Loan Counseling

Entrance Counseling

Federal regulations require that all first-time borrowers of Federal Stafford, Federal Perkins, and Federal Nursing Loans complete a loan entrance counseling.  In addition, annual entrance counseling is required for Perkins and Nursing loans.  The purpose of an entrance counseling is to review your rights and responsibilities regarding your loan(s) and answer any questions you may have concerning your future repayment obligations. Entrance counseling must be completed before loan funds will be disbursed.

If a student fails to complete entrance counseling within ten days after the school has received their loan funds, their loan(s) will be canceled.

You can complete your loan entrance counseling on-line with Mapping Your Future . This takes approximately 20 minutes and the Financial Aid Office will be notified by e-mail that you have completed this requirement.

Exit Counseling

If you received loans while attending Minot State University through the Federal Stafford, Federal Perkins, and/or Nursing Student Loan Program, you are required to complete a loan exit counseling. This must be done upon graduation, withdrawal from school, or dropping below half time.

The purpose of exit counseling is to review your rights and responsibilities, provide information about repayment options, cancellation provisions, and answer any questions that you might have concerning the repayment of your loans.

You can complete your loan exit counseling online with Mapping Your Future . This takes approximately 30 minutes and the Financial Aid Office will be notified by e-mail that you have completed this requirement.

Credit Bureau Reporting

• All federal student loan lenders are required to do credit bureau reporting.
• Information concerning the amount, disbursement, and repayment of student loans will be reported to one or more national credit bureau organizations.
• Educational loans are generally non-dischargeable under bankruptcy.
• If you repay your educational loans on time, you will be seen as being a good credit risk.  This will be beneficial in the future if you apply for a loan to buy a house or a car.

Repayment to the Student Loan Service Center (SLSC)

The Student Loan Service Center (SLSC) collects Federal Perkins and Nursing Student Loan funds for the individual campuses within the North Dakota University System.