Gs4 Security: Stafford Loan

Tuesday, 18 December 2012

Stafford Loan

As part of the federal loan program requirements, every student is required to complete an entrance loan counseling session prior to getting a loan. They also must complete an exit loan interview session upon graduation. There is no getting around it – those are the rules.Tidewater officials have decided to expand upon the federally required entrance loan counseling session (which usually consists of some rudimentary questions about interest rates, managing debt, and loan repayment) and require students to also submit a budget of how they plan to repay their loans in addition to other expenses they anticipate accruing along the way. Technically, they have to prepare two budgets – one that reflects repayment of the loans after graduation and another that depicts their plan for repayment if they have to suddenly drop out of college. Once the entrance counseling session is completed and Tidewater’s financial aid office has the required budget documents, they will gladly disburse any and all federal loan dollars in which a student may be eligible to receive.