LOAN COUNSELING

Entrance Counseling

After accepting a Stafford loan, first-time loan borrowers are required to complete LOAN ENTRANCE COUNSELING. Loans will not disburse, or credit the student’s account, until loan entrance counseling is complete. The goal of entrance counseling is to explain to the student their rights and responsibilities as a student loan borrower. This process must be completed by the student.

Master Promissory Note
After accepting a Stafford loan, each first-time loan borrower must complete a master promissory note (MPN). Loans will not disburse, or credit the student’s account, until the MPN has been signed with Great Lakes Educational Loan Services. Students may complete a paper MPN or sign it electronically online. The promissory note is a legal contract promising to repay loans upon graduation or upon enrolling less than half-time.

Stafford Loan Repayment
Repayment begins six months after the student graduates or drops below half-time enrollment. The standard repayment term is 10 years, although one can get access to alternate repayment terms (extended, graduated and income contingent repayment) by consolidating the loans.

Exit Counseling

Shortly after graduation or departure from school, students will have the personal responsibility of repaying college loans.  Student who are graduating, transferring, or withdrawing from John Carroll are REQUIRED to complete an online EXIT COUNSELING session.  This Federal requirement will only take about ten minutes of your time.