Direct Student Loan Requirements for Entrance and Exit Counseling
Did you know that student loans for trade schools may be available based on your eligibility? Apex Technical School helps its students understand the various processes around federal student loan requirements. Before a student can borrow under the Federal Direct Student Loan Program, they must complete a requirement known as Student Loan Entrance Counseling.
What Is Student Loan Entrance Counseling?
Student loan entrance counseling explains the terms and conditions of your federal student loan for trade school and ensures you understand your rights and responsibilities when it comes to repaying your loan. Entrance counseling also teaches you what a loan is, how interest works, what your repayment options are, and how to avoid defaulting on your loans.
Apex Technical School will process Federal Stafford Loans through the Federal Direct Student Loan Program (DL student loan) and will complete the Direct Lending Entrance Counseling process using forms and brochures provided by the U.S. Department of Education (DOE). All students will be actively counseled and instructed by financial aid staff prior to being asked to complete the DL forms.
Students who have already completed the online Entrance Counseling process on the Direct Lending website will be given an abbreviated in-person counseling session. They will receive the DL Student Loan Entrance Counseling brochure, and will not be asked to complete the signature page.
Federal Direct loans will not be disbursed to a student until the student’s loan entrance counseling has been completed and proper documentation has been obtained.
How long does entrance counseling take to process?
The entire entrance counseling process must be completed in one session. Set aside at least 30 minutes to complete counseling. It can take between 24 hours and 7 business days for Apex Technical School to be notified of your student loan entrance counseling completion.
What Is Student Loan Exit Counseling?
Student loan exit counseling provides important information that you need as you prepare to repay your federal student loan. It gives you tips on preparing to repay your loans, including repayment strategies and next steps.
Do you have to do exit counseling for student loans?
Prior to graduating (within the last 450 clock hours of the student’s program) or upon exiting for any reason prior to graduation (after first disbursement has been made), student borrowers will be informed of the necessity to complete exit counseling.
Student borrowers will be contacted during their final payment period to fulfill the requirement with the Office of Student Services or Office of Financial Aid. All students will also be sent a letter upon separation/graduation from Apex directing them to the online Exit Counseling process provided at the Direct Lending website. The letter will include details of the student’s total loan indebtedness according to the school’s records.
Annual Student Loan Acknowledgement
The Annual Student Loan Acknowledgement must be completed before a borrower can receive the first disbursement of the first loan the borrower receives for a particular award year, starting with loans associated with the 2021–2022 Award Year. For more details click here.
Have questions about student loan counseling? Contact an Apex financial aid representative at (212) 645-3300.