Glendale Community College
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Financial Aid

Student Loans Introduction

Handouts:

Stafford Student Loans

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.

Individual loan counseling will be required for any student who has already accumulated $23,000 in prior loan debt. Prior to being awarded loans, students must have official academic transcripts from all previously attended schools sent to Admissions and Records for evaluation.

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.

A Student must complete a Master Promissory Note and Entrance Loan Counseling before receiving the first disbursement of their first Federal Stafford Loan. The Master Promissory Note and Entrance Counseling can be completed by visiting Studentloans.gov. You will need your PIN to sign the promissory note and complete the entrance counseling. Note: If doing the Entrance Interview on the web please print a copy for your records.

There are two types of Stafford Loans.

Subsidized Loans

Subsidized loans are those on which the government pays the interest while the student is in school and other periods of authorized deferment.

First year students (30 or less credits earned at the 100 level or transfer hours) maximum subsidized loan is $3,500 per academic year.

Second year students (over 30 credits earned at the 100 level or transfer hours) maximum subsidized loan is $4,500 per academic year.

Unsubsidized Loans

Unsubsidized loans are those on which the borrower is responsible for the interest starting from the point of disbursement.

Unsubsidized loan maximums are determined by your dependency status, cost of attendance, remaining need and grade level. You must always apply for a subsidized loan first. Dependent students at GCC are only eligible for a combined total in subsidized and unsubsidized loans of up to $3,500 or $4,500 dependant upon grade level.

There are three primary steps to requesting an Unsubsidized Loan at GCC:

A. For First Time Unsubsidized Loan Borrowers at GCC:

  1. Complete and pass each lessons 101 and 103 with a 70% or higher USA Funds Life Skills Lessons
  2. Print and sign a copy of your student loan record from the National Student Loan Database and submit to GCC Financial Aid Office
  3. Complete a Revision Request form available to download on our Printable Forms website under the year for which you are requesting an unsubsidized loan. Be sure to indicate the dollar amount requested and submit to the GCC Financial Aid Office, along with the signed print outs from steps 1 and 2.

B. For Continuing Unsubsidized Loan Borrowers at GCC (those who completed all steps outlined in A above):

  1. Print your current student loan record from the National Student Loan Database, sign and circle your total loan balance for all loans.
  2. Go to Federal Student Aid Repayment Calculator and calculate your anticipated monthly loan payment you will owe based on the total balance from your loan record. Use the Standard repayment option and the current 3.84% interest rate, if you do not remember your actual interest rate. Print your results, sign and circle your anticipated monthly repayment.
  3. Complete a Revision Request form available to download on our Printable Forms website under the year for which you are requesting an unsubsidized loan. Be sure to indicate the dollar amount requested and submit to the GCC Financial Aid Office, along with the signed print outs from steps 1 and 2.

Student Loan Repayment

Student loans must be repaid once a student stops attending college at least half-time. Many federal student loans have grace periods depending on the type of student loan. There are also a variety of repayment options to fit a student's needs including income based repayment plans, loan consolidation payment plans, and many more. Please visit Studentloans.gov for additional resources associated with loan repayment options including loan repayment calculators, cancellation, deferment, loan forgiveness options and consolidations.


For additional information on Student Loans visit the Department of Education's Web Page.

MCCD/Arizona Student Loan Code of Conduct

Private Student Loans

Glendale Community College does not certify private loans.


In this site:

Financial Aid Office
1-855-622-2332 (toll free)


We welcome feedback.

Content revised 8/22/13