Managing Your Loans

Schedule One on One Entrance Counseling - Mandatory

What is entrance counseling?

If you have not previously received a Direct Loan or Federal Family Education Loan (FFEL), the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming.

During entrance counseling, you will learn about the following:

  • What a Direct Loan is and how the loan process works
  • Managing your education expenses
  • Other financial resources to consider to help pay for your education
  • Your rights and responsibilities as a borrower

Beginning Fall 2013, all incoming students are required to schedule and complete a one-on-one counseling session with their Financial Aid Counselor. The mandatory sessions "book-end" the students' academic career - introduction to Financial Literacy and our services as incoming students.

Financial Aid Counselors:

Gloria Dobbs (Health Professions)
Phyllis Faulkner (Pharmacy)
Jacquelyn LeSueur (Nursing)
Janice Maddox (Dentistry & College of Graduate Health Science)
Christopher Pollard (College of Medicine)

Repayment Timeline

AAMC Timeline   PDF icon

Estimate Monthly Payment

Monthly repayment estimator   PDF icon

How Interest Accrues

Direct Loans are "simple daily interest" loans. This means that interest accrues daily. The amount of interest that accrues per day is calculated by dividing the interest rate on your loan (as a decimal) by the number of days in a year, and then multiplying that by the outstanding principal balance of the loan.

For example, on a $10,000 Direct Unsubsidized Loan with a 6.21% interest rate, the amount of interest that accrues per day while the loan has an outstanding balance of $10,000 is $1.70, which is calculated as follows:

(0.0621/ 365) * $10,000 = $1.70

Compute Your Future Monthly Loan Payment

Time to run some numbers...

STEP 1 - Estimate the amount of student loan debt you will graduate with:

  1. To view what you have already borrowed in federal student loans, visit NSLDS.
  2. To estimate your future loan borrowing, view your program's Cost of Attendance.

STEP 2 - If you have loans at different interest rates, you will need to develop a weighted average to use in the repayment calculators below.

The interest rate for a Direct Consolidation Loan is the weighted average of the interest rates on the loans being consolidated (as of the date we receive the application), rounded to the nearest higher one-eighth of one percent. This rate is fixed for the life of the loan and cannot exceed 8.25 percent.**

$120,000 in student loans with three different interest rates.
$50,000 in Perkins at 5% interest rate,
$40,000 in Stafford at 6.21% interest rate,
$30,000 in Graduate PLUS at 7.21% interest rate
The weighted interest rate would be the amount of each loan divided by the total loans borrowed multiplied by the original interest rate:

$50,000/$120,000 = .41667 * 5.0% = 2.08%
$40,000/$120,000 = .3333 * 6.21% = 2.07
$30,000/$120,000 = .2500 * 7.21% = 1.80%
Average weighted interest rate = 2.08% + 2.07% + 1.80%= 5.95%

STEP 3 - Use the Direct Consolidation Loan online calculator, or call Direct Consolidation Loan at 1-800-557-7392, to estimate your weighted average interest rate and to see what your loan payments might be under each of the repayment plans.

Standard, Extended, and Graduated
Pay As You Earn

Exit Loan Counseling-Mandatory

The Financial Awareness Counseling Tool (FACT) this is not a required loan counseling tool however, it provides students with financial management basics, like information about their current loan debt and estimates for student loan debt levels after graduation. Students can access the new resource, known as the Financial Awareness Counseling Tool (FACT).

Federal Loan Exit Counseling

Student Loans Gov LogoIf you have ACCEPTED Federal Student Loans, and applied the funds toward the cost of tuition, you are required to have loan exit counseling before you graduate. You can complete exit counseling online at An exit interview is a loan counseling session in which students are advised regarding their loan repayment schedule, obligations, and rights to deferment and/or cancellation. The university is required by the federal government to conduct an exit interview whenever a student is no longer enrolled as at least a half-time student.

  1. Students who have Unsubsidized/Subsidized Stafford Loans and Direct Graduate Plus Loans should complete their exit counseling through their Financial Aid Literacy Coordinator or at The National Student Loan Data System website.
  2. The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of Education programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
  3. Students who have specific questions after completing the online exit counseling and prefer to have a "face-to- face" exit counseling Q & A, should contact the UTHSC Financial Aid Literacy Coordinator directly to schedule an appointment at or 901-448-1601.

Perkins Loan Exit Counseling

Loans made through the Federal Perkins Loan Program, often called Perkins Loans, are low-interest federal student loans for undergraduate and graduate students with exceptional financial need. Perkins Loans exit counseling is required by federal law before they graduate.

  1. Students who have Perkins loans may complete the Perkins exit counseling online at (ECSI) Educational Computer System, Inc. Perkins loans must be repaid to UTHSC. Each student must contact the Bursars Office at / or 901- 448-5550 to discuss repayment options.
  2. Students are notified by paper mail and email from Educational Computer System, Inc. regarding completing exit loan counseling. Once the students receive the notification, the student must follow the instructions listed. The exit is completed online with instructions that are very simple to follow. A student can make Perkins loan payments online with ECSI.
  3. Students will first have to login to their account and profile, using their school code, account number, and self-selected password/pin.
    1. Each institution that ECSI services are assigned a unique school code. Please check the communication you received from ECSI to verify the school code you should use. Generally, the school code contains two alphanumeric characters.
    2. Please do not use any punctuation in the Account Number. Generally, this is your Social Security Number. If your school uses a different number like a Student Identification Number ("SID") or Personal Identification Number ("PID"), you will need to enter that information. Please check the communication you received from ECSI to verify the account number you should use.
    3. Initially, ECSI assigns each account a PIN/Password. This PIN/Password will be your password until you log into your account and change it. Students who have specific questions after completing the online exit counseling, or who prefer to have a "face-to- face" exit-counseling interview, should contact the UTHSC Financial Aid Literacy Coordinator's Office directly to schedule an appointment.

Students can contact The Financial Aid Literacy Coordinator for questions regarding loan exit counseling review sessions.

Janice G. Maddox, MBA
Financial Aid Literacy Coordinator
University of Tennessee Health Science Center
910 Madison Avenue, Suite 520
Memphis, TN 38163

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Financial Aid Literacy

Contact Us

Janice Maddox
Literacy Coordinator
One Stop Shop
910 Madison Avenue, Suite 105
Memphis, TN 38163
(901) 448-1601
Skype: janice.maddox3

Christopher Pollard
Literacy Coordinator
910 Madison Avenue, Suite 105
Memphis, TN 38163
(901) 448-2190