Online Student Loan Counseling 4.5

Mapping Your Future: Online Counseling

Step 2

Stafford and Perkins Exit Counseling

Dakota Wesleyan University in Mitchell, SD

Welcome to Dakota Wesleyan University's combined Stafford and Perkins exit counseling session. Included in this couseling session are some very important facts regarding Stafford and Perkins loans. You must complete this exit counseling if you drop below at least half-time attendance, withdraw, or graduate--regardless if you plan to transfer to another school or return to Dakota Wesleyan University.

In regards to your Federal Stafford loans, please make sure to review the packet of information given to you by the Financial Aid Office. The packet includes the Student Loan Summary which lists all of the Federal Stafford loans you borrowed while attending DWU. The exact principal amount that you currently owe is listed for each of the Federal Stafford loans. This amount will not include accrued interest and/or may not include amounts that you may have borrowed at previous schools. If you have not received this packet please contact the Financial Aid Office.

If you borrowed a Federal Perkins loan from Dakota Wesleyan, you will be receiving a Federal Perkins loan packet from Dakota Wesleyan's Business Office. For information regarding your Perkins only contact Carol Weiss, DWU Business Office at (605) 995-2693 or caweiss@dwu.edu.

For general information on your loan history, you may access the information with your federal PIN number on the National Student Loan Data System at www.nslds.ed.gov. For specific loan repayment information, contact your lender directly (please see the Student Loan Summary for contact information on your Stafford loans).

If you have further questions please feel free to contact the Financial Aid Office at (605) 995-2656 or (605) 995-2663. Best wishes to you in your future endeavors!

2008-2009 Dakota Wesleyan University graduates' average student loan indebtedness is as follows:

Averal Loan Total

Est. Monthly Payment

Average Federal Loan Indebtedness - 2 Year Program**
$23,000

$260

Average Federal Loan Indebtedness - 4 Year Program**
$26,000

$290

Aver Private Student Loan Indebtedness (see information below)***

** Estimated monthly payments are based on the maximum Federal Stafford loan interest rate of 6.8% for 10 years.

*** Of the 82 students with federal oans listed above for the 4 year program, 24 borrowed private student loans with an average private student loan indebtedness of $19,000. Estimated monthly payment $205. Estimated monthly payments are based on an approximate estimation at 9% for 15 years. Alternative loans are based on credit score so be sure to check with your alternative loan lender to find out what your interest rate is with them. Please contact the Financial Aid for the name of your alternative loan service provider and contact information.

Please proceed through the instructions listed below and click the START button to begin the loan counseling process.

MYF Disclaimer:

The information above is wholly the product of the school represented herein. Mapping Your Future, and its individual sponsoring members, do not guarantee or warrant the correctness, completeness, accuracy, or any other characteristic of this content and shall not be liable for any loss, damage, or cause of action arising out of the content.

Stafford and Perkins Combined Exit Counseling Session Instructions

Before You Start

Ensure you meet the browser and system requirements:
- You must use at least Internet Explorer 6.0 or Mozilla Firefox 1.0. Get a browser now.
- You can use any Internet service provider (ISP) to connect to the Internet; however, you should access this counseling session using one of the browsers above after you've connected. Do NOT use the ISP's browser, such as AOL or MSN--you won't be able to complete the student form at the end of the session!
- You must enable JavaScript in your browser.
PARENTS: Please don't complete the counseling session on behalf of your son or daughter, as this federal requirement helps the student understand the rights and responsibilities of borrowing a student loan.
You will need about 40 minutes to complete this counseling session.
You will need the following information:
- Your Social Security number
- Your driver's license number
- Name, address, telephone number, and employers for your next of kin
- Name, address, telephone number, and employer for your parent, if applicable
- Name, address, telephone number, and employers for your spouse, if applicable
- Names, addresses, telephone numbers, and employers for two references residing at different addresses
NOTE: Providing names and information for your spouse, parent, next of kin, and references does not obligate them to assist with repayment of your loan. Regulations require you provide this data so your loan holder can locate you, if, in the future, they have an invalid address or phone number.

The student loan calculator in this session will help you calculate your estimated monthly payment. If you aren't sure how much you have borrowed, you can ask your financial aid office or access your basic loan history information on the National Loan Data System (NSLDS) with your federal PIN at http://www.nslds.ed.gov.

What to Do

Read the content and answer the questions.
Fill out the student information form. Use the comment box for any comments or questions you have for your school.
Print the confirmation page that appears after you fill out the student information form or note your confirmation number for your records.

NOTE: Generally, the Back and Forward buttons on your browser will not work once you begin the counseling session. Use the buttons within the counseling to navigate.