Grayson County College participates in the following loan programs:
- Federal Stafford Subsidized Loans
- Federal Stafford Unsubsidized Loans
- Federal PLUS Loans
Stafford Subsidized Loans
This is a need based loan program that provides low interest loans to students who are attending GCC at least half-time.
If you are eligible for a Stafford Subsidized loan, the federal government pays the interest on the loan while you are enrolled in school at least half-time (6+ credit hours per semester), in deferment and grace periods.
Annual loan limits are:
- $3,500 - Freshman Students
- $4,500 - Sophomore Students
Stafford Unsubsidized Loans
This is a non-need based program that provides low-interest loans to students who are attending GCC at least half-time.
This loan is available to students who do not demonstrate financial need.
The student is responsible for the interest that accrues on the Stafford Unsubsidized loan during school, deferment and grace periods.
Annual loan limits are:
- $2000 – Dependent students
- $6000 – Independent students
If you do not qualify for the subsidized loan you will be awarded the unsubsidized.
If you do not want the unsubsidized loan you have the right to cancel or reduce your loan award.
Please contact the Office of Financial Aid to do so.
Student Loan Process (to be completed each academic year):
- Complete FAFSA
- Turn in any requested documents (check Campus Connect)
- Complete GCC's loan application
- School awards & certifies loan
- Complete Entrance Counseling
- Complete Loans by Web process (once you see the award on Campus Connect and/or receive an email from Texas Guarantee – TG) for instructions click here.
- Attend an in-person session for your exit counseling – click here for a listing of sessions
Lender List:
Grayson County College's lender list is composed of lenders who have provided good customer service to our students and have a solid working relationship with our institution by offering an efficient process in delivering loan funds.
However, you are free to choose any lender that participates in the Federal Family Education Loan Program (FFELP) just note that choosing a different lender may delay the delivery of your loan funds.
Click here to view our lender list.
How do I know when to complete my loans by web process?
You will receive an email from Texas Guarantee (TG) once your loan is ready for you to complete the loans by web process.
Once you see the award on Campus Connect allow 24-48 hours for TG to send out the email that states the school has certified your loan and you need to complete your loans by web process.
Be sure to include your current email address on your loan application and make sure to check your Inbox for emails from TG regularly.
Entrance Counseling & Exit Counseling:
Entrance and Exit Counseling must be completed each academic year.
Entrance Counseling must be completed every year before the first disbursement may be made available to the student.
Currently, you can complete this process on-line through mapping your future but in the future entrance counseling may go to in-person sessions only.
Be sure to check Campus Connect and the financial aid website regularly for details and updates.
Exit Counseling is offered as in-person sessions and attendance is required for the following situations:
- Prior to receiving the 2nd disbursement
- 30 days prior to graduation
- Within 30 days of completely withdrawing during any semester; or
- Within 30 days of dropping below half time enrollment (6hrs) within any semester
As of fall 2008 exit counseling is no longer accepted on-line; students must attend in-person sessions for a current list of times click here.
These sessions will typically be offered in late fall around Thanksgiving break.
If students are unable to attend the sessions offered then they will need to contact the financial aid office to make other arrangements.
Who is eligible?
A loan recipient must be enrolled at least half-time and be making satisfactory academic progress.
*Also note – if you are in default on a student loan or owe a repayment to another school you will not be eligible for loans or any other federal aid until it has been repaid or the Department of Education can provide a letter stating you are eligible for Title IV federal aid.
Award Changes:
Grayson County College reserves the right to review, reduce or cancel awards at any time because of changes in aid availability and/or changes in the student's eligibility.
Students receiving financial aid are responsible for notifying the financial aid office of any additional aid received such as an additional scholarship and/or additional funding.
*Please note, if you are receiving veteran’s education benefits please be aware that your loan(s) may be reduced or cancelled.
For more information please talk with your VA representative or contact the Office of Financial Aid.*
Loan Awards & Disbursements:
Federal regulations require multiple disbursements on Stafford and Parent PLUS loans.
Students that apply for a loan which covers both the fall and spring semesters will receive the first disbursement in fall and the second disbursement in the spring.
Students that attend only one semester will receive their loan funds in two disbursements.
The particular dates of disbursement will be determined each academic year and posted to our website each academic year.
Students will receive a Notice of Guarantee and a Disclosure Statement from their lender indicating estimated dates of disbursement to the school.
This is NOT the date the loan proceeds will be available for the student to receive their funds from the institution.
Students will receive a Disbursement Notification Letter from Grayson County College within 14 days after funds have been electronically received.
Students and/or parents have the right to cancel all of a portion of the loan and have proceeds returned to the lender.
Students that wish to cancel all or a portion of their loan must provide a written statement to the Office of Financial Aid no later than 14 days after electronic funds have been received by Grayson County College.
The statement should include the student's name, social security number and the amount of the loan they wish to cancel.
The student may also send this information via email to studentloans@grayson.edu.
When are loans paid back?
Repayment for Stafford loans begins six (6) months after the student graduates, ceases at least half-time enrollment or completely withdraws.
Do I have to borrow the maximum amount?
No: It is important for you to determine the exact amount of money that you need to borrow.
You should only borrow as much as you need.
Remember, you will have to pay these loans back beginning six (6) months after you graduate, cease at least half-time enrollment or completely withdraw.
How often do I have to apply for a loan?
Students must complete their FAFSA and fill out a loan application each academic year.
What is the difference between subsidized and unsubsidized loans?
The Federal Subsidized loan is need based and the government pays the interest during in-school status, grace periods and authorized deferment periods.
The Federal Unsubsidized loan is not need based and the borrower is responsible for paying the interest that accrues during these loan periods.
What is a Federal Parent PLUS Loan?
The Federal Parent PLUS Loan is a fixed interest loan created by the federal government to help creditworthy parents pay for their dependent student's education beyond high school.
The amount a parent can borrow for a student cannot exceed the student's total cost of attendance.
Repayment begins 60 days after the loan is fully disbursed.
Interested students must complete their financial aid file, choose a lender and complete the Parent PLUS portion of the loan application.
Important Websites:
National Student Loan Data System (NSLDS): Click here to view your loan information.
Texas Student Loan Guarantee
Teacher Loan Forgiveness
Loan Policy & Procedure
My Reality Check
Click here to learn how to manage your credit and debt.
Click here to view Estimated Repayment Calculator.
Helpful website for money management.
Smart About Money
Ultimate Money Skills
If you have any questions, please contact
the Office of Financial Aid 903.463.8794