Illinois State University

Loan Counseling

Loan counseling is the process lenders use to explain a borrower's rights and responsibilities when they take out a loan. Before you borrow from the U.S. Department of Education and before the loan goes into repayment, you must complete student loan counseling. The online process is as painless as possible and you'll learn a lot about managing your debt, your repayment obligation, and what it means to be a student borrower.

Before you borrow

As a new borrower, you must complete entrance counseling to learn the terms of your loan, how to decide how much to should, what is expected of you, and repayment options. Before you receive your federal student loan funds, you must successfully complete entrance counseling.

The web-based counseling session is easy and convenient and only takes about 20 minutes to complete. You must pass the quiz at the end of the session and submit your results to the Department of Education. You will need your Federal Student Aid PIN to submit your results and forward them to Illinois State University.

I have read all the instructions and now I'm ready to do entrance counseling on the web.

Your loan funds will not be credited to your student account until you have successfully completed entrance loan counseling and a Master Promissory Note.

Before you graduate or leave Illinois State

Exit loan counseling is required when you graduate or your enrollment status falls below half time. This type of loan counseling guides you through the repayment process and ensures you understand your responsibilities.

The Financial Aid Office will send you a packet of materials when your enrollment status falls below half time which includes an Exit Loan Borrower's Guide from the U.S. Department of Education. This booklet contains information about deferments, forbearance, choosing a repayment plan, budgeting, and loan consolidation. 

The Department of Education has multiple Servicing Centers that could be the holder of your loan(s). You can find a complete record of your Federal loan history and loan holder(s) at You will need your Federal PIN number to access this site.  Click on “FAQs” for instructions on how to contact your loan holder(s) regarding repayment options.

For more information about your Direct Loan and loan counseling, visit the Department of Education Web site.

Illinois State University

Office of Financial Aid
Hovey Hall 101
Campus Box 2320
Normal, Il 61790
Phone: (309) 438-2231
Fax: (309) 438-3755
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