Loans

Georgia Perimeter College offers many forms of aid, from scholarships to loans.  This page provides useful information on educational loans and borrowing.  Specifically, information on:

Loan Alternative: GPC Nelnet Payment Plan

Federal Direct Loan Program

Institutional Short-term Loans

Private Loans

Student Access Loan

 

 

 

LOAN ALTERNATIVE: GPC NELNET PAYMENT PLAN

Prior to borrowing a loan, all students are encouraged to pursue other means of meeting educational expenses instead of incurring loan debt.  Georgia Perimeter College has partnered with Nelnet Business Solutions (NBS) to offer an alternative resource to meet educational expenses.  The NBS is a payment plan that allows the student to make 1-3 payments from the student’s own resources to resolve a balance on an upcoming term of enrollment.  Using the NBS payment plan may be a better option instead of incurring loan indebtedness.  The payment plan is not a loan and there are no interest or finance charges, and no credit check.  For more information on the NBS payment plan please visit http://paymentplan.gpc.edu/.

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THE FEDERAL DIRECT LOAN PROGRAM (DL)
William D. Ford Direct Loan (DL) Program is funded directly from the U.S. Department of Education and is the largest single source of federal aid for students pursuing a higher education. For additional information on these loans is available at www.StudentLoans.gov. The Federal Direct Loan Program includes Direct Loans for students and parent (PLUS).

Direct Loans for Students

About

There are two types of Federal Direct Loans for students:

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 the loan while the student attends school at least half-time, when the student qualifies for an authorized deferment, and during the grace period before beginning repayment.  All first-time loans borrowers or borrowers that have paid their subsidized loan, and were disbursed a subsidized loans as of July 1, 2013, may only receive subsidized loan for 150% of their program of study.  A student that does not complete their program of study prior to reaching 150% of the subsidized limit may lose the subsidy on their loan and be ineligible for subsidized loan for the remainder of their program of study.  For additional information on the 150% Subsidized Loan limit regulation please visit www.StudentLoans.gov.

 

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 the student must indicate this 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.

Requirements

The student must be enrolled at least half-time (6 credit hours), all outstanding requirements completed, and be making Satisfactory Academic Progress.  

ENTRANCE COUNSELING
The Department of Education requires that all first-time/first-year borrowers have student loan Entrance Counseling.  Effective Fall 2014, in addition to the Department of Education requirement, all student Direct Loan borrowers are required to complete Entrance Counseling annually to ensure that the student borrower is aware of their loan responsibility and debt with each annual award.

The Entrance Counseling is required before the student may receive loan fund disbursements each academic year.  The Entrance Counseling requirement can be completed online at www.StudentLoans.gov.

MASTER PROMISSORY NOTE (MPN)

One-time, good for 10 years.  If the student completed the MPN at a prior institutional, the student must go to www.Studentloans.gov to add GPC to the existing MPN.  Sign a Master Promissory Note (MPN) at www.StudentLoans.gov.

Borrowing limits

Annual Limits for Direct Subsidized and Unsubsidized Loans by grade level:

Dependent (as determined by FAFSA)

Dependent Freshman

$5500 (subsidized and/or unsubsidized)

Dependent Sophomore

$6500 (subsidized and/or unsubsidized)

Independent (as determined by FAFSA)

Independent Freshman

$9500 (maximum $3500 subsidized)

Independent Sophomore

$10,500 (maximum $4500 subsidized)

 

Cumulative (Lifetime) Limits for all Direct Subsidized and Unsubsidized Loans:

Dependent Undergraduate

$31,000

Independent Undergraduate

$57,500 (maximum $23,000 subsidized)

 

Applying

To apply, a student must complete a Free Application for Federal Student Aid (FAFSA) at www.FAFSA.gov

Awarding

After the completed FAFSA is received by GPC, a student must be in an eligible admitted status, meet all eligibility requirements, and resolve any outstanding requirements prior to be awarded a student loan.  Eligibility requirements may be found at http://depts.gpc.edu/~finaid/Eligibility.htm and the student may view outstanding requirements on their account by logging into the Student Information System at http://SIS.gpc.edu.

Effective Fall 2014, students will be awarded loans in an offered status and will no longer be required to submit a loan request form to be awarded a loan.

The amount awarded will be based on the cost of attendance, financial aid Satisfactory Academic Progress standing, other awarded aid, Estimated Family Contribution (EFC) as defined by the FAFSA, and loan borrowing limits.

An initial award notification of the offered funds will be sent to the student via letter mail and GPC student email; all subsequent award notice updates will only be sent via the GPC student email.

