Student Loans Introduction
Stafford Student Loans
There are two types of Stafford Loans. The Subsidized loans are those on which the government pays the interest while the student is in school and other periods of authorized deferment. The Unsubsidized loans are those on which the borrower must pay the interest starting from the point of disbursement.
To apply for a loan, applicants must first file the Free Application for Federal Student Aid (FAFSA). To be eligible to receive Subsidized loan you must have calculated financial need.
First year students (30 or less credits earned) maximum subsidized loan is $3,500 per academic year.
Second year students (over 30 credits earned) maximum subsidized loan is $4,500 per year.
Unsubsidized loan maximums are determined by your dependency status and unmet need. You must always apply for a subsidized loan first.
Federal regulations require 30 day delayed disbursal for first time student loan borrowers unless they have completed 30 days of an eligible program of study at GCC as determined by the GCC Admissions and Records Office. Also, each GCC borrower must complete the Student Loan Entrance Counseling as required by federal regulation.
To assist you with the lender selection process, the link below will take you to our student loan comparison tool, powered by Simple Tuition. This site presents a list of lenders to compare in an interactive format.
http://www.simpletuition.com/gccaz/home
A Student must complete Entrance Loan Counseling before receiving the first disbursement of their first Federal Stafford Loan. This is a Federal requirement. Note: If doing the Entrance Interview on the web please print a copy for your records.
A student is advised to complete Exit Loan Counseling at the time of graduation or ceasing at least half-time enrollment.(Half-time status is 6 credit hours or less) and prior to receiving a second loan disbursement. Note: If you do the Exit interview on the web please print a copy for your records.
For additional information on Stafford Loans visit the Department of Education's Web Page.
