Federal Direct Loan Entrance Counseling

All students borrowing under the Direct Loan program who have never borrowed under the program previously must complete an entrance counseling session.

Entrance 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. Entrance Counseling is done by logging into StudentLoans.gov using your FSA ID and takes about 20 minutes to complete. Each section of the Entrance Counseling process covers information regarding federal loan borrowing and repayment and includes a few interactive areas to reinforce the material provided. Ithaca College will be informed electronically within 48-hours of submission that you have completed the required Entrance Counseling for your Federal Direct Loans.

You will need your Federal Student Aid ID (FSA ID) to complete Entrance 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 Entrance Counseling

  • Log in to StudentLoans.gov using your FSA ID.
  • Under “I want to:” select “Complete Loan Counseling (Entrance, Financial Awareness, Exit)”
  • Under “Counseling Type”, find “Entrance 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
  • In “Select Student Type”, chose undergraduate or graduate student
    • If you are within your first four years of college, you are considered an undergraduate student
    • If you have earned your bachelor’s degree, and you are working on a master’s degree, or PHD, you are considered a graduate student
  • Click the “CONTINUE” button
  • 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 Entrance Counseling Summary.

The US Department of Education will notify Ithaca College within 48-hours after you have successfully submitted your Entrance Counseling.

 

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 $28,775
6.0% $240 $7,176 $28,775
6.8% $249 $8,228 $29,827