Entrance Counseling is required to help borrowers understand their responsibilities in taking out a loan. It offers information about the loan process, managing education expenses, suggests other resources and shares rights and responsibilities. Exit Counseling assists borrowers as they prepare to begin repayment of their loans and offers money management tips.
This interactive counseling session and quiz helps students develop budgets for managing educational expenses and also understand their loan responsibilities. Allow approximately 30 minutes to complete the counseling.
You must complete the counseling and before your loan funds can be disbursed to you. U-M will be notified by Federal Student Aid when you have completed it. Note: This is not the same as the federal Financial Awareness Counseling Tool which can be found on the same site. Taking a demo counseling session will not fulfill your requirement.
Special note to Parent PLUS Loan borrowers:
Federal PLUS Loans are supplemental loans which require separate application. Entrance counseling is not required for PLUS Loans. However, in 2015, new rules through Federal Student Aid will allow parent borrowers of dependent undergraduates who have adverse credit history to document any extenuating circumstances and o complete a new PLUS Counseling on StudentLoans.gov website to have their applications reconsidered.
Visit studentloans.gov website, log in with your federal PIN or FSA ID and select the "Complete Counseling" link, then "Exit Counseling" to begin. Note: This is not the same as the federal Financial Awareness Counseling Tool which can be found on the same site. Taking a demo counseling session will not fulfill your requirement.
Heartland Campus Solutions ECSI (ECSI) administers these exit interviews for the U-M Student Loan Collection Office. You will receive a notification from ECSI when this is required. Visit the Student Loan Collections website: www.finops.umich.edu/StudentLoans/exit.htm for information.