Most federal loan programs require that students receive an "Entrance Interview" at the time they first sign a promissory note and before they can receive loan funds. The entrance interview is intended to assure that borrowers understand that they are receiving a loan that must be repaid and that they understand the terms and conditions of the loan before agreeing to them and receiving funds.
For most loans, UCI Financial Aid and Scholarships will send an Entrance Interview document called a "Statement of Understanding" before or during the first quarter you receive your loan(s). Read the document carefully, sign and return it with your promissory note(s) and loan documents to Loan Services. Completing these steps will satisfy your requirement for an entrance interview.
It is important to take into consideration the types of loans you have (or are offered), your current financial situation, and your goals before you accept a loan. Borrowers who fail to consider these factors or to understand their loan obligations can encounter difficulty in loan repayment. Repayment difficulties can result in a ruined credit rating, collection costs, and lost opportunities (in employment or securing a home or other credit).
As student loan regulations change, loan benefits, opportunities, and requirements also change. Student loan programs are complex and can be confusing unless borrowers are well informed. If you still have questions after reading through your promissory note(s)and/or Statement of Understanding, please feel free to contact us. We can provide you the information you need to manage your student loans and answer your questions.
Contact us by phone at 949 824-7081, or by email at
loans@uci.edu.