Managing Your Student Loans

While every student wants scholarships and grants, not everyone can cover the entire cost of college through these options. Loans can make your education possible and affordable. When exploring loan options, you should consider federal student loans before any private loans. Federal student loans usually have lower interest rates, flexible repayment plans, no prepayment penalties, and no credit checks (except for PLUS Loans).

Since a loan is money you borrow and must pay back with interest, you need to understand the terms and conditions of your loan(s) before you borrow. In many cases you may be able to borrow less than what has been offered to you in loan funding. As a matter of fact, The Office of Financial Aid at Charter Oak State College encourages you to borrow only what you need!

Please visit StudentAid.gov to get the facts you will need to make important decisions about planning and paying for college. Here you will also find information about federal student loans before you borrow. Once you decide to borrow, you can get important information to assist you with managing your student loan repayment.

Entrance Counseling

New students to COSC are required to complete entrance loan counseling. Entrance loan counseling is a mandatory information session that explains your responsibilities and rights as a student borrower.

Completing your Entrance Loan Counseling Session

Exit Counseling

All students who graduate, withdraw, or drop below-half time must complete exit loan counseling. Exit counseling ensures that you understand your rights and responsibilities as a borrower. You will receive information about repayment choices, postponing repayment (deferment and forbearance), and other valuable data regarding the details of your loan.

Completing your Exit Loan Counseling Session

Completing your Federal Direct Loan Master Promissory Note (MPN)

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated and what deferment and cancellation provisions are available to you. You must sign your MPN (and entrance loan counseling if required) before loan funds can be disbursed.

Complete your MPN.