Loans

Effective fall 2010 semester, Georgian Court University will participate exclusively in the William D. Ford Federal Direct Stafford Loan program, in which borrowers obtain loan funds directly from the U.S. Department of Education.  The Direct Loan program will offer students and parents a more stable, streamlined and predictable borrowing experience.

All students who wish to continue receiving Direct Stafford Loans must complete and sign a new Direct Stafford Master Promissory Note (MPN).  All Master Promissory Notes must be completed online.  There are no paper MPN's.

To ensure that you receive your Direct Stafford Loans (complete process).

Loan Rates 2011-12 Academic Year Direct Federal Stafford Loan: Subsidized 3.4% (fixed rate)   In-school, grace, deferment, and repayment   Unsubsidized 6.8% (fixed rate)  In-school, grace, deferment, and repayment Direct Federal PLUS: (Parent) Loan 7.90% (fixed rate) For parents or graduate students

For information on Direct Stafford Loan Limits, click here.

Direct Federal PLUS Loans* (Apply)

*When a parent Plus Loan is denied by a lender, contact mastroseriok@georgian.edu if you wish to be awarded additional unsubsidized stafford loans.  Also download (under downloadable forms) the Parent PLUS Datasheet and submit to Financial Aid.

Private/Alternative Loans

Private/Alternative loans are designed to help students who need additional assistance with educational costs. In most cases, it is advantageous for students to pursue Unsubsidized Federal Stafford Loans and for parents to pursue Federal PLUS Loans before seeking alternative loans. A major advantage of these two programs is that the federal government caps the interest on the loans.

If a student still needs assistance beyond what is available through these loan programs, there are a number of private lenders who offer alternative loans to cover educational expenses. The alternative loans listed below are not based on need, and they can replace a portion of the Expected Family Contribution. Loan approval is generally based on creditworthiness and ability to repay. The maximum that may be borrowed is the difference between cost of attendance and other financial aid.

Each lender offers different rates, fees, repayment terms, and approval requirements. GCU suggests students carefully investigate the loan terms and conditions before choosing a lender.

We encourage you to use the lender and the loan product that best meets your needs. Rates, terms and conditions are subject to change without notice. Students and parents are well advised to obtain updated information directly from the lender before making borrowing decisions.

Below is a list of all lenders who have provided Georgian Court University students private loans in the past three years.  Georgian Court University does not endorse any of these lenders and you have the right and ability to select the private loan provider of your choice. 

Lenders

Chase

chaseselectloans.com

Citi-Assist Loan

studentloan.com/privatestudentloan

Citizens Bank           

CitizensBank.com/TruFitStudentLoan 

CU Student Loans

custudentloans.org/college-resource-center

Discover  

discoverstudentloans.com

PNC Bank    

pnconcampus.com

Sallie Mae Smart Option Loan    

salliemae.com/gcu

Sun Trust         

suntrusteducation.com

Union Federal Private Student Loan

unionfederalstudentloan.com/

Wells Fargo                         

wellsfargo.com 

CHANGES TO PRIVATE/ALTERNATIVE LOAN REGUALATIONS (EFFECTIVE 2/14/10)

Private/Alternative Loan Borrowers - The Federal Truth-In Lending Act has changed the regulations necessary for borrowers to receive private educational loans.

Please note that the processing time of a private/alternative loan from the time you apply to the time funds might be made available is approximately 4-6 weeks.

The federal Truth-In-Lending Act has changed the regulations necessary for borrowers to receive private/alternative educational loans.  Specific adjustments include providing three detailed disclosures to the borrower throughout the loan application and approval process, obtaining a Borrower Self-Certification Form and providing a three day "right of rescission" period in which the student may cancel the loan.

Borrower Self-Certification

The borrower must submit a signed self-certification form to the lender.  This form, which is provided by the lender is completed and signed by the student.  It must show the student's cost of attendance, expected family contribution, estimated financial assistance, total aid and the maximum private loan amount allowed.  For assistance completing the self-certification, feel free to contact the Office of Financial Aid.