Question about entrance counseling for loans?

[applestar]

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I am an accepted student who will be matriculating this fall. It’s my first time getting student loans, and I have a question about the entrance counseling requirement.

I entered a lot of info about my expected loan balance, repayment plan, etc. Is this info used to determine financial aid, and did I select my actual repayment plan? It seemed like this was just an exercise to educate us about loans but I’m a little worried now. (I just entered random numbers without giving enough thought into it.)

 

[aldol16]

This is an exercise to educate you about loans and give you a sense of how long it would take for you to pay back X amount at Y interest rate. It's really only for people who are on the more clueless end of the spectrum with money, showing how compound interest works and how you can pay down your principal.

Your actual loan will be when you matriculate and at that point, you're going to sign loan origination documents that state clearly the terms of the loan, the amount, and the interest rate.