Loan Counseling Tools

Studies have shown that the amount of student loan and credit card debt is growing among college students. To address this issue, schools partnered with lenders to develop a battery debt management and counseling applications to help students better understand their credit situation. Federal loan regulations now require borrowers to complete minimum Entrance Counseling upon the student's entry to school and Exit Counseling, after the borrower graduates, withdraws or "exits" from the school.

Online Entrance Counseling: To provide schools electronic options to students completing Entrance Counseling, several lenders have created Internet based applications. These applications guide a student through a series of informational pages, provide worksheets and other interactive tools and sometimes have a question & answer component. When the student completes the application, record of the student's participation in the session is forwarded to the school.

Online Exit Counseling: Similar to entrance counseling, exit counseling applications allow a borrower to plan for the imminent student loan repayment using online worksheets and calculators. Also, because exit counseling requires schools to collect borrower address and reference information, borrowers must be prepared with this information and must provide this information in the online exit session.

General debt management tools: Several companies offer student loan management tutorials and interactive sessions over the Internet. These sites provide a wide array of information and, using Internet technology, incorporate online calculators, worksheets and checklists for borrowers. Further, these applications also provide tips, tools and reference materials to help borrowers successfully manage student loan indebtedness.

The following list provides a sample of these Debt Management applications. We hope you find these tools helpful.

Borrowing Tutorials and Online Worksheets:

Entrance Counseling

Exit Counseling

Loan Counseling