Federal loan borrowers are required to have a master promissory note and to have done loan counseling when first starting out in taking student loans as well as when they will be entering repayment.

Master Promissory Note

First-time borrowers or borrowers attending a new school, and those that have an expired MPN, may complete their Master Promissory Note online at www.studentloans.gov for the Federal Direct Subsidized/Unsubsidized student loans and PLUS loans.

Entrance and Exit Counseling

First-time borrowers of the Federal Direct Subsidized or Unsubsidized loans are required to do loan entrance counseling, which can be done at www.studentloans.gov. For loan borrowers of the Federal Direct Subsidized/Unsubsidized loan that are enrolled less than half-time or have ceased enrollment, you must complete your exit counseling online at www.studentloans.gov.

Any student who borrows federal student loans while in attendance at the College of St. Joseph that drops below half-time enrollment (6-credits), graduates, or leaves school, regardless of planning to transfer, receives an exit packet. Undergraduate students, on-campus or in area, complete an in-person counseling session with a financial aid representative. All the materials are reviewed with the student and the student is provided assistance to set up their online account with their federal student loan servicer.  Graduate student exit packets are mailed home with an option for the student to setup an appointment to meet with a financial aid representative for further guidance.

The Exit packet provided to the students is as follows: Exit letter that provides loan balance, loan servicer contact information, estimated monthly payment and asks the student to complete EXIT counseling on studentloans.gov.; a loan history report from the National Student Loan Database System; Exit Counseling Guide pamphlet from Department of Education; a Nuts and Bolts of Repayment information sheet that explains the importance of repayment and benefits or repaying student loans. For students who have borrowed the Federal Perkins loan while in attendance at CSJ are provided with a copy of their Perkins promissory note and a Perkins Disclosure notice which provides the cumulative amount borrowed and who to make payments to.

The student is required to complete the Student Contact Information and Acknowledgement Form which provide us with up-to-date contact and reference information as well as the Borrower’s Rights and Responsibilities form (a student copy is provided). The student also signs off that they have received the Exit materials.