Who Must Complete Exit Counseling?
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
- Sign on the the NSLDS site
- Students may complete an Exit Counseling session for both Federal Direct Stafford and "Grad PLUS" loans and submit completion information directly to the Department of Education.
- The session integrates NSLDS data to provide borrower specific loan summary and estimated payments
- Information can also be viewed in Spanish
Step 2: 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.
Step 3: The log in page will request your Social Security Number, Name, Date of Birth and Federal Student Aid PIN Number.
Step 4: Use the drop down menu and choose "Massachusetts" and then "Lasell College."
Step 5: 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:
- 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 contacted IF a borrower moves and fails to update his/ her address with the Department of Educaton. 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 ("NSLSDS") to go to the website and complete the Exit counseling now.