Current Undergraduate Students
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 Loanmust 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
What the Repayment Options Page displays:
- -Sample repayment information for various debt amounts
- -Monthly and Total Payments under different Repayment Plans. Pay particular attention to information about the Income Based Repayment Plan and Public Service Loan Forgiveness.
- -Non-Consolidated and Consolidated Loan Payment Plan estimates
Calculate Your Monthly Payments
The Estimating Payment Page features:
- -The option to change your loan balance due and recalculate your payments (if you are continuing on to graduate school)
- -Adjust your projected Federal Adjusted Gross Income ("AGI"), Marital Status, Family Size, Residence and recalculate your projected payments
Calculate a Budget
The Budget Calculator page assists borrowers in:
- -Developing a budget
- -Totaling monthly expenses
- -Comparing expenses to expected salary
You are almost done!
Reference Page:References will only be contactedIFa 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:
- -Driver’s License Number and Driver’s License State
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)
Click here National Student Loan Data System for Students ("NSLS)
Currently enrolled students should begin the process of reapplying for financial aid after the first of the year. We recommend having the FAFSA completed by April 15th. We will notify after that date if you need to provide any additional information for your financial aid file. Awarding begins after the spring semester grades have posted so that we may determine your class level and if you are meeting Satisfactory Academic Progress as defined by federal regulation and as found in our policies.
Below are links to resources you may find helpful in your application for aid.
www.finaid.org- includes interactive calculators, estimators, discussion groups, scholarship search links, and a listing of financial aid resources.
www.collegeboard.org- Information available from the College Board on SATs and other standardized tests, college costs, and scholarship information.
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
The FAFSA simplified:
7 Steps to completing the FAFSA: http://www.finaid.ucsb.edu/fafsasimplification/
IRS Data Retrieval tutorial: Need help understanding how to use the data retrieval process in the FAFSA? Watch this quick video to get pointers! http://www.finaid.ucsb.edu/media/videos/1516/english/irs-data-retrieval.htm