A Guide to Completing Federal Direct Stafford Loan Entrance Counseling. Logging into the website with the FSA ID and password

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1 A Guide to Completing Federal Direct Stafford Loan Entrance Counseling Updated: May 2016 All students taking out Direct Subsidized Loans and/or Direct Unsubsidized Loans, who have not previously received a subsidized or unsubsidized loan under the Direct Loan Program or a subsidized or unsubsidized Stafford Loan under the Federal Family Education Loan (FFEL) Program, are required to complete entrance counseling before they may receive their loan funds. The goal of entrance counseling is to help the student (the borrower) understand what it means to take out a federal student loan. During the entrance counseling process, the student will learn about the following: What a Direct Loan is and how the loan process works How to manage their educational expenses Their rights and responsibilities as a borrower Other financial resources to consider when paying for their education Table of Contents: A. Logging into the website with the FSA ID password B. Reviewing Your Personal Information and and/or Account Settings C. Helpful Hints to Completing Counseling D. Step 1: Understand Your Loans E. Step 2: Manage Your Spending F. Step 3: Plan to Repay G. Step 4: Avoid Default H. Step 5: Make Finances a Priority I. Completion and the Confirmation Page J. Logging Out of the System Logging into the website with the FSA ID and password 1. Log into the Federal Student Aid webpage a. Access b. Click on the green Log In button located on the right hand side of the screen

2 c. A New FSA ID box will pop-up. This box explains the credentials that you ll need in order to access the site i. If you have the required credentials (FSA ID and password), click on the green Continue to Log in button (as seen above) ii. If you do not have the required FSA ID and password, click on the Create an FSA ID link 1. A new window in your browser will open and you ll be routed to Create a New FSA ID

3 2. For help in completing this process and requesting an FSA ID and password, you may access the following YouTube video: https://www.youtube.com/watch?v=lli0q7hkfns 3. Once you have obtained the required credentials, close this tab in your web browser so that you are back at the New FSA ID screen as seen above iii. If you do not remember your FSA ID and/or password, click on the Create an FSA ID link 1. A new window in your browser will open and you ll be automatically routed to the Create a New FSA ID tab 2. Change the tab so that you are in the Edit My FSA ID tab

4 3. Depending upon which credential you are trying to retrieve, you will need to select either the Forgot My Username or Forgot My Password link a. You will be allowed to enter the address you used when you initially requested your credentials or you may select the option to answer 3 of the 5 challenge questions you set-up when you initially requested your credentials 4. Once you have recalled your username and/or password, close this tab in your web browser so that you are back at the New FSA ID screen as seen above d. You must enter your FSA ID Username or Address and your FSA ID Password i. The student should be the one logging into the system with their credentials, NOT the credential of their parent(s) ii. This entrance counseling is for a federal student loan and therefore, it is the student who should be completing this process, NOT the parent e. Once entered, click on the green Log In button

5 f. Remember, that this system is a secure system so, it will log you out automatically after 5 minutes of inactivity i. You will have to start the process over from the beginning if you are logged out before you complete all 5 of the steps Reviewing Your Personal Information and and/or Account Settings 1. Review the information in the Personal Information box a. Update your and/or Account Settings to select your preference for future correspondence i. Communication (EX: Confirmation of entrance counseling) can be sent through or postal mail ii. You may also opt into Text messages and/or phone call correspondence Beginning Entrance Counseling Identifying Roanoke College

6 1. Click on the Complete Counseling link on the left-hand side of the screen 2. Select the Entrance Counseling link when prompted to Choose Loan Counseling Type 3. Select Virginia from the drop down box when prompted to Select Schools to Notify

7 4. Select Roanoke College from the drop down box when prompted for School Name 5. Once you have found Roanoke College in Virginia, click on the Notify This School Button a. You should see Roanoke College s name and contact information pop-up at the top of the Select Schools to Notify box

