Student Loan Counseling - really?

[Armymutt25A]

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When did this crap start? Seems that since .gov got online they went crazy. I don't recall having to go through 16 pages of counseling and a quiz in order to get loans in'94. Back me up, old people. Anyone remember doing that? I'm all for informed consent, but really?

 

[bbeventer]

Someone probably sued for not being "informed" about taking out a loan. I just got done being a juror on a civil case and it is ridiculous what people sue about. *sigh*

 

[Robdude]

When did this crap start? Seems that since .gov got online they went crazy. I don't recall having to go through 16 pages of counseling and a quiz in order to get loans in'94. Back me up, old people. Anyone remember doing that? I'm all for informed consent, but really?

When I did the FAFSA back in 2001-2005 or so, I don't remember any sort of quiz. All I remember is filling out a piece of paper. Later, I magically got some amount of money.

 

[Armymutt25A]

I signed something that looked like a credit card slip from the old imprint machines at a bank.

You're probably right about someone trying to sue. Personal responsibility is a dying concept.

 

[heylodeb]

just finished my loan counseling. To be honest, it was actually helpful for me when I filled them out the first time. I understood that I had to pay them back one day, but it was a good way of making sure I understood the basics of the types of repayment, etc.

 

[libster06]

just finished my loan counseling. To be honest, it was actually helpful for me when I filled them out the first time. I understood that I had to pay them back one day, but it was a good way of making sure I understood the basics of the types of repayment, etc.

Yea, I would wager that its there because, as unfathomable as it is for people, who are older, have bills to pay & realize that money does not in fact grow on trees, to believe there actually/unfortunately are those fresh out of high school students that don't really understand the seriousness and responsibility that comes with taking out a loan.

 

[StartingoverVet]

Unfortunately a lot of this is post mortgage meltdown. Trying to defend against the "why did you give me a loan I couldn't afford?" claim.

 

[heylodeb]

Yea, I would wager that its there because, as unfathomable as it is for people, who are older, have bills to pay & realize that money does not in fact grow on trees, to believe there actually/unfortunately are those fresh out of high school students that don't really understand the seriousness and responsibility that comes with taking out a loan.

Not that it matters - but my post wasn't written very clearly when I posted it so I'm just rehashing what I was trying to say. Just clarifying so I don't sound like a dork.

It was helpful to fill them out in undergrad because although I understood that I had to pay them back - I did not know the details about deferment, terms of repayment, my responsibilities as the loanee (besides having to pay them off evenutally.

 

[libster06]

Not that it matters - but my post wasn't very clearly when i posted it so I'm just rehashing what I was trying to say. Just clarifying so I don't sound like a dork.

It was helpful to fill them out in undergrad because although I understood that I had to pay them back - I did not know the details about deferment, terms of repayment, my responsibilities as the loanee (besides having to pay them off evenutally.

I meant that as an agreement with what you said. It just clarifies things for those who may have questions about the process or future financial responsibilities...

 

[teatime]

I just did my loan counseling earlier this evening. It's my first time taking out any loans, and although a bit oversimplified, getting some basic info and having it driven home one last time that I'm going to be paying back these loans no matter what (unless I die, eek!) was helpful. I think it's definitely a good idea for people who've never taken out loans, but prob a bit much and tedious for second timers.

 

[heylodeb]

I meant that as an agreement with what you said. It just clarifies things for those who may have questions about the process or future financial responsibilities...

I know. 🙂 I just re read my post and realized it didn't make very much sense so I was clarifying. thanks!

 

[sumstorm]

back in the late 90's the counseling was done during orientations at most schools. it was generally less than 15 minutes, very forgetable, and involved signing a sheet or card that said you understood your loans. no quiz. I only remember any of it because setting up 'counseling sessions' was one of my responsibilites as a resident advisor.

 

[StartingoverVet]

Way back in the early days of pre-history when I was an undergrad, we only had counseling right before we graduated where they made us sign some document acknowledging the amount of accumulated loans, who we owed them to (some of mine came from the school directly) what the payment would be, how long we would be paying, and how we would forfeit our first-born if we defaulted.

Mine was 10 years and I also remember that I had to keep my checking account open even though I was moving overseas because I didn't know who to contact to change the account info for automatic debiting as my loan was sold so many times.

 

[Robdude]

Way back in the early days of pre-history when I was an undergrad, we only had counseling right before we graduated where they made us sign some document acknowledging the amount of accumulated loans, who we owed them to (some of mine came from the school directly) what the payment would be, how long we would be paying, and how we would forfeit our first-born if we defaulted.

Mine was 10 years and I also remember that I had to keep my checking account open even though I was moving overseas because I didn't know who to contact to change the account info for automatic debiting as my loan was sold so many times.

Truthfully, I wouldn't mind some counseling; I always seem to have some question that I can't find an answer to.

 

[heylodeb]

Mine was 10 years and I also remember that I had to keep my checking account open even though I was moving overseas because I didn't know who to contact to change the account info for automatic debiting as my loan was sold so many times.

THIS. My loans have been sold SO MANY TIMES. and I've only had them for 4 years!!! so annoying.

 

[LetItSnow]

THIS. My loans have been sold SO MANY TIMES. and I've only had them for 4 years!!! so annoying.

I've given up trying to switch my wife's undergrad student loans to her new (not so new anymore) name. It's like they are weird loans owned by some creepy old fat guy sitting in an office somewhere who never fails to send out the monthly statement, but doesn't own a phone and has no company name. It probably says "Loans Ltd." in peeling letters on the opaque glass inset into the splintered wooden door on the second floor office of some building that desperately needs to be tuckpointed in an urban renewal area. He probably does bail bonds on the side.

So I just pay them and watch the amount dwindle and hope that he won't send his buddies Guido and Luigi after us if we forget a month.

 

[teatime]

I've given up trying to switch my wife's undergrad student loans to her new (not so new anymore) name. It's like they are weird loans owned by some creepy old fat guy sitting in an office somewhere who never fails to send out the monthly statement, but doesn't own a phone and has no company name. It probably says "Loans Ltd." in peeling letters on the opaque glass inset into the splintered wooden door on the second floor office of some building that desperately needs to be tuckpointed in an urban renewal area. He probably does bail bonds on the side.

So I just pay them and watch the amount dwindle and hope that he won't send his buddies Guido and Luigi after us if we forget a month.

 

[CookieBear]

When did this crap start? Seems that since .gov got online they went crazy. I don't recall having to go through 16 pages of counseling and a quiz in order to get loans in'94. Back me up, old people. Anyone remember doing that? I'm all for informed consent, but really?

Yeah. But, back in MY day, we didn't have computers. Or internet. Or cars. We trudged through ice and snow, for ten miles, twice a day, to school. Without shoes. Or socks.

We also didn't have cell phones, or iPads or GPS's! When it was dark, and pouring rain or pounding snow, and we were so tired that we couldn't even see two inches in front of our faces, we got LOST! And there was no one to call, because we were alone, in the dark, and in the snow and rain, without shoes, shivering, cold and lost!

And we LIKED it!



SNL, Grumpy Old Man, anyone? 😉