Student Loan Entrance and Exit Counseling
Federal Direct Stafford and Federal Direct Graduate PLUS Loan Entrance and Exit Counseling
Federal regulations and institutional policy require all students who borrow through the Federal Direct Stafford and Graduate PLUS Loan Programs for their medical education to complete loan entrance and exit counseling. The purpose of loan counseling is to provide information concerning both the Federal Direct Stafford and Graduate PLUS Loans, explain your rights and responsibilities as a student loan borrower and provide other helpful information.
Federal Direct Stafford and Graduate PLUS entrance counseling must be completed by students who are first-time borrowers through either the Federal Direct Stafford or Federal Direct Graduate PLUS Loan Program:
Federal Direct Stafford and Graduate PLUS exit counseling must be completed in the fourth-year by all graduating students who borrowed through either the Federal Direct Stafford or Direct Graduate PLUS Loan Program. Exit counseling is a requirement for graduation:
Federal Perkins Loan Master Promissory Note and Entrance and Exit Counseling
Students who have been awarded a Federal Perkins Loan as part of their financial aid package must e-sign a master promissory note (MPN) and complete Federal Perkins entrance counseling before the funds can be disbursed. Requirements for the Federal Perkins Loan MPN and entrance counseling are:
- Students awarded Federal Perkins Loan funding must e-sign the MPN in the first year the award is made;
- Once the MPN has been e-signed, it is valid for the duration of your medical education and does not need to be signed on an annual basis;
- Upon completing the e-signature process for the MPN, students must then complete the Federal Perkins Loan entrance counseling.
NOTE: Unlike Federal Direct Stafford entrance counseling, Federal Perkins Loan entrance counseling must be completed each year you are awarded a Federal Perkins Loan.
Federal Perkins Loan exit counseling must be completed in the fourth-year by all graduating students who borrowed through the Federal Perkins Loan Program.
Primary Care Loan
Students who have been awarded funds through the Primary Care Loan Program (PCL) must complete entrance counseling and electronically sign both the PCL promissory note and truth-in-lending disclosure statements (TILA) before the loan funds can be disbursed. The entrance counseling, promissory note and TILA process must be completed each year a student receives PCL funding.
All graduating students who have borrowed Primary Care Loan funds must complete exit counseling in their fourth-year in accordance with federal regulations.
School of Medicine Student Loans
Institutional Student Loans
Students who have been awarded a student loan through the School of Medicine (i.e. DeVictoria, Desmond, Sullivan, Medical Student Loan) must electronically sign a master promissory note (MPN) before the funds can be disbursed.
The terms of the institutional student loan are:
- No interest during medical school, grace or eligible deferment;
- 12 month grace period following graduation or when enrollment drops below half-time status;
- 24 month residency deferment;
- Fixed interest rate of 4.0% during repayment; and
- Repayment term of 10 years
All graduating students who have received funding through the GUSOM Institutional Student Loan Program must complete exit counseling in their fourth-year prior to graduation.