Before a student can receive any federal loan funds, Federal Loan Entrance Counseling must be completed directly with the Department of Education. The Federal Loan Entrance Counseling process explains the student’s rights and responsibilities as a federal loan borrower. Federal aid cannot be released onto a student’s account unless this requirement is met. Federal Loan Exit Counseling must be completed before graduation or when a student falls below half-time status (6 credits). The Federal Loan Exit Counseling process explains the basic terms and repayment schedule of federal loans. Failure to complete Federal Loan Exit Counseling could result in the withholding of your diploma and an official Columbia University transcript.