expected employer (if known).

Penn College's Financial Aid Office will notify you when you need to complete your Exit Counseling session. The session, along with the U.S. Department of Education's Exit Counseling Guide, will provide you with your rights and responsibilities for repaying your Direct Subsidized/Unsubsidized Loan, including:

• the importance of repaying your loan;
• your repayment options;
• deferment and forbearance; and
• reasons for loan cancelation.

Advisory Board Compensation
Employees of the Financial Aid Office who serve on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, are prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.