Entrance Counseling: If you are taking out a federal loan, your college or career school might ask you to complete entrance counseling. Depending on the procedures at your college or university, you may be able to complete it online, or in a group or individual meeting. The entrance interview explains your rights and responsibilities and the terms and conditions of your loan. It is a good time to ask questions regarding your student loans.

Exit Counseling: Before you graduate, drop below half-time attendance or leave school; you must complete an exit interview if you borrowed a subsidized, unsubsidized or PLUS loan under the Direct Loan Program or the FFEL Program, you must complete exit counseling. Depending on the procedures at your college or university, you may be able to complete it online, or in a group or individual meeting. The exit interview concentrates on your repayment obligations and options, and stresses the consequences of default. For more information on repaying your student loans, visit the U.S. Department of Education's Federal Student Aid website.