Completing Entrance Counseling
Most people that attend college or are thinking about attending college are going to quickly learn one important truth: college is expensive. With tuition prices going up, college students are often going to have a difficult time making ends meet while they are enrolled in school. Not only that, but books, housing and other costs can add substantially to your college expenses. In order to afford these kinds of expenses, many college students will have to work in addition to studying. This kind of pressure can make it difficult to get the grades that you want, and financial aid is often a better option. While a student loan will have to be repaid, you may be able to repay when you are in a better financial situation. If you do open a loan or line of credit, part of the process is going to be completing entrance counseling.
What Entrance Counseling Is
People who open student loans are often opening a loan for the first time and there may be a lot that they do not understand about loan procedures. Entrance counseling is essentially an interview or a presentation that you will have to take part in in order to learn your loan responsibilities. After the counseling is finished, you will have a better idea of what will be required of you when it comes to your student loans.
Preparing For Entrance Counseling
Before taking part in entrance counseling, you will need to have some information ready. You will want to have your FAFSA pin as well as the information for the school that you are attending or planning on attending. Also, you may have the ability to choose from a few different formats for your entrance counseling. You may be able to complete loan counseling through the financial aid office at your school, or you may be able to request an audio visual presentation. The information will be the same, but a personal interview will allow you to ask questions should they come up.
During your entrance counseling, the counselor or presentation will go through some of the details of your loan. They will talk about the specific terms that are associated with the loan that you are opening as well as the payment plan that you will have set up. They will also go over interest rates and the amount that you should expect to repay. In addition, your entrance counseling will most likely involve some discussion about the penalties that you will face if you are not able to pay back the loan. It is important that you understand all of these details before making the decision to open a loan.
Your financial aid office will also most likely have some more information for you on some strategies that you can use for debt management. It is important that you pay close attention to the information that is provided by these professionals. Non-students will often pay large amounts of money to learn how to effectively manage their debt, and you will be getting this information for free.
Completing entrance counseling is an important and necessary part of your student loan process, and it is important that you take all of the necessary steps to learn about the details of your loan. While flexible, student loans require some financial planning and responsibility, and your counseling can help you prepare effectively. Once you have completed counseling, you can get the promised loan and you can make the most of your college education and experience without unnecessary financial strain.
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