Entrance Counseling & Master Promissory Note
Before students can receive a Direct Federal Stafford Loan, borrowers must complete Direct Loan Entrance Counseling and a Master Promissory Note. The Entrance Counseling is a quick and easy interactive counseling session which provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities. The Master Promissory Note is the legal contract for the loan. Your Loan Entrance Counseling session and Master Promissory Note will take about 20 - 30 minutes to complete and can be completed on line at https://studentaid.gov. Once in the website you can hover over "COMPLETE AID PROCESS" located on top of the page and select "Complete Entrance Counseling".
As a Direct Federal Stafford Loan borrower, Federal Regulations require that you complete an EXIT Counseling session to review your rights and responsibilities as a loan borrower upon graduation, or if you are attending less than half time, or you are no longer in attendance due to a withdrawal or a leave of absence. The Exit Counseling session will require approximately 20 - 30 minutes of your time and can be completed on line at https://studentaid.gov. Once in the website you can hover over "MANAGE LOANS" located at the top of the page and select "Complete Exit Counseling".
Annual Student Loan Acknowledgement (ASLA)
All Loan Borrowers including New & Returning Students and Parents (taking PLUS Loans) MUST Complete the "Annual Student Loan Acknowledgement (ASLA)" every year before the semester begins. Visit https://studentaid.gov. under "COMPLETE AID PROCESS" to complete this requirement on or after May 1st each year. The Annual Student Loan Acknowledgement will be used to inform borrowers what they owe - or could owe - in federal student loans and will be individually tailored toward first-time and current loan borrowers to help provide details surrounding loan status and forecasts of estimated monthly payments. All federal Direct Loan borrowers will have to complete this acknowledgement prior to receiving a loan disbursement.