Glen Oaks is one of sixty colleges and universities in the nation to be selected to participate in the Loan Counseling Experiment under the U.S. Department of Education’s Experimental Sites Initiative (ESI).
The Loan Counseling Experiment will test the effectiveness of requiring additional loan counseling for student borrowers beyond the required entrance counseling for first-time borrowers and required exit counseling for all borrowers. The Loan Counseling Experiment will begin Fall 2017 and will continue each semester until the experiment is completed.
What does this mean for GOCC student borrowers?
If you completed Loan Entrance Counseling prior to Fall 2017 and are a returning direct loan borrower, you may be randomly assigned to a group who will be required to complete additional loan counseling as a condition of receiving your loan funds. The additional loan counseling will entail completing the Department of Education Financial Awareness Counseling Tool (FACT) during a scheduled on-campus group session.
The GOCC Financial Aid Office will notify you at the time you submit your Direct Loan Request Form, and by U.S. Mail, if you have been assigned to complete additional loan counseling.