Loans

To apply for federal loans, student borrowers must be enrolled at least half-time. Eligibility is determined through the FAFSA and the student must be certified as eligible by the College.

 

Beginning in 2010, all Grace Bible College students who will be taking out loans will be required to complete the Direct Loan Entrance Counseling and complete a new Master Promissory Note.

Click the links for more information:

Entrance Counseling

Before applying for Stafford and PLUS Loans, you must first complete your Federal Entrance Counseling

 

  • Stafford and PLUS Loan funds will not disburse without completion of your entrance counseling.
  • If you have any questions as you complete the counseling requirements you may email the Financial Aid Office at kpostma@gbcol.edu, or call 1-800-968-1887.
Exit Counseling

To complete your Exit Counseling requirements, please visit www.studentloans.gov.

 

Also, the National Student Loan Data System (NSLDS) provides students with a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. Just click “financial aid review” and log in.

 

If you have any questions as you complete the counseling requirements you may email the Financial Aid Office at kpostma@gbcol.edu, or call 616-261-8557.

Private Loans

In some instances, a student may still need additional loans to cover the remainder of their school bill. Private loans are available to help students meet costs that are not covered by federal, state, and institutional aid.

 

  • Private loans are typically for students who still have an amount owed after applying for Stafford and PLUS loans.
  • Private loans usually require a co-signer, but in some cases (if the student has established credit) the student may be able to apply for a loan without a co-signer.

 

Apply for a private loan at ELMSelect.

Stafford Loans

Apply for Direct Stafford Loans

 

  • Students applying for Stafford loans must complete the Master Promissory Note (MPN).
  • The MPN is considered “the application” for the Stafford Loans. When the MPN is completed, the school is notified and the Financial Aid Office will certify up to the maximum loan amount allowed per student.

 

Direct Federal Stafford Loans
Dependent Students Subsidized + Unsubsidized =Total
1st year undergrad $3,500 + $2,000 = $5,500
2nd year undergrad $4,500 + $2,000 = $6,500
3rd year (up to graduate) $5,500 + $2,000 = $7,500
Independent Students Subsidized + Unsubsidized =Total
1st year undergrad $3,500 + $6,000 = $9,500
2nd year undergrad $4,500 + $6,000 = $10,500
3rd year (up to graduate) $5,500 + $7,000 = $12,500