Loans are sources of financial assistance that allow you to spread the cost of education over time. Loans are serious legal obligations, and must be repaid. We urge all borrowers to spend some extra time learning about the loan process so that they can make informed choices throughout their education. All first time borrowers at Gloucester County College are required to complete an Entrance Counseling and a Master Promissory Note (MPN). All loan documentation received by Gloucester County College will be submitted to the National Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the NSLDS data system.
Once you are no longer enrolled in at least 6 credits in an eligible program, you'll receive a 6-month grace period during which you are not required to make loan payments. You must begin repayment at the end of your grace period. You are required to complete an Exit Counseling upon leaving Gloucester County College.
Federal Direct Education Loans are established and supported by the federal government and the Department of Education serves as the lender. Gloucester County College students are eligible to participate in the Federal Direct Loan Program.
There are three programs:
- Subsidized Federal Stafford Loan hhh
- Unsubsidized Federal Stafford Loan
- The Parent Plus Loan for Undergraduate Dependent Students
Private/Alternative Loan Programs have grown in popularity in recent years. However, we firmly believe that families should exhaust their eligibility for all federal loan programs before turning to this resource. In almost all cases, Direct Loans will provide the consumer with more beneficial terms and conditions, including a lower annual percentage rate charged on the principal and fewer and lower fees.