>I need to track student’s files.
>Counselors here in Admissions dept. sometimes get these files and, either take it home or to their offices for review.
>If at that time somebody else looks for this particular file, there is no way for them to know who has it.

This is like a library where you check stuff in and out, but most library software would probably be expensive. Seems like you need a table for the students, a table for the counselors, a many-to-many associating checkout dates with counselors and students, and in that many to many table have a checkin date. Blank dates are still checked out. Then you need forms to enter and view all that stuff and maybe a report of stuff that's still out.