Federal Direct Loans
Direct Loans are low-interest loans for students and parents to help pay for the costs of student's education after high school. These loans funded by the U.S. Department of Education and are awarded by the GCSU Financial Aid Office to eligible undergraduate students. Eligibility for this loan program will be determined upon completion of the Free Application for Federal Student Aid (FAFSA). Eligible students will be offered direct loans once their financial aid eligibility is determined by the Financial Aid Office from the FAFSA process. Students will receive Award Notifications via their bobcat email with information on the maximum amount of loan eligibility they are eligible for at the time of awarding along with instructions on additional steps students must take to Accept, Modify or Decline their aid amount offered to them. They can also get to the instructions at Financial Aid Acceptance/Adjustments | Georgia College & State University.
Students who modify or decline their loans and then determine that they are in need of borrowing loan funds for their educational expenses, may complete a loan application at here
Link for here is https://georgiacollege-bsucw.formstack.com/forms/007_stafford_loan_application
Difference between Subsidized and Unsubsidized Direct Loans
A subsidized loan is awarded on the basis of financial need. Students will not be charged any interest before they begin repayment or during authorized periods of deferment.
These loans are available to undergraduate students only.
An unsubsidized loan is not awarded on the basis of need. Students are charged interest from the time the loan is disbursed until it is paid in full.
Both undergraduate and graduate students are eligible for unsubsidized loans.
Subsidized/unsubsidized Loan Limits
| Year | Dependent Students (except students whose parents are unable to obtain PLUS Loans) | Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans) |
|---|---|---|
| First-Year Undergraduate Annual Loan Limit | $5,500-No more than $3,500 of this amount may be in subsidized loans. | $9,500-No more than $3,500 of this amount may be in subsidized loans. |
| Second-Year Undergraduate Annual Loan Limit | $6,500-No more than $4,500 of this amount may be in subsidized loans. | $10,500-No more than $4,500 of this amount may be in subsidized loans. |
| Third Year and Beyond Undergraduate Annual Loan Limit | $7,500 per year-No more than $5,500 of this amount may be in subsidized loans. | $12,500-No more than $5,500 of this amount may be in subsidized loans. |
| Graduate or Professional Student Annual Loan Limit | Not Applicable (all graduate and professional degree students are considered independent). | $20,500 (unsubsidized only). |
| Subsidized and Unsubsidized Aggregate Loan Limit | $31,000-No more than $23,000 of this amount may be in subsidized loans. | $57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study. |
Plus Loans
PLUS Loans are credit-based loans for the parents of dependent students and for graduate and/or professional students funded by the U.S. Department of Education. There are two types of PLUS Loans.
Federal Direct Parent PLUS Loan (Undergraduate Students)
A Parent PLUS Loan is an education loan specifically for parents (biological or adoptive) of dependent undergraduate students. Parents can borrow up to the cost of attendance minus any other financial aid the student is receiving. For example, if the cost of attendance is $20,000 for the year and a student has a scholarship of $5,000 toward the school cost, the parent can borrow up to $15,000.
Direct PLUS Loans (Graduate Students)
This is a loan option for graduate students to help pay for their educational costs not covered by other aid. Graduate students can borrow up to the cost of attendance minus any other financial aid the student is receiving. For example if the cost of attendance is $30,000 for the year and the student has an unsubsidized loan for $20,500, the student can borrow an additional $9,500 as a direct plus loan.
Process to accept Federal Direct Subsidized Loans/Plus Loans
- Complete the Free Application for Federal Student Aid (FAFSA).
- GCSU Financial Aid will award the loan amount for which a student is eligible for. Students must log in to MyGCSU to accept their loan amount.
- Learn more about accepting or declining loans on our Student Acceptance/Adjustments webpage.
- If you are a first-time loan borrower, you will need to complete Entrance Counseling and sign a Master Promissory Note. Both of these requirements can be found on the Federal Student Aid site.
Private Loans
Students and/or parents are responsible for researching and identifying a private loan lender that best meets their needs. When choosing a lender, students should be aware that private loan requirements can vary.
Some requirements to consider during research include:
- Satisfactory Academic Progress per GCSU’S policy
- Minimum enrollment requirements
- Repayment options
- Interest rates
When the application is completed and approved, GCSU Office of Financial Aid will receive notification of the private loan application and will certify the loan based on the lender’s requirements.