The Office of Federal Student Aid will provide an overview of the recently announced U.S. Department of Education loan counseling pilot program during a webinar on September 13, 2016 at 1:30 p.m. ET. The loan counseling pilot program will allow a limited number of institutions to require additional loan counseling for borrowers beyond the one-time entrance and one-time exit counseling as a condition of receiving a Direct Loan, and to customize counseling based on students’ needs. The goal of this pilot is to “evaluate certain innovative loan counseling practices that can prepare students to manage their college finances, inform them about their student loan repayment options, and ensure students are well-prepared to repay their loans on time.” Participating schools can use ED’s Financial Awareness Counseling Tool, third-party counseling services or tools, or their own counseling program as part of the program. The deadline to submit a letter of interest to participate in the pilot is September 29, 2016.
The webinar will focus on institutional loan counseling flexibility, the application process, and institutional reporting and evaluation requirements. Participants will have an opportunity to ask questions during the webinar.