Student Loan Entrance Counseling at NYFA
Federal Regulations require first-time Stafford Loan borrowers at NYFA to complete an entrance loan counseling session prior to loan funds being disbursed. This counseling provides critical information about the student loan programs and the student loan delivery system. The counseling session is completed online, and must be done BEFORE your federal student loan funds will be released for payment to NYFA.
Steps for Completing Online Loan Counseling
You will go through a sequence of screens that cover the entrance counseling followed by a 15 question quiz.
- Go to the Direct Loan Counseling site www.studentaid.gov
- Log in using your FSA ID and Password
- Select Student Type:(choose one)
- Entrance Counseling for Undergraduate student
- Entrance Counseling for Graduate student
- Complete the Tutorial and Quiz, which will take approximately 20 -30 minutes. Be certain to follow all instructions and to print any and all sections for your records if you desire.
- After completing the Quiz (12 out of 15 questions must be answered correctly to pass), your results will be submitted to NYFA
All borrowers of federal student loans must participate in federally mandated exit counseling prior to graduating or dropping to less than half-time enrollment status. Exit counseling prepares you to repay your student loans. Failure to complete this exit counseling will result in the retention of your degree or certificate and access to official transcripts. If you have questions, contact the Financial Aid Office. Please go to www.studentaid.gov, click on “Exit Counseling” and follow directions online.