Federal Student Loan Counseling
Illinois College awards federal student loans to students who are eligible based on the information provided on the FAFSA. Students have the option to accept or decline these loans.
Entrance Counseling and Master Promissory Note
All first time borrowers are required to complete entrance counseling and a Master Promissory Note (MPN) to accept their loans with the U.S. Department of Education. The Direct Loan Entrance Counseling and MPN are completed online. The student must log into studentloans.gov with his or her FSA Username and password.
All students with Federal Perkins or Federal Direct Loans not returning to Illinois College must complete a Loan Exit Counseling Session once they leave the College. Students are required to complete exit counseling session(s) even if they intend to enroll in another school. The session(s) will provide critical information regarding borrowed loan(s) such as the total amount borrowed, estimated monthly repayment schedule, grace period, deferment options, consolidation, and reasons for loan cancellation.
The Direct Loan Exit Counseling Session must be completed online at studentloans.gov and will provide student with their rights and responsibilities as they start to repay their Federal Direct Loan(s).
If a student borrowed funds through the Federal Perkins Loan, he or she will be contacted by University Accounting Services (UAS) to complete a separate Exit Counseling Session for this loan.