First-time federal student loan borrowers must complete entrance counseling
Kentuckians who will borrow federal student loans for college must complete entrance counseling if they are borrowing for the first time, according to the Kentucky Higher Education Assistance Authority.
The U.S. Department of Education requires borrowers to complete the counseling before students will receive loan funds. The counseling will teach users how to borrow responsibly so they don’t take out more loans than they need.
The department offers online counseling at studentaid.gov. under the complete aid process tab. The counseling should take between 20 to 30 minutes. Borrowers should check with their college to see if the federal counseling session is accepted as some schools have alternate counseling program requirements.
KHEAA is the agency that administers the state’s grant and scholarship programs, including the Kentucky Educational Excellence Scholarship. The agency also provides financial literacy videos at itsmoney.kheaa.com and free copies of “It’s Money, Baby,” a guide to financial literacy, to Kentucky schools and residents upon request at firstname.lastname@example.org.
Many of KHEAA’s student aid programs are funded by Kentucky Lottery receipts.
For information about Kentucky scholarships and grants, go to kheaa.com; write to KHEAA, P.O. Box 798, Frankfort, KY 40602; or call 800-928-8926, Ext. 6-7214.