Loan Counseling for Federal Loans
Entrance counseling is required for first-time Federal Loan borrowers.
- Counseling can be completed online and will help you understand your rights and obligations as a student loan borrower.
- Loan counseling must be completed before you can receive loan funds.
There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. If you lose eligibility you become responsible for paying interest on Direct Subsidized Loans.
To help you manage your student loans after graduation, federal regulations require that you complete exit counseling:
- before you graduate
- before transferring to another institution
- before any other separation from Wayne State University
- if you are enrolled less than half time