A loan is made when an institution (the government, a bank, etc.) provides a student or student’s parent(s) with money to borrow. Loans must be paid back in monthly payments usually beginning six to nine months after a student graduates from college or leaves the institution for any reason.
What you should know about Surviving Education Debt (PDF)
- For Federal Direct Subsidized or Unsubsidized Stafford Loan, or Federal Direct Plus Loans:
- Master Promissory Note: For first-time borrowers of a Federal Direct Subsidized or Unsubsidized Stafford Loan, or Federal Direct PLUS loans.
- Entrance Counseling: Required before you can receive your first Direct Subsidized Loan, or Direct Unsubsidized Loan as an undergraduate, or your first Direct PLUS Loan as a graduate/professional student.
- Exit Counseling: Required when you graduate, leave school, or drop below half-time enrollment and provides important information you need to prepare to repay your federal student loans.
- For Federal Perkins Loans:
- Entrance Counseling and Master Promissory Note: For first-time Federal Perkins Loan borrowers.
- Exit Counseling for Federal Perkins loan borrowers: Required when you graduate, leave school, or drop below half-time enrollment.