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 most PLUS Loan borrowers. However, it is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have either obtained an endorser or documented any extenuating circumstances with the Department of Education. For more information, visit the Federal Student Aid website.
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.