Before receiving loans
Before receiving a Federal Direct Unsubsidized Loan or a Federal Direct Graduate PLUS Loan, first-time borrowers at the University of Minnesota are required by federal regulations to:
- Participate in an entrance interview with a financial aid counselor. This is typically fulfilled by attending a group meeting during Orientation. The intent is to make sure you understand the terms and conditions of the money you are borrowing and your responsibilities as a borrower. Also, during the first semester of your first year of Medical School, all financial aid recipients must meet with a financial aid counselor in an individual appointment setting.
- Complete relevant counseling sessions, such as the Direct Loan online Entrance Counseling session and/or the Graduate PLUS online Entrance Counseling session.
Before graduation: Borrower to-dos
Students with medical school debt
All graduating students with medical school debt must schedule a one-on-one debt management counseling appointment with a Medical School financial aid counselor.
The appointment will provide personalized information on repayment options, including:
- Income-driven repayment vs. forbearance
- Loan consolidation
- Analysis of future debt payments
- Projected income
Also at the debt management counseling appointment, you will receive individualized information about:
- The total amount borrowed under each loan program
- The amount and date repayment begins on each loan
- Other repayment provisions (e.g., length of repayment term, forbearance, deferments, cancellation)
- Consequences of default
Students who borrow federal and/or institutional loan funds
Federal law states that any student who borrows federal and/or institutional loan funds must participate in online financial aid exit counseling.
This must be done before graduating, withdrawing, or taking a leave of absence.
Approximately 30 days prior to graduation, you will receive an email notification from the University Student Account Assistance office with a link to the required exit counseling, along with basic instructions.