Financial Aid Office

Student Loan Entrance and Exit Counseling

Skidmore College is a participant in the Online Student Loan Entrance and Exit Counseling service. This service enables participants to complete both entrance and exit interview requirements anytime, anywhere. The purpose of these sessions is to help you to understand your rights and obligations as a student loan borrower. Click on the links below and follow the instructions at the site.

Student Loan Entrance - The Federal government requires that students complete student loan entrance counseling prior to obtaining a Federal Direct Loan. You must have your Federal PIN to complete the entrance counseling session.

Student Loan Exit - The Federal government requires that students complete student loan exit counseling prior to graduating or ceasing at least half-time attendance.


You must be enrolled at least part-time (six credit hours) per semester during the academic year and summer to be eligible to borrow the Federal Direct Student Loan.   It is important during the academic year to notify the Registrar's Office if you drop below six credits or withdraw from Skidmore.  If you borrow a Federal Direct Student Loan for the summer and drop below six credits or withdraw, Special Programs and the Financial Aid Office must be notified.

You are obligated to repay your loans even in the event that you do not complete your program of study or do not complete the program within the regular time for program completion, are unable to obtain employment or dissatisfied with the school or education received.

You may be eligible to reduce your taxable income by up to $2500 for interest paid during the tax year on your student loans. To determine your eligibility you should consult a qualified tax adviser or the Internal Revenue Serve on the Web at, or by calling (800) 829-1040.

The total Federal Loan average loan indebtedness of Skidmore graduates in 2015 was $18,726.  At a fixed interest rate of 6.8%, a 10 year standard payment term, your monthly payment would be approximately $215.50.  At a fixed interest rate of 6.8%, a 15 year extended payment term, your monthly payment would be approximately $166.23 (if you borrowed this amount).  At a fixed interest rate of 6.8%, a 15 year graduated payment term, your initial monthly payment would be approximately $107.75 (usually interest only) but would gradually increase the payments until the balance was paid in full having an approximate final payment of $298.31.  Changing repayment plans is a good way to manage your loan debt when your financial circumstances change.  For example, you can usually lower your monthly payment by changing to another repayment plan with a longer term to repay the loan.  As you can see from the above example there are several different loan repayment plans available which include: standard, extended, graduated and income contingent.

These plans will be discussed in greater detail during the exit counseling session.  Loan payment information can be calculated at  For more specifics on repayment plans and your monthly payment please contact your lender.

You can access your loan debt  with your FSA Username and password at or contact your loan provider.

If you have any questions regarding the exit counseling session or your borrower rights and responsibilities for the loan terms and conditions, please contact our office at:

Financial Aid Office
Starbuck Center
Skidmore College
815 North Broadway
Saratoga Springs, New York 12866
PHONE 518-580-5750 FAX 518-580-5752
OFFICE HOURS 8:30 a.m.-noon, 1-4:30 p.m.