Loan Counseling for Student Borrowers

WVSOM's Financial Aid office provides loan counseling to help the student understand their rights and responsibilities as a loan borrower. Please contact either Lisa Spencer at (304) 647-6369 or Deborah Montgomery at (304) 647-6231 to schedule an appointment.

Initial Loan Counseling for Student Borrowers

Prior to first disbursement, all first time Federal Stafford and Federal Graduate PLUS Loan borrowers must complete Entrance Counseling. Counseling is provided by the Financial Aid staff and provides information on the following topics:

  • the effect of the loan on eligibility of the borrower for other forms of aid
  • an explanation of the use of the Master Promissory Note (MPN)
  • the seriousness and importance of the students' repayment obligation
  • information on the accrual and capitalization of interest
  • borrowers of unsubsidized loans have the option of paying interest while in school
  • definition of half-time enrollment and the consequences of not maintaining half-time enrollment
  • importance of contacting appropriate offices if student withdraws prior to completion of program of study
  • sample monthly payment amounts
  • the obligation of the borrower to repay the full amount of the loan regardless of whether the borrower completes the program or completes within the regular time for completion, is unable to obtain employment upon completion, or is otherwise dissatisfied with or does not receive the educational or other services the borrower purchased from the school
  • consequences of default information about the National Student Loan Data System (NSLDS) and how the borrower can access the borrower's records
  • name and contact information for the individual the borrower may contact with questions about the borrower's rights and responsibilities or the terms and conditions of the loan

Exit Counseling for Student Borrowers

Shortly before the student borrower of a Federal Stafford, Federal Graduate PLUS, or Federal Perkins Loan ceases at least half-time study, he/she is required to complete Exit Counseling. The exit counseling sessions include information on the following:

  • average anticipated monthly repayment amount
  • repayment plan options
  • options to prepay or pay on shorter schedule
  • debt management strategies
  • use of the Master Promissory Note (MPN)
  • the seriousness and importance of student's repayment obligation
  • terms and conditions for forgiveness or cancellation
  • copy of information provided by the Department of Education
  • terms and conditions for deferment or forbearance
  • consequences of default
  • options and consequences of loan consolidation
  • tax benefits available to borrowers
  • the obligation of the borrower to repay the full amount of the loan regardless of whether the borrower completes the program or completes within the regular time for completion, is unable to obtain employment upon completion, or is otherwise dissatisfied with or does not receive the educational or other services the borrower purchased from the school
  • availability of the Student Loan Ombudsman's office
  • information about the National Student Loan Data System (NSLDS).

National Student Loan Data System (NSLDS)

The National Student Loan Data System (NSLDS) Student Access Web Site lets student borrowers track and manage their federal student loans and grants online. The site provides disbursement amounts, outstanding balances, and status per federal fund type.

Accessing the NSLDS requires the Personal Identification Number (PIN) you were assigned a PIN during the FAFSA process (financial aid application process). You may use that PIN to access the NSLDS Data System.