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LOANS
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What is a loan? A loan is money borrowed from a commercial lender, a governmental agency, or a postsecondary school that must be repaid...the amount borrowed plus interest (under certain conditions, a service-cancelable loan will not have to be repaid). All Students must be enrolled at least half time (6 hours) to receive a Student Loan. If a student drops below half time, any future loan disbursements will be cancelled.
All first time borrowers at GHC must complete the Stafford Entrance counseling before loan funds can be disbursed. The Stafford Entrance Counseling can be completed online by clicking on the icon below.
Federal Stafford LoanGeorgia Highlands College participates in the Federal Stafford Loan program which allows students who are enrolled half time or more (6 or more semester hours) to borrow money for educational expenses. You can request a Federal Stafford Loan when you complete the FAFSA (Free Application for Federal Student Aid). This will allow the Financial Aid Office to review your eligibility for all types of aid. You must file the FAFSA if you plan to apply for any type of loan, other than the Parent PLUS loan. Should a student drop below 6 hours during the enrollment period, the lender is notified and all remaining loan funds are cancelled, when appropriate. Annual Loan Limits for the Stafford Loan Federal Stafford Loan limits for a 12-month period (Fall-Spring-Summer) are:
Subsidized Stafford Loan Subsidized means repayment on the borrowed amount (principle) is deferred and the interest on the loan is paid by the federal government while you are enrolled in school. Unsubsidized Stafford Loan Unsubsidized means repayment on the borrowed amount (principle) is deferred while you are enrolled at least half time but you are responsible for paying the interest on the loan while you are in school; however, you can elect to postpone (capitalize) the interest payments while in school and the accrued interest will be added to your loan debt. Parent PLUS LoanThe parent PLUS loan is a loan for parents of dependent undergraduate students. Parents with a good credit history may receive PLUS loans. PLUS loan eligibility is not based on financial need, so these loans are made regardless of income level. PLUS repayment starts within 60 days after all loan funds are disbursed. Parents may use a PLUS loan to borrow the entire cost of attendance minus any other financial aid their child receives. The interest rate is variable, subject to change every July, but has a cap set by the government. Service Cancelable LoanFiling the FAFSA also is required for any type of Service Cancelable Loan you might be interested in. Georgia Highlands College currently offers these loans in our Nursing program. These loans are Stafford loans that offer an opportunity to have the loan forgiven if you meet certain standards of service. If a student agrees to work for a qualifying agency in the state of Georgia for each year the student borrows money, then the loan will be forgiven at the end of the service period. If you do not meet the requirements to have the loan forgiven, then it will revert to a standard Stafford student loan, and must be repaid according to the loan provisions. Please Note: All first-time borrowers of Federal Stafford Loans (Subsidized and Unsubsidized) and State Service Cancelable loans, are subjected to a 30 day delay clause. The funds will not be disbursed to the student until 30 days after the date the student begins his/her program of study. The student is responsible for all charges accrued prior to the disbursement date. |
