BTW, I have 2 other kids in college and both have the loans, so I am very familiar with both of these docs. They are formalities to getting the $5,500 gov’t guaranteed loan for your first year. If your finances are very needy, then all or part of your loan may be in the “subsidized” category. That just means you don’t accrue interest due whilst you are in college. The “Government” (which is actually all us paying taxpes) will pay the interest for you. So you have a little less to pay back once you graduate. The unsubsidized loans will accrue interest and makes for a higher loan balance when you start to pay it back. You can opt to make payments toward your loans whilst in college, but the assumption is most people will wait until after graduation to begin the loan repayment plan. The “counseling” form is an online certificate of completion of the short online course (and the quiz!). You have to do the counseling course each year you receive the loan. It is done to be sure you understand your financial obligations (like you cant file bankruptcy to have the loan dismissed). The “Master Prom Note” is the very long, legal worded loan document.