The financial aid award may be viewed on the Student Information System at http://SIS.gpc.edu using the following steps:

STEP 1

SIS Main Menu

Select Student Financial Services

STEP 2

Student Financial Services Main Menu

Select Financial Aid Menu

STEP 3

Financial Aid Menu

Select My Overall Status of Financial Aid

STEP 4

My Overall Status of Financial Aid Menu

Click on awarded in You have been awarded financial aid…

STEP 5

Award Package by Aid Year

Review each tab.  The Terms and Conditions tab provides additional requirements for certain funds. 

Loans offered on SIS will always be divided into two semesters.  The offered loans may be accepted, reduced, or declined on SIS; this is a one-time action – any additional updates cannot be made in SIS.  Students must visit the Financial Aid office for guidance for any adjustments that cannot be performed in SIS.

 

Disbursement

Funds will disburse after the established Financial Aid Freeze Date for the term.  However, the loan funds will be recognized as pending prior to disbursement as it regards any balances due.

First-time, first-year borrower’s funds will not disburse until 30 days after the first day of enrollment.

All loans are initially awarded based on projected full time enrollment.  On the Financial Aid Freeze Date, adjustments will be made to the student’s Cost of Attendance to reflect actual enrollment that is less than full time.  These adjustments to the Cost of Attendance may result in the loan award being reduced and may result in a balance due.

 

Repayment

EXIT COUNSELING
The Department of Education requires GPC to counsel students about their rights and responsibilities as a student loan borrower before graduating or leaving school.   If the student is a recent GPC graduate, or if they are no longer enrolled for at least 6 credit hours, then they must complete Exit Counseling.  The Financial Aid office will send an Exit Counseling notification to the student regarding this requirement. The Exit Counseling requirement can be completed online at www.StudentLoans.gov.

In general, repayment begins 6 months after the student ceases enrollment due to graduating or no longer attends school, or is no longer enrolled for at least 6 credit hours.  For additional information on loan repayment, please visit www.StudentLoans.gov.

If a borrower is having trouble with making payment, there are many options available to prevent a student from defaulting on a student loan.  Defaulting on a student loan can have adverse effect on credit history, job placement, and other issues.  GPC’s Consumer Information  provides information on loan deferment, forbearance, and solutions to loan repayment problems.  Additional information and options may be obtained at www.StudentLoans.gov.

A student’s loan history, loan balance, and loan servicer information may be obtained from the National Student Loan Data System (NSLDS) website at http://www.nslds.ed.gov/nslds_SA/

 

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Direct Parent Loan (PLUS)

About

The Federal PLUS is available to parents to help pay for their dependent children's education. Parents with no adverse credit history may be approved for a PLUS.  Georgia Perimeter College only offers PLUS loans to parents of dependent, undergraduate students.

Requirements

The parents’ dependent child must be enrolled at least half-time (6 credit hours) and making Satisfactory Academic Progress.

Borrowing limit

The borrowing limit is an amount equal to the cost of attendance minus any other aid.

Applying

To apply for the PLUS, parents must complete the:  (1) Free Application for Federal Student Aid (FAFSA); (2) Federal PLUS Loan online application and Master Promissory Note (MPN) at www.StudentLoans.gov; and (3) submit a Georgia Perimeter College PLUS Direct Loan Request form that may be obtained by clicking the following link http://depts.gpc.edu/~finaid/printableforms.htm.

Disbursements

The PLUS loan disbursements 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 the student's account.  If there is money left after tuition, fees, and books, a refund will be sent to the student.  If the parent does not want their dependent student to receive the refund, please contact the Student Account Office at (678) 891-3535 to make other arrangements.

Repayment

The parent must begin repayment of the PLUS loan within 60 days of the final disbursement with a minimum monthly payment of $50 and a maximum repayment term of 10 years.

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INSTITUTIONAL SHORT-TERM LOANS 

About

Short-term loans are institutional loans funded by Georgia Perimeter College.  These funds are limited and are made available on a first-come, first-served basis to continuing students.

Requirements

The student must be enrolled at least half-time (6 credit hours), be a continuing student, and be making Satisfactory Academic Progress.   A short-term loan may only be used once an award year; although the funds may be used once an award year, the funds cannot be used for two semesters in a row. 

Borrowing limits

A student may borrow up to half the student’s tuition and fees - up to $700.   Or if tuition and fees have been paid, but a short-term loan is needed for books – then up to $700 may be awarded. 

Applying

To apply for a Short-term loan, a student must inquire at their campus Financial Aid office.  If loan funds are available, then the student will be provided with the Promissory Note and Agreement form to complete. 

Disbursement

Will occur after the established Financial Aid Freeze Date for the term.  However, the loan funds will be recognized as pending prior to disbursement as it regards any balances due.

Repayment

The loan must be repaid in full four weeks after the first day of classes; the exact due date will be listed on the Promissory Note and Agreement form.  Failure to honor the terms of the Promissory Note and Agreement will result in the loan being reversed and/or a hold placed on the student’s account.

