GCC 2018-19 Catalog - Page 37

be U.S. citizens (parent and student); not be in default on any
federal education loans or owe an overpayment on a federal
education grant; and meet other general eligibility requirements
for the federal student aid programs.
The applicant needs to complete a Federal Direct PLUS Loan
application, a Master Promissory Note (MPN) and an entrance
interview (if applicable) online. The MPN explains the terms and
conditions of the loan and is a legally binding agreement to repay
the loan to the Department of Education. In most cases, one MPN
can be used for loans received over multiple academic years. GCC
will send the loan application checklist to the applicant upon
request. The student also needs to complete the FAFSA. The
disbursement of the loan money is normally credited to the
student’s account or sent directly to the parent after any direct
charges have been deducted. In some cases, with the parent’s
written permission, GCC will disburse the PLUS loan money
directly to the student. The loan money will be disbursed in two
Private Loans
The only types of loans GCC administers are the Federal Direct
Subsidized Loan, the Federal Direct Unsubsidized Loan and the
Federal Direct Plus Loan. GCC does not administer institutional
private loans or loan funds allocated by an outside agency.
GCC informs prospective borrowers to apply for all state and
federal assistance before applying for a private loan. Prospective
borrowers are also told that the terms and conditions of the Title
IV loans may be more favorable than the provisions of the private
education loans. This information is given to the borrowers if they
request the Self-Certification Form or if they inquire about private
education loans. The U.S. Department of Education brochure,
Federal Student Loans; Basics for Students, is also distributed to
prospective borrowers of private loans.
The Self-Certification Form is given to the students upon request.
GCC will assist the students in completing the form and the
student is then required to send the form to their lender. The
financial aid information needed to complete the form will be
filled in by the Financial Aid Office after the student completes
the required information on the form. The form is available (paper
only) through the Financial Aid Office. It is not available
All private loans will be tracked to the student’s cost of
attendance. Adjustments will be made as needed. Most private
loans are certified through Great Lakes. At this time, the private
loan is added to the student’s aid package. If a certification is not
received, the private loan is added when information is received
regarding the amount of the student loan. This information is
obtained when the loan check is received or when the student
discloses this information.
GCC does not have a private loan preferred lender list and private
loans are not advertised through any marketing materials or on the
GCC website.
All federal student loans obtained by a student or parent are reported
to and tracked on the National Student Loan Data System
(NSLDS). NSLDS loan records are accessible to all authorized
NSLDS users, including schools, student loan guaranty agencies,
lenders, federal agencies, and other authorized users.
Alternative and private education loan information is not reported to
Student and parent loan borrowers may view their federal loan
information at NSLDS. Borrowers access the system using their
federal FSA ID. Students can also access prior federal grant
information at NSLDS.
The Federal College Work-Study Program provides part-time, oncampus employment to students with financial need and provides
students with work experience opportunities related to their academic
programs whenever possible. College work-study guidelines stating
the terms and conditions of employment will be given to all students
participating in the program. Compensation generally is set at the
minimum wage rate. Students typically work 7-8 hours per week on
a schedule mutually agreeable to the student and the supervisor. GCC
employs approximately 40 students in such places as the library,
faculty offices, laboratories, student center, food service,
maintenance, etc. Students may earn an average of $1,800 per year.
A complete guide to all of the federal programs can be found at


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