DEBT COUNSELING

The University of Pikeville Office of Financial Aid offers a variety of information to assist in locating additional financial aid resources and adapting new financial skills. Information conveyed may include, but is not limited to budgeting tips, loan repayment strategies, scholarship opportunities, and financial calculators.

All University of Pikeville - Kentucky College of Optometry students who receive loans are required to complete an Entrance Loan Counseling Session before the loan will be disbursed. This will be an online loan counseling session designed to help the borrower understand his/her rights and responsibilities as they pertain to loan borrowing. First-time Kentucky College of Optometry student borrowers must also complete a Master Promissory Note.

Federal Direct Loan Exit counseling is also required for all graduating students that have received loan funds while attending the University of Pikeville, Kentucky College of Optometry. The purpose of the exit interview is to review repayment schedules, as well as repayment options available to students. If a student has not completed the required exit counseling, a hold will be placed on the student’s graduation and they will be unable to receive their diploma.

Students will be advised of the impact of defaulting on a student loan. Default is the failure of a borrower to make an installment payment when due or to meet other terms of the promissory note. If this happens, it is reasonable to conclude that the borrower no longer intends to honor the obligation to repay. Defaulted loans are reported to national credit agencies, thus affecting credit ratings and future ability to borrow money. KYCO encourages students to borrow responsibly, budget prudently, and limit living costs.

Loan Repayment Programs are programs sponsored by national, state, and local governments and some private organizations, where professionals are recruited to practice in designated professional shortage areas. Participants may be provided with living stipends and funds to repay educational loans. Individual programs and contact information should be consulted for specific time commitments, as well as possible benefits.