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Student Loans

Student Loans are a low-interest form of financial aid to assist students with educational expenses not covered by other grants and scholarships. Loans are provided through federal funds which must be repaid after a student graduates or drops below half-time enrollment (6 credit hours).

Eligibility

• Student must complete GNTC Admissions Application, all admissions requirements and be Officially Accepted to GNTC.
  
• Student must fill out the Free Application for Federal Student Aid (F.A.F.S.A). Please visit our How to Apply page.
  
• Student must be enrolled in an Associate’s Degree, Diploma, or one of our Pell Eligible Certificate Programs.
  
• Student must be registered for at least 6 credit hours
  
• Student must be a US citizen or an eligible non-citizen
  *IF You must submit a copy of your permanent resident card to the Financial Aid Office to verify that you are an eligible non-citizen. You must be both a permanent resident of the United States for at least 24 months and a resident of the state of Georgia for at least 24 months before you become eligible for the HOPE Grant.
  
• If student is a Male and born after 1960, he must be registered with the Selective Service (visit www.sss.gov for more information on the Selective Service)
  
• Student must not owe any repayments on previous grants or scholarships
• Student must not be in Default on a federal loan. *For information on Default Prevention please visit http://www.hesschools.com/#GNTC*
  
• Student must maintain Satisfactory Academic Progress.
  
• Once student’s financial aid file is complete, verified (if necessary), and his/her eligibility is determined then the student may request the Loan Application in person from the financial aid office.
  NOTE TO ONLINE STUDENTS: If you are a student who is taking all of your classes online, you will need to contact Charley M. Estes or Rachael Day in Financial Aid.
  
• Student must complete the mandatory Entrance Counseling, sign the Master Promissory Note, and complete the student loan repayment calculations using the Standard Repayment Calculator online at http://www.StudentLoans.gov.

General Information

GNTC offers two types of Federal Direct Loans: Subsidized and Unsubsidized. The main difference between the two is in the interest. Subsidized Loans do not accumulate interest while a student is enrolled; however once the student graduates, drops below six (6) credit hours, or stops attending the interest will begin accumulating and the student will be required to start making payments within six (6) months. In contrast, Unsubsidized loans do accumulate interest while the student is enrolled and the student is responsible for all interest charges from the time the loan is received. While students receiving Unsubsidized loans are not required to make payments while attending, under a grace period, or under a deferment period; we do recommend that students pay interest quarterly. Any accrued interest that is not paid while the student is attending will be added (capitalized) to the loan balance when the student enters repayment. Additional differences between the Subsidized and Unsubsidized loans are in relation to the interest rate and the max amounts students may request and may be able to qualify for. Please see grafts below.

Subsidized Loans

Grade Level in College	Grade Level in College	Fixed Interest Rate for Subsidized Loans Disbursed between July 1, 2011 and July 1, 2012	Fixed Interest Rate for Loans Disbursed after July 1, 2012
Freshmen (Students who have less than 30 earned credit hours)	$3,500 (per year)	3.4%	6.8%
Sophomores (Students who have 30 or more earned credit hours)	$4,500 (per year)	3.4%	6.8%

 

Unsubsidized Loans

Dependency Status	Max Amount Offered	Fixed Interest Rate for Unsubsidized Loans Disbursed after July 1
Dependent Students (as determined by the FAFSA)	$2,000 (per year)	6.8%
Independent Students (as determined by the FAFSA)	$6,000 (per year)	6.8%