8 6. Click on the radial button to the left hand side of the I am completing entrance counseling to receive Direct Loans as an undergraduate student. In the Select Student Type box 7. Click Continue at the bottom of the Select Your Schools page Helpful Hints to Completing Counseling 1. Throughout the process, you will be asked several questions that MUST be answered before you can proceed through to the next step a. Outlined in purple b. Boxes all have the heading Check Your Knowledge c. May have multiple questions in each Check Your Knowledge block d. Refer to the information that is presented to find the answers to the questions i. Usually found in the section immediately before the question ii. May also be found immediately following the question e. Once answered, be sure to click on the Check Answer button (if available) to see if the answer given was correct

9 f. If it the answer given is not correct, you are strongly encouraged to answer again. Be sure to click on the Check Answer button again i. Not required but strongly recommended so that you are fully aware of the program and your rights and responsibilities related to the loan g. If yes, proceed through to the next section and/or questions Step 1: Understand Your Loans 1. Your Student Loans a. Since you are new borrower, keep in mind that you have likely not borrowed funds yet i. Transfers may or may not have an estimated student loan balances as of right now ii. If there is a federal loan associated with your social security number (according to the National Student Loan Database System (NSLDS), it will be listed under your estimated student loan balance (see below) b. Refer to the very first line in this section to answer your first REQUIRED question c. You can use the Additional Loans and the Add Loan button to estimate your loan debt at the time of graduation, if you choose d. This IS NOT REQUIRED to move forward i. This is simply a tool available to you for estimation purposes only ii. Typical borrowing amounts for Federal Stafford Loans 1. Freshmen - $5, Sophomore - $6,500

10 3. Juniors/Seniors - $7, Typical federal student loan debt for a student who borrowed the maximum Stafford Loan amount each year for up to 4 years = $27, Loan Basics 3. Things You Need to Know 4. Free Money First a. Be sure to answer your 2 nd REQUIRED question 5. Types of Federal Student Loans a. Your 3 rd REQUIRED question of this step can be found here 6. Direct Subsidized Loan Time Limitation 7. Loan Limits a. Your 4 th and Final REQUIRED question of this step is found here in this section 8. Once you have answered all 4 questions (remember, you can click on the Check Answer button to see if you have answered correctly), click on the Continue button Step 2: Manage Your Spending 1. Your School Expense Budget a. Completing the two tabs is OPTIONAL, it is not required to move forward. It is, however, highly recommended

11 b. Serves simply as a tool to help you establish a budget c. If you choose to complete these sections, your numbers do not need to be exact, again this is a budgetary tool for you to use, if you choose d. Step 1 Your Expenses This Year i. You can enter either your educational expenses either by the month under the Monthly option or by the year under the Yearly option 1. Data will be pre-populated ii. The pre-populated figures represent the average expenses for an undergraduate student who attended Roanoke last year iii. These are NOT the expenses for your attendance iv. You can use your financial aid planner to change some of the figures, again, this is NOT REQUIRED 1. Tuition and Fees 2. Housing and Meals

12 a. For commuter students, we estimate $1, Additional expenses can be entered as well a. Books and Supplies The College uses a figure of $3,800 b. Transportation The College uses a figure of $1,250 v. You can also enter other expenses if you d like a more thorough picture of your educational budget for the year vi. As you compile your expenses, note the Your Expenses This Year total as you ll use this to answer the 1 st of your Check Your Knowledge questions e. Step 2 Your Funds This Year

13 i. You can use your financial aid planner to enter information about your student aid, again, this is NOT REQUIRED ii. Scholarships iii. Grants - Includes any awards you received from the College, state, federal or an outside organization iv. Federal Work-Study Jobs v. Federal Student Loans - Stafford, PLUS (parent) or Perkins Loans vi. Private Loans f. Completing this section will offer you a great opportunity to find out how much of a shortfall you may have when comparing your expenses to your aid g. You can also enter other funds if you d like a more thorough picture of your educational budget for the year h. As you compile your funds, note the Your Funds This Year total as you ll use this to answer the 1 st of your Check Your Knowledge questions

