Loan Entrance and Exit Counseling
Loan Entrance Counseling
Entrance counseling is a federal requirement for all loan borrowers at Community College of Philadelphia. It’s used to educate students on the types of funds they’re borrowing, the amount they can borrow, interest rates, repayment options and debt consolidation.
Direct Loan Master Promissory Note (MPN)
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated and what deferment and cancellation provisions are available to you.
Loan Exit Counseling
Exit counseling is a federal requirement for all students with loans whose enrollment is less than half time, who are exiting an institution, or transferring to another institution. The purpose of exit counseling is to educate borrowers about their rights and responsibilities for the federal student loans they owe.