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PRIVATE LOANS

About

There are some circumstances where: financial aid awarded may not be sufficient;  there may be other eligibility issues that may prevent a student from receiving federal or state student aid; and/or students are unable to pay a balance from their own resources.  In these circumstances students may pursue a private loan lender that may be able to assist with financing their education.  The following website may be used to assist with a self-directed lender search: http://www.finaid.org/loans/studentloans.phtml.

Requirements

The requirements vary for each private lender. It is the student’s responsibility to be aware of the lender requirements.

Borrowing limits

The limits are determined by the private lender, but may not exceed the total award allowed based on the students estimated Cost of Attendance (COA) for the award year. 

Applying

To apply for a private loan, the student must use the directions provided by the lender. 

 

Loan Periods: Georgia Perimeter College awards loans for one or two semester loan periods.  When applying for a private loan use the following loan period start and end dates to prevent processing delays:

Loan Period

Start Date

End Date

Fall Only

August 1

December 1

Fall-Spring

August 1

April 30

Spring Only

January 1

April 30

Spring-Summer

January 1

July 30

Summer

May 1

July 30

 

Awarding

After applying for a private loan, most lenders will make the pending loan information available online via Scholarnet.  Georgia Perimeter College will review the pending loan and certify the loan online after the student enrolls for the term in the loan period; the processing time is 2-4 weeks depending on when enrollment occurs.  When a loan has been certified in Scholarnet, the approved amount will be awarded and is viewable on the Student Information System (SIS) at http://SIS.gpc.edu.  The certified loan amount may be less than the approved loan amount from the lender due to all funds awarded cannot exceed the Cost of Attendance assigned; the Cost of Attendance may be viewed in SIS.

Disbursement

Funds will disburse after the established Financial Aid Freeze Date for the term.  However, the loan funds will be recognized as pending prior to disbursement as it regards any balances due.  The private loan funds will be received at Georgia Perimeter College though Electronic Funds Transfer (EFT).  Funds will be returned for students that do not meet the lenders enrollment requirement.

Book Allowance/Plan

 

If the student will have excess funds remaining from the private loan after tuition and fees, then the student may visit their campus Student Accounts office to establish a book allowance/plan during the scheduled Book Allowance period.

Repayment

The conditions of repayment vary for each private lender. It is the student’s responsibility to be aware of the lender conditions.

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STUDENT ACCESS LOAN (SAL)

About

SAL applicants must have first applied for and exhausted all other student financial aid options including federal and state student loans, scholarship, and grant programs.

 

The Student Access Loan (SAL) Program is a need-based, low interest loan program administered by the Georgia Student Finance Authority (GSFA). The purpose of the program is to assist with the affordability of a college education, encourage timely persistence to the achievement of postsecondary credentials and incentivize loan recipients to work in public service. The loans or portions of the loans are forgivable for recipients who work in certain occupations. The SAL is a private education loan that must be repaid and cannot be combined or consolidated with federal loans.

Requirements

  • Be considered a Georgia resident and United States citizen or eligible non-citizen.
  • Complete a valid Free Application for Federal Student Aid (FAFSA).
  • Maintain Satisfactory Academic Progress (SAP).
  • Must be enrolled at least half-time (6 credit hours)
  • Male student in compliance with Selective Service System requirements
  • Not in default with a Federal Title IV Program or State of Georgia educational loan or owe a refund on a Federal Title IV or State of Georgia student financial aid program.
  • An Applicant is ineligible to receive SAL funds while incarcerated.
  • Meet all eligibility requirements.

Borrowing limits

The minimum loan amount is $500. The maximum loan limit is $10,000 per year and up to a maximum of $40,000 over a college lifetime.  Borrow smart! When applying for a loan, request only the amount of funds needed for educational costs and that the student can repay.

Applying

Click on the following link to complete the SAL and SALT Application.

Awarding

After applying for a SAL, Georgia Perimeter College will determine if eligibility requirements have been met; the processing time is 2-4 weeks after applying.  For eligible students, the approved amount will be awarded and is viewable on the Student Information System (SIS) at http://SIS.gpc.edu.  The certified loan amount may be less than the approved loan amount due to all funds awarded cannot exceed the Cost of Attendance assigned; the Cost of Attendance may be viewed in SIS.

Disbursement

Funds will disburse after the established Financial Aid Freeze Date for the term.  However, the loan funds will be recognized as pending prior to disbursement as it regards any balances due.  Loan disbursements are sent directly to the Georgia Perimeter College and are not transferable.

Repayment

Repayment is a maximum of ten (10) years with a minimum payment of $50.00 for loans received on or after July 1, 2014.  A monthly Keep In Touch (KIT) Payment of $10.00 is required approximately 60 days after the first disbursement is received. The monthly KIT Payment is required while in school and while in grace period.

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