Loans

Loans, unlike grants or work-study, are money that must be repaid, with interest.  To apply for a loan, a separate Federal Direct Loan Request Form must be completed and submitted to the Financial Aid Office.  You must also have a completed FAFSA in addition to the loan worksheet.

Steps to Apply for Student Loans

  1. Complete your FAFSA.
  2. Check your ctcLink Portal and turn in any required forms to the Financial Aid Office.
  3. Submit a complete Federal Direct Loan Request form after you have been awarded. 
  4. Complete your loan entrance counseling and master promissory note if you are a first-time loan borrower.  Note that first time borrowers will have a 30-day delay from the first day of the quarter until their loan funds are disbursed.

**WASFA eligible students are not eligible for Federal Direct Loans

Two Types of Loans

The Direct Subsidized Loan is based upon financial need. The government subsidizes (or pays) the interest for you while you are enrolled at least half time (six credits) in an eligible, degree-seeking program. You will have six months once you graduate or drop below half-time attendance before you must begin repayment at which point interest will begin accruing at a fixed rate.

The Direct Unsubsidized Loan is not need-based, eligibility is based on the cost of attendance and other aid received. Interest accrues at a fixed rate as soon as you receive the loan funds. You have six months once you graduate or drop below half-time attendance before you must begin repayment.

 

Loan Eligibility & Disbursement

  • You may cancel future disbursements of your loan at any time.
  • You must enroll in a minimum of 6 credits that apply to your financial aid eligible program, to be eligible for Direct Loans.
  • First-time college students borrowing a Direct Loan may be required to have their loan funds held for the first 30 days of the quarter before funds can be disbursed.
  • One-quarter loans are disbursed in two payments, one at the beginning of the quarter and one at the midpoint.
  • Direct Student Loan offers are subject to change from the original offer for a variety of reasons, including impending graduation status, incoming scholarships or other aid applied to a students account. Questions about why a loan offer was reduced from the original award amount can be sent to

Deferment

While you are at least half time (taking 6 or more credits), you can receive an in-school deferment on your existing student loans. You will not be required to make any principal or interest payments while you are enrolled at least half time in school. GHC will automatically report your enrollment information on the 10th day of the quarter to the National Student Loan Clearinghouse.

Exit Counseling

If you drop below 6 credits, Graduate or Leave School, you are required to complete an Exit Counseling session.

PLUS Loans

PLUS loans are available for parents to take out for their student. For more information please contact the Financial Aid Office.

Private Loans

Students may apply for a private loan through a financial institution of their choice. GHC does not endorse or provide recommendations for private loan funding sources.