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Federal Stafford Subsidized and Unsubsidized loans are low interest
loans where repayment is deferred until after you graduate,
withdraw, or enroll less than half-time.
Subsidized - Subsidized loans are need based, low interest, federally subsidized loans.
Unsubsidized - Unsubsidized loans are not based on
need and the interest is not subsidized by the government; therefore
students are responsible for all interest accrued.
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A 3%
origination fee is charged to all students at time of disbursement.
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All
students are given a one-time six month grace period to begin their
repayment, once they are no longer enrolled in the minimum credit hours.
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New
borrowers may be required to wait 30 days from the first day of class for
disbursement.
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Unsubsidized loans are NOT available to all students.
Unsubsidized funding is used to replace the student EFC from the Student
Aid Report, assist with out of state tuition, child care expenses, or
expenses related to student's program of study (not currently part of
the cost of attendance budget. IT IS THE STUDENT'S RESPONSIBILITY TO
SUBMIT ALL NECESSARY DOCUMENTATION AT TIME OF APPLICATION (program
cost sheet, child care documentation, etc.).
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General Eligibility
Requirements
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Students
are required to complete the Free Application for Federal Student Aid (FAFSA).
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All
students applying for the Stafford loan
must be citizens or eligible non-citizens.
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All
students must be enrolled in at least six credit hours (half-time) that
span the entire semester.
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Students
must have and maintain a cumulative 2.0 GPA for all credits attempted
(including transfer credits).
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Students
must complete 67% of the hours attempted (cumulative) to maintain
eligibility.
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Students
cannot exceed more than 90 hours of attempted credits in their major.
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Not exceed
the aggregate loan limits established by GCCC, including loans received
prior to attending GCCC.
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All
students must complete Exit Counseling when they graduate, withdraw, or
drop below half-time. Students who withdraw are encouraged to come to
the Financial Aid Office for personal exit counseling.
Graduating students can click here to access exit counseling.
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For summer
funding, students are required to maintain the half-time status by
enrolling in both summer sessions for a minimum of three hours per
summer session.
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To continue eligibility
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Students
must
reapply every year (applications are available after March 1st for
following fall term).
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Students
must
maintain satisfactory academic progress to continue eligibility for
funding as stated in the general eligibility requirements.
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Students
must
not exceed the aggregate loan limits established by GCCC, including loans
received prior to attending GCCC.
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Students who expect to use the Stafford
Loan to pay fees must complete the entire process at least one month
before fees are due for the upcoming semester! (See catalog for due
date) If you do not meet this deadline, you must make other
arrangements to pay fees.
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Read and follow the procedures below
to ensure that your request for a student loan will be processed.
Application Procedures
There are important steps to the
application process. The FAFSA,
Stafford Loan Request Form,
Entrance Counseling, and Promissory
Note must be completed
before a loan will be processed.
Once eligibility is determined, you
will receive a GCCC award letter. The "Notice of Guarantee and
Disclosure Statement" indicating dollar amounts and disbursement dates for
the terms requested will be mailed to you from USA Funds within two weeks of
your loan guarantee. Remember your disbursement dates and
amounts, the aid office may not have that information!
Deferments for tuition and
books are available in the Financial Aid Office if your loan has been
processed at least one month before fees are due.
Now that you have read all of the loan
information above, please return to the financial aid homepage and, if you
wish, apply for your student loan.
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