Entrance Counseling: Required by the federal government, entrance counseling explains the importance of repaying loan debt and being a responsible borrower. Topics include what a loan is, how interest works, repayment options, and how to avoid delinquency and default. Entrance Counseling can be completed online at www.studentaid.gov/entrance-counseling and is required the first time a federal loan is borrowed by a student.
Master Promissory Note (MPN): Borrowers of federal loans are required to sign a MPN. Signing a MPN informs the lender the borrower will repay the loan and any interest accrued. It also includes imperative information regarding the terms of the loan and the rights and responsibilities of the borrower. The MPN is required the first time a federal loan is borrowed by a student or parent.