Manage Your Loans
Taking out a loan means borrowing money for college that has to be repaid per the terms of the lender. All loans are not the same. Be sure to read and understand the terms of funding and conditions of repayment before committing to an agreement.
The resources below provide additional information about managing student loans:
- National Student Loan Data System
- Direct Loan
- Promissory Note & Entrance Interview
- Forgiveness, Cancellation and Discharge
- Deferment and Forbearance
- Truth About Credit
- Understanding Financial Aid
- College Answer - A guide to college admissions and financial aid
- Pay4CollegeArizona – Resources for preparing and paying for college
- FAFSA – Free Application for Federal Student Aid
- Education Planner – A comprehensive guide for funding your college education
- Federal Perkins Loan
- Federal Student Loans
- Parent Loan for Undergraduate Students (PLUS)
- Federal Student Aid
- Decide How Much to Borrow with the Debt/Salary Wizard7
Federal Direct Stafford Loans
All subsidized and unsubsidized Stafford loans are processed by the Department of Education's William D. Ford Federal Direct Loan Program. Federal Stafford Loans are fixed-rate loans for students who are attending college at least half-time (6 credit hours). The Federal Direct Subsidized Loan is a need based loan. Need is determined by a student's Estimated Family Contribution (EFC), and is calculated based on the information in the student's FAFSA.
Full eligibility for loan monies is offered to GateWay Community College students upon awarding. It is the student's responsibility to accept all or a portion of the loan amount desired. For all first time loan borrowers there is a mandatory 30-day delay for receiving funds which begins at the beginning of every semester. For students who will be attending one semester only in the academic year (Fall/Spring), the loan check will be disbursed in two equal disbursements with the second disbursement disbursed to the student's account midway through the semester.
Subsidized Stafford Loans - A federally financed student loan made to students meeting eligibility requirements. The federal government does not charge interest on these loans while the borrowers are enrolled at least half time, during the grace period, or during authorized periods of deferment. Eligibility for a subsidized loan is based on need.
Unsubsidized Stafford Loans - A federally financed student loan made to students meeting eligibility requirements. Students need not demonstrate financial need. Interest is charged throughout the life of the loan. The borrower may choose to repay the interest charged on the loan while in school, or allow the interest to be capitalized and pay the interest, along with their loan payments, when the loan enters repayment.
Annual and Aggregate Loan Limits
|Year||Dependent Undergraduate Student (except students whose parents are unable to obtain PLUS Loans)||Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans)|
|First Year||$5,500 - No more than $3,500 of this amount may be in subsidized||$9,500 - No more than $3,500 of this amount may be in subsidized loans.|
|Second Year||$6,500 - No more than $4,500 of this amount may be in subsidized||$10,500 - No more than $4,500 of this amount may be in subsidized loans.|
|Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits)||$31,000 - No more than $23,000 of this amount may be in subsidized loans.||$57,500 - No more than $23,000 of this amount may be in subsidized loans.|
Fixed Rates for Loans First Disbursed on or after July 1, 2006
|Loan Type||Grade Level||First Disbursed Between July 1, 2009 and June 30, 2010||First Disbursed Between July 1, 2010 and June 30, 2011|
Fall and Spring
Monday - Thursday: 8 a.m. - 6 p.m.
Friday: 8 a.m. - 2 p.m.
Monday - Thursday: 8 a.m. - 6 p.m.