GEORGIA PERIMETER COLLEGE HAS CHANGED TO THE DIRECT LENDING PROGRAM FOR 2010-2011 ACADEMIC YEAR

Georgia Perimeter College participates exclusively in the William D. Ford Direct Loan (DL) Program, in which borrowers obtain funds directly from the U.S. Department of Education.  The Federal Direct Loan Program includes: Subsidized Direct Student Loans, Unsubsidized Direct Student Loans, and Direct Parent PLUS Loans. Comprehensive information on these loans is available at Direct.Ed.Gov.  Click Here for a list of questions related to the Direct Loan Program that should help students and parents understand how this program will serve them.

The Federal Direct Loan Program (DL)
The DL program is the largest single source of federal aid for students pursuing a higher education.  This program has two main types of loans: Federal Direct Loans for students and Federal Direct PLUS Loans for parents.

Federal Direct Loans
There are two types, subsidized and unsubsidized.

• Subsidized: A need-based loan on which interest is paid by the federal government during certain periods.  If you receive a subsidized Direct Loan to attend Georgia Perimeter College, the federal government pays the interest on their loan while you attend school at least half-time, when you qualify for an authorized deferment, and during the grace period before you begin repayment.
• Unsubsidized: Is not based on need.  If you receive an Unsubsidized Direct Loan to attend Georgia Perimeter College, you are responsible for paying the interest while you are in school.  If you want to pay this interest while you attend school, you should complete item #12 on the Master Promissory Note (MPN).

If you do not pay the interest payments during school, the interest will be added or capitalized onto the principal balance at repayment.  You must speak with a GPC counselor to be advised on the additional cost of an unsubsidized loan.

Hour Requirements: You must be enrolled in 6 semester hours or more each semester to be eligible to receive a student loan.

Federal Direct Loan (subsidized and unsubsidized)
If you choose to borrow through the Federal Direct Loan Program (either Subsidized and/or Unsubsidized), please complete the Federal Direct Loan Request Form and submit it to the Office of Financial Aid at Georgia Perimeter College. After completing the loan request form, you will be required to:

·         Complete entrance counseling  AND

·         Sign a Master Promissory Note (MPN) by clicking on the following link (DL Entrance Counseling and MPN Completion).

Federal Direct Parent Loan for Undergraduate Students (PLUS)
The Federal PLUS is available to parents to help then pay for their dependent children's education.  Parents with no adverse credit history may borrow for each dependent child enrolled in school at least half time and who is making satisfactory academic progress.  Direct PLUS loans are not based on financial need, and parents of all income levels may apply.

Borrowing limits: Parents may borrow an amount equal to the cost of attendance minus any other aid.

Disbursement: PLUS loan proceeds are sent directly to the college and are generally disbursed in equal amounts at the beginning of each school term.  The funds are sent electronically via Electronic Funds Transfer (EFT) to the college.  PLUS loan funds will be applied to your student's account.  If there is money left after tuition, fees, and books, a refund will be sent to the student.  If you do not want your dependent student to receive the refund, please contact the Student Account Office at (678) 891-2730 to make other arrangements.

Repayment: Repayment begins within 60 days of the final disbursement with a minimum monthly payment of $50 and a maximum repayment term of 10 years.

To apply for the PLUS, parents must complete the Federal PLUS Loan application and Master Promissory Note.  Georgia Perimeter College Direct PLUS Loan Information Guide will provide the required steps.

ENTRANCE INTERVIEW
The Department of Education requires that all first-time/first-year borrowers have student loan entrance counseling.  You will be required to complete the Entrance Interview before you receive your loan funds.  To meet this requirement, complete your entrance counseling online.

For the 2010/2011acedmic year, ALL students must complete entrance counseling

EXIT INTERVIEW
The Federal government requires GPC to counsel students about their rights and responsibilities as a student loan borrower before they graduate or leave school.   If you are a recent GPC graduate, or if you no longer are enrolled for 6 or more hours, you must complete exit counseling.  You can meet this requirement by completing exit counseling online at the following link Mapping Your Future.

Short-term Loans
Limited funds are available on a first-come, first-served basis and cannot be reserved in advance. You may borrow half of your tuition and fees up to $500.  You may use these funds only once an award year, and never two semesters in a row, for tuition, fees, and books.  You must also be enrolled at least half time (6 credit hours), be a continuing student, and be making Satisfactory Academic Progress.  The deadline for applying is the last day of registration.

Loan Deferment, Forbearance and Solutions for Loan Repayment Problems-Consumer Information

About Your Loan(s) - The National Student Loan Data System (NSLDS) web site.  Access your loan history, loan balance, loan servicer information.

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