Direct Loan Exit Counseling

All students borrowing under the Federal Direct Loan program during enrollment at Ithaca College are required to complete Exit Counseling.

Exit Counseling is a tool offered by the U.S. Department of Education that provides information regarding your rights and responsibilities as a Federal Direct Loan borrower. Exit Counseling is done by logging into StudentLoans.gov using your FSA ID and takes about 20 minutes to complete. Each section of the Exit Counseling process covers information regarding your federal loans and your options as a Federal Direct Loan borrower along with a few interactive areas to reinforce the information provided. Upon submission, Ithaca College will be informed electronically within 48-hours that you have completed the required Exit Counseling for your Federal Direct Loans.

You will need your Federal Student Aid ID (FSA ID) to complete Exit Counseling. This is the same ID that you used to sign the FAFSA.

For questions regarding the FSA ID, please visit https://fsaid.ed.gov/.

 

To complete Exit Counseling

  • Log in to StudentLoans.gov using your FSA ID.
  • Under “I want to:” select “Complete Loan Counseling (Exit, Financial Awareness, Exit)”
  • Under “Counseling Type”, find “Exit Counseling (Required)” and select the START button on the right
  • In “Add School to Notify”, either select “Ithaca College” from “Choose from Associated Schools” or find “Ithaca College” in the lower “Select School to Notify” section – Then click the “NOTIFY THIS SCHOOL” button
  • Click the “CONTINUE” button on the right hand side under “Notify These Schools”
  • Complete steps 1-5, including answering questions and working through all of the activities.
  • Select “SUBMIT COUNSELING” at the end of step 5.and review the Exit Counseling Summary.

 

Average Federal Stafford Student Loan Indebtedness for Ithaca College, Class of 2017

In order to better assist you in understanding federal Stafford student loan debt, we have collected federal loan data to provide some examples of Federal Loan repayment for Ithaca College Students.

Based on a survey of 100 seniors who borrowed Federal Stafford Loans during their enrollment, the following results were compiled:          

Average total Federal Loan indebtedness: $ 21,599

Average estimated monthly Federal Loan payment based on a standard repayment plan of 120 months:

 

Interest Rate Monthly Payment Total Interest Paid Total Interest/Principal Paid
3.4% $213 $3,910 $25,509
4.5% $224 $5,263 $26,862
5.6% $235 $6,658 $28,257
6.0% $240 $7,176 $28,775
6.8% $249 $8,228 $29,827