Borrowing money for school is a serious, long-term, financial obligation. We want to insure that all borrowers learn how to handle their finances so that they are in a position to repay their loan debts after they leave Lasell College. The Department of Education mandates that all first time Federal Direct Student Loan and Federal Grad PLUS borrowers complete an "entrance counseling" session before receiving their first loan. Loan proceeds can not be credited to students' accounts until they fulfill this requirement.
This tutorial will walk you through some of the major sections of the NEW online exit counseling program on the StudentLoans.gov website.
Federal Direct Stafford Loan / Grad PLUS Online Entrance Counseling
Sign on to the StudentLoans.gov site. The log in page will request your Social Security Number, Name, Date of Birth and Federal Student Aid PIN Number. Through the StudentLoans.gov Entrance Counseling process, borrowers will learn about: Students who are borrowing for the first time under the Direct Stafford or "Grad PLUS" programs must complete a Master Promissory Note.
The first page will ask borrowers to identify themselves as either an undergraduate or graduate student. All graduate students will automatically also complete counseling for the GradPLUS Program.
Borrowers will then review some basic information and "Helpful Hints" for completing the module.
You can choose up to three schools to receive results from your Entrance Counseling session.
Borrowers will then complete a training session on a series of topics. At the end of each topic, the borrower must complete several quiz questions.
You're DONE! Borrowers are able to print a confirmation page when they have completed the training modules. Once a borrower completes an Entrance Counseling session on the StudentLoans.gov website an "Entrance Counseling Acknowledgement" will be electronically sent to the schools listed in Step 4.
Students who are borrowing for the first time under either the Direct Stafford or Grad PLUS Programs must complete a Master Promissory Note as the final step in the application process.
Graduate students are awarded as they complete the Free Application for Federal Student Aid (FAFSA) if they are pursuing federal student loans, and the Graduate Financial Aid Agreement form for financial aid as well as being admitted to the college.
The FAFSA simplified:
7 Steps to completing the FAFSA: http://www.finaid.ucsb.edu/fafsasimplification/
www.finaid.org- includes interactive calculators, estimators, discussion groups, scholarship search links, and a listing of financial aid resources.
www.fastweb.com - provides free scholarship search with more than 400,000 scholarship sources.
www.heic.org - provides information on the college application process and financial aid from the Massachusetts Higher Education Information Center.
www.ed.gov - provides links to information on federal financial aid programs from the Department of Education.
www.fafsa.ed.gov - link to the online version of the Free Application for Federal Student Aid.
www.pin.ed.gov- use to request a PIN for the first time to apply online for the FAFSA, or to request another copy of the PIN already assigned, or to change the PIN already assigned.
www.studentclearinghouse.org - provides real time information regarding loan borrowing history, where and how much a student has borrowed, and through what programs to assist students with debt management.
www.doe.mass.edu - link to the Massachusetts Department of Education
Students who have borrowed under the Federal Direct Stafford Loan Program must complete an "Exit Loan Counseling " session during their final semester. Effective July 1, 2008, students who have borrowed under the Federal Grad PLUS Loan must also complete an "Exit Counseling" session. The U.S. Department of Education wants to insure that students review the terms of their loan and understand their rights and responsibilities under this program as they enter repayment.
This tutorial will walk you through some of the major sections of the NEW online exit counseling program on the National Student Loan Data System for Students ("NSLDS") website.
Federal Direct Stafford Loan / Grad PLUS Online Exit Counseling
The Welcome Page includes options to tour the web site or immediately start the counseling session. The "Progress Box" on the right will track your progress through the site.
The log in page will request your Social Security Number, Name, Date of Birth and Federal Student Aid PIN Number.
Use the drop down menu and choose "Massachusetts" and then "Lasell College."
You will then need to complete several short quiz pages on major concepts concerning loan repayment. You MUST answer each questions. The correct answers will be displayed after you hit the "submit" button.
Know Who Will Be Sending You A Bill: The Loan Summary Page will display all your federal Direct Stafford Loans and Grad PLUS loans that have been reported by every post-secodary school you have attended to the NSLDS system. You can get detailed loan information by clicking on the number link.
Please check this information for all your loans. On March 25, 2010, the U.S. House of Representatives and the U.S. Senate passed The Health Care and Education Affordability Reconciliation Act of 2010 ("HCEARA"-H.R. 4872) . This bill makes major changes in several federal student aid programs AND mandates that, effective July 1, 2010, all federal student loans (Stafford, PLUS, and Grad PLUS) will be originated through the Federal Direct Loan Program. The Family Federal Education Loan Program, which permitted private lenders to originate these loans, was eliminated effective June 30, 2010. Therefore, many of our students may have loans with different loan servicers.
Know Your Repayment Options
The Repayment Options Page displays:
Calculate Your Monthly Payments
The Estimating Payment Page features:
Calculate a Budget
The Budget Calculator page assists borrowers in:
You are almost done!
Reference Page: References will only be contacted IF a borrower moves and fails to update his/ her address with the Department of Education. This information must be completed by the borrower. References have no legal liability for your loan. You will need to provide complete address information for three references (one should be your parents or another relative).
Borrowers will also be asked to provide the following optional information:
Review Your Rights and Responsibilities one final time!
Congratulations! If you see this page, you are done! (Note: the following is a page is a test sample and not information on a "real" student)