23
o
Loans will be awarded in an offered status and student may
accept the loans via the Student Information System
(
).
o
In order to receive student loans, a student
Must be eligible for and enrolled in at least 6.0 credit
hours at the time the loan disburses.
Complete an annual Entrance Counseling and one-time
Master Promissory Note (MPN) for Georgia Perimeter
College online at
.
Must meet all other financial aid eligibility
requirements.
o
Federal regulations state that all ‘first semester, first-time
borrowers’ first loan disbursement be 30 days after the first day
of classes.
o
There are three types of Federal Direct loans offered:
A
Subsidized
loan is a need-based loan. Additionally,
if a student receives a subsidized loan to attend
Georgia Perimeter College, the federal government
pays the interest on the loan when a student is: 1)
attending school at least half time [6 credit hours]; 2)
qualifying for an authorized deferment; or 3) in the
grace period before beginning repayment.
All first-
time loans borrowers or borrowers that have paid their
subsidized loan balance, and were disbursed a
subsidized loan 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
.
An
Unsubsidized
loan is not ‘need based’, and a
student who receives an unsubsidized loan to attend
Georgia Perimeter College is responsible for paying the
interest while in school. A student may choose to pay
this interest while attending school or choose
not
to
make the interest payments while in school; the
interest will be added or capitalized onto the principal
balance at repayment.
PLUS
loans are available through the Direct Loan
program. PLUS loans are based on the parent’s credit
history, and a parent may borrow money to pay the
education expenses of each child who is a dependent
undergraduate student. A GPC Direct PLUS request
form must be submitted and an online PLUS
application at
must be
completed in order to be awarded a PLUS loan.
