For financial aid to be disbursed, you, the borrower, must fulfill the requirements for the following types of aid that you will receive.
Entrance Counseling
Entrance counseling is intended to help you, the borrower, make sense of the terms and conditions of your loan and your rights and responsibilities. You will learn what a loan entails, how interest works, your options for loan repayment, and how to avoid delinquency and default.
Master Promissory Note
The Master Promissory Note (MPN) is a legal document where you, the borrower, promises to repay your loan(s), along with any accrued interest and fees to the U.S. Department of Education. The MPN will also explain the terms and conditions of your loan(s).
Exit Counseling
Exit counseling is required when you, the borrower, leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment.
TEACH Grant Initial and Subsequent Counseling
TEACH Grant Initial and Subsequent Counseling informs you about the TEACH Grant Program and the TEACH Grant service obligation.
TEACH Grant Agreement to Serve or Repay (Agreement)
The Agreement to Serve or Repay (Agreement) will explain the terms and conditions for receiving a TEACH Grant. By signing the Agreement, you agree to the terms and conditions and also acknowledge that if you, the borrower, do not fulfill the service obligation described in the Agreement, the TEACH Grant funds you received will be converted to a loan that must be repaid with interest.
TEACH Grant Exit Counseling
TEACH Grant Exit Counseling provides you, the borrower, with the necessary information to fulfill the agreed upon TEACH Grant service obligation. You will also learn about options for temporarily suspending the period for completing your TEACH Grant service obligation, and the terms and conditions that will apply if your TEACH Grant is converted to a Direct Unsubsidized Loan.
The federal government requires students to complete exit counseling if you are a direct loan borrower and or TEACH Grant recipient who is leaving school, graduating, or dropping below half-time enrollment. Parent PLUS Loan borrowers are not required to complete exit counseling.
You will need exit counseling if you have:
● Direct Subsidized Loan(s)
● Direct Unsubsidized Loan(s)
● Direct PLUS Loan(s) for Graduate and Professional Students
● TEACH Grant(s)
You do not need exit counseling if you have only:
● Direct PLUS Loan(s) for Parents
● Private Education Loan(s) (although some lenders may require exit counseling)
Plan Ahead
If you have a loan(s) and/or TEACH Grant(s) that require exit counseling, the timing of your participation depends on your enrollment status. Prepare to go through exit counseling when you:
● Graduate
● Change your attendance to less than half-time (less than six credit hours)
● Withdraw from school or stop attending
● Transfer to another school
● Take a leave of absence that is more than 180 days
Missouri Southern encourages all loan borrowers to complete the Annual Student Loan Acknowledgment. Borrowers can complete this acknowledgement online at www.studentaid.gov. by logging in with their FSA ID and password. This acknowledgement should be completed for each year that a borrower receives a loan. The completion of this acknowledgement assists you, the borrower, in understanding your responsibility to repay your loans, how much you owe, and how much more you may borrow over the course of your academic program.
