Loan Counseling

Entrance Counseling - Stafford/Grad PLUS and Perkins Loans

Prior to borrowing a federal student loan or Luther Seminary Mourer Loan students are required to complete Entrance Counseling.  For Federal Stafford/Grad PLUS and Perkins Loans this process is completed on-line.  You can click on the link in the right panel and you will be taken to a separate website where this can be completed.  Once you complete this process the Office of Financial Aid will be notified via email.  You will not have to submit anything else.  The main reason for this requirement is that federal law requires that all students be provided with the same basic level of information concerning their student loans.  For the Mourer Loan a separate form is provided with the loan application.  This form will need to be completed and returned to the Office of Financial Aid prior to receipt of the loan. 

Exit Counseling - Federal Stafford/Grad PLUS Loans

Along with entrance counseling, it is a federal requirement that all students who received a Federal Stafford/Grad PLUS Loan be provided with exit counseling.  Again, this requirement may be completed for federal loans online.  However, because there is considerably more information and it is usually borrower specific Luther Seminary offers another option.  Students may request a one-on-one  exit interview.  During this interview students will receive specific information concerning the repayment of their student loan.  This information will include how much they owe, when their payments start, who they pay, alternative if they are experiencing problems, etc.  These in-person sessions usually take about 40 minutes to an hour.

Exit Counseling - Federal Perkins Loans

Along with entrance counseling, it is a federal requirement that all students who received a Federal Perkins Loan be provided with exit counseling.  The Perkins Exit site will use your actual Luther Perkins amounts.  Students may request a one-on-one  exit interview.  During this interview students will receive specific information concerning the repayment of their student loan.  This information will include how much they owe, when their payments start, who they pay, alternative if they are experiencing problems, etc.  These in-person sessions usually take about 40 minutes to an hour.  Please note that if you complete the Perkins Exit Counseling in person you may receive email messages from University Accounting Service  (our Perkins Loan servicer) that you need to come to their site to complete the exit process.  This is not necessary for those that complete it in person.