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 have any institutional private loans or any loan funds allocated by an outside agency that are administered through GCC.
GCC informs prospective borrowers of private loans 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 when they request the Self-Certification Form or when they inquire about private education loans. The U.S. Department of Education brochure, Direct Loan 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 electronically.
All private loans will be tracked to the student's cost of attendance. Adjustments will be made as needed. Normally, GCC is required to fill out a lender certification form which is received by the lender before the loan proceeds are disbursed to the student. 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 is received when the loan check is received or when the student discloses this information to us. GCC prefers to receive the loan certification forms. Currently, GCC does not have any formal direct certification arrangements with any lender.
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.
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