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Federal Student Aid Exit Counseling Requirement for Graduating Students
by Tamisia White - Wednesday, May 8, 2019, 6:44 PM
 

TIME IS RUNNING OUT!

Are you graduating and attending commencement on May 18th?   YES   × no

Have you ever taken out federal loans while attending NYTS? YES   × no

 

If you answered ‘YES’ to both questions, you are REQUIRED to complete federal exit counseling online by Monday, May 13, 2019. Go to https://studentloans.gov/myDirectLoan/counselingInstructions.action?counselingType=exit and log in using your FSA ID username and password (the same username and password you used to complete your FAFSA). Make sure you list New York Theological Seminary as your current school.

Online federal exit counseling session takes approximately 25 minutes to complete and must be done in a single session – you cannot return to an unfinished counseling session. Failure to satisfy this requirement by the deadline will result in a financial aid hold on cap/gown & commencement ticket release.   

 

 

 

 

The Financial Aid Office offers congratulations to Seminarians graduating at the end of this semester!  

The following is important information graduating students should be aware of concerning student loan exit counseling.

Graduating students that have received federal student loans are required by federal regulations to complete Exit Counseling. The U.S. Department of Education provides online counseling at studentloans.gov.  To log into studentloans.gov, you will need your FSA ID (click HERE for information on creating a FSA ID if you have not already done so).  Once you log in, choose the "Complete Counseling" option and then specify "Exit Counseling".

At the end of the session you will be asked to provide the name, address, email address, and telephone number for your nearest relative, two references who live in the United States, and current or expected employer (if known).

The topics covered in on-line exit counseling are:

  • Summary of total federal student loan indebtedness
  • Interest rates
  • Information about entering repayment
  • Repayment plan options
  • Making payments
  • Choice of monthly payment date
  • Prepayment
  • Consequences of default
  • Loan consolidation
  • Deferments
  • Forbearances
  • Loan discharge

In order for NYTS to be notified you have completed on-line exit counseling, be sure New York Theological Seminary is listed as your current school of attendance. You will be asked this question after you have completed and passed the Exit Counseling quiz.  Otherwise, you will have to provide the Financial Aid office with a copy of the Borrowers Information and the Rights and Responsibilities Summary Checklist you are prompted to print during the on-line exit counseling session.