14 i. Be sure to answer your 1 st Check Your Knowledge question You MUST answer this even if you opted to not complete the optional sections above j. Use the screen shot below to know where to look for the answers to these two questions 2. Manage Your Expenses a. Be sure to answer the 2 nd of your Check Your Knowledge questions for this step 3. Manage Loan Disbursements a. The 3 rd REQUIRED question of this step will need to be answered 4. Responsible Borrowing a. There is an OPTIONAL Interest Savings Calculator that you can utilize if you choose 5. a. It will automatically pull in the amount of loan debt you indicated in Step 1 of this entrance counseling process OR the average loan indebtedness ($26,830) of a 4-year college student according to the College Navigator website 6. Federal Loans First 7. Once you have read all of the sections and answered Step 2 s required 3 Check Your Knowledge questions, you can click Continue Step 3: Plan to Repay 1. Plan to Repay

15 a. Estimate What You Will Owe and Earn i. Completing the two tabs is OPTIONAL, it is not required to move forward. It is, however, highly recommended 1. Serves simply as a tool to help you estimate what kind of monthly payment you will have and what type of monthly income you might be earning 2. If you choose to complete these sections, your numbers do not need to be exact, again this is a simply a tool for you to use, if you choose 3. Step 1 Your Monthly Loan Payment a. You can enter either your projected loan balance (after 4 years) where prompted b. As you enter a figure in the Projected Loan Balance box, you will see the what your expect monthly payment could look like if you utilize a variety of different repayment plans

16 4. Step 2 Your Monthly Income a. You can enter a project annual income where prompted b. As you enter a figure in the projected annual income, you ll see what type of monthly income you would have and you ll be able to compare your loan payment to your income

17 ii. Be sure to answer the 1 st of your Check Your Knowledge questions for Step 3 iii. HINT: Be sure to refer to the box below this question for the answer! b. Income Drive Repayment Plans i. The 2 nd REQUIRED question of this step will need to be answered c. Entering Repayment i. Expand the green boxes for more information about repayment ii. Be sure to answer another required Check Your Knowledge question (HINT: the answer to the question is in one of the expandable green boxes) d. Navigating Repayment i. The final Check Your Knowledge questions of Step 3 will need to be answered (HINT: remember to expand and review the information in the green boxes) e. Once you have read all sections and have answered Step 3 s required 4 Check Your Knowledge question blocks, you can click continue Step 4: Avoid Default

18 1. Avoid Default a. Avoiding Default b. Trouble Making Payments i. Don t forget to review the Forbearance tab ii. You can use the OPTIONAL Deferment and Forbearance: Calculate the Costs calculator to see what affect postponing payments might have on your total interest and principal iii. It will automatically pull in the amount of loan debt you indicated in Step 1 of this entrance counseling process OR the average loan indebtedness ($26,830) of a 4-year college student according to the College Navigator website iv. Be sure to answer the 1 st of 2 Check Your Knowledge question blocks in Step 4 c. Forgive, Cancel or Discharge Your Debts i. Don t forget to review the Cancellation or Discharge tab

19 d. Delinquency and Default i. Answer the 2 nd block of questions (outlined in purple) for Step 4 e. Records and Disputes f. Loan Consolidation g. Once you have read all sections and have answered Step 4 s 2 required Check Your Knowledge question blocks, you can click Continue Step 5: Make Finances a Priority 1. Make Finances a Priority a. Plan for the Future i. The first of Step 5 s Check Your Knowledge questions will need to be answered b. Your Income & Taxes i. Be sure to answer another of Step 5 s Check Your Knowledge questions c. Your Credit & Identity i. The 3 rd of Step 5 s questions will need to be answered d. Credit Cards & Other Borrowing i. The 4 th and final Check Your Knowledge question block will need to be answered

20 e. Once you have read all sections and have answered Step 5 s 4 required question blocks, you can click Submit Counseling Completion and the Confirmation Page 1. An Entrance Counseling Summary will pop-up, confirming that you have successfully completed Entrance Counseling Logging out of the System 1. After you have reviewed the summary, you can log out of the website 2. Roanoke College will receive an electronic notification of your completion within the next 48 business hours

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