Loan Counseling and Promissory Notes

If you receive a federal loan, you are required to complete loan entrance and exit counseling in addition to a promissory note for loan repayment.

Learn more about loan counseling and promissory notes for the various loan programs below.

Entrance Counseling

The U.S. Department of Education requires first-time borrowers in the Federal Direct Loan Program to complete an online loan entrance counseling session before loan funds will be credited to your account. Entrance counseling provides you with useful tips and tools to develop a budget for managing educational expenses and understand loan responsibilities. The session takes 20 to 30 minutes to complete.

Start your online loan entrance counseling session at studentaid.gov

Master Promissory Note (MPN)

Federal regulations require that first-time Direct Loan borrowers complete an online Master Promissory Note (MPN). Loan proceeds will not be disbursed until the loan counseling requirement has been met. If you have borrowed previously but are a new borrower with the Direct Loan Program, you must also complete an MPN.

Complete your MPN at studentaid.gov

Exit Counseling

If you received money in the Federal Direct Loan Program while pursuing your degree or if you are leaving the university before completing your degree, you must complete an online exit counseling session upon your departure from Ball State. Exit counseling is to help you understand your rights and responsibilities as a borrower. The session takes 20 to 30 minutes to complete.

Start your online exit counseling session at studentaid.gov

Federal regulations require that first-time borrowers complete a Master Promissory Note (MPN) before receiving any money from the Federal Direct Loan Program.

If your parents have borrowed previously but are new borrowers with the Direct Loan Program, you must also complete an MPN.

Complete your MPN at studentaid.gov

 

Entrance Counseling

The U.S. Department of Education requires first-time borrowers in the Graduate PLUS Loan Program to complete an online loan entrance counseling session before loan funds will be credited to your account. Entrance counseling provides you with useful tips and tools to develop a budget for managing educational expenses and understand loan responsibilities.

The session takes 20 to 30 minutes to complete.

Start your online loan counseling session at studentaid.gov

 

Master Promissory Note (MPN)

Federal regulations require that first-time Graduate PLUS borrowers complete a Master Promissory Note before receiving any money from the Federal Direct Loan Program.

If you have borrowed previously but are a new borrower with the Graduate PLUS Program, you must complete an MPN.

Complete your MPN at studentaid.gov

 

You will need to complete exit counseling before you leave Ball State University.

 

For information about repayment of federal loans, we suggest you visit the studentaid.gov.

When you leave Ball State, you will need to take an online exit counseling session to learn more about your responsibilities in repaying federal loans.

For more information on federal loan repayment and how to manage your student loans, watch these helpful videos from Federal Student Aid.

If you have loans from a bank or other non-governmental source, you need to be aware of that institution’s repayment requirements.

Loan Consolidation

Student and parent borrowers can combine multiple federal student loans into one consolidation loan.

Carefully evaluate your consolidation options before you apply. Determine whether you will lose any benefits if you consolidate and compare the cost of repaying your unconsolidated loans with that of repaying a consolidation loan.

Learn more about federal loan consolidation.

The repayment period begins nine months after you cease to be enrolled at least half-time. The minimum monthly payment is $40. The maximum repayment period is 10 years but may be extended for up to 10 more years if Ball State determines that you are or will be a “low-income individual” as defined in the federal regulations published by the U.S. Department of Education.

You can view and pay your Perkins Loans online through Educational Computer Systems, Inc. (ECSI). ECSI administers the billing and servicing of these loans. ECSI is a billing service for Ball State, not a collection agency. With this partnership, Ball State can allow you full access to view your loan accounts, make online payments, sign up for e-billing, use electronic draft payments, obtain deferment forms online, and make online changes to your address.

The U.S. Department of Education provides an online guide to help you understand your Federal Direct Loan and guide you through the repayment process.

View the guide.

The U.S. Department of Education provides information on eligibility, repayments, and more for the Federal Direct Parent PLUS and Graduate PLUS Loans.

View the guide.

If you borrowed to pay for college, it is important to remember that student loans have to be repaid.  Refinancing is one option to consider as you begin repayment.

Refi loans combine all your private student loans and possibly federal student loans into one loan and one payment with an interest rate based on your current situation. This option may reduce the amount you pay and/or provide a more manageable monthly payment amount. 

Please Note: If you combine federal loans with private loans, make sure you clearly understand any impact to losing federal loan repayment benefits.

Refi Loan Comparison Tools

Two tools are provided below for you to compare lenders. They are not a comprehensive list of lender options but provided to assist as you consider student loan refinancing options.

 Compare actual rates from multiple lenders.

Review Options Now


 Compare range of rates from multiple lenders.

Review Options Now

Important information as you consider refinancing:

  • Identify all your current loans (lender, servicer, type of loan, type of interest rate, borrower benefits, repayment options, etc.).
  • Understand that you may need a cosigner to refinance your loans.
  • Refinancing is not always the best solution, so review the possible rates and overall costs to determine if this is the right choice for you.