Private Educational  Loans

The conditions of Federal Student Loans are generally more favorable than private education loans. Students are encouraged to apply for federal aid, as well as make an appointment with the Financial Aid Office to discuss their financial options prior to pursuing private loans. GCC does not have a preferred lender list.  Finaid.org maintains a thorough list of private lenders, but GCC is NOT responsible for the accuracy or updating of their information.

Please note: The Financial Aid Office will not certify private loans for an amount that exceeds the cost of attendance minus other financial aid.

Before seeking a private loan, you should first:

• • • Exhaust all other federal aid resources. In this situation, it may be best to speak directly with the Financial Aid Office.
    • Note that in terms of repayment, many private lenders will not be as flexible as the federal lenders will be.
    • Discuss alternative payment options and plans with the Business Services Office.
    • If you decide to borrow from a private lender, here are some things to consider:
      • Borrow only what you need to pay your expenses.
      • Fully understand the terms and conditions associated with your loan.
      • Use comparison charts and checklists to ensure that you find the best deal regarding grace periods, interest rates, and repayment options.
      • Remember that borrowing now will impact your life in the future.