Student Loans

Student Loans

A student loan is aid that is deferred until you’re out of school. You must pay it back.

Student loans are a form of financial aid that can help you pay for tuition, books and living expenses while you are in school. GateWay offers the following loans:

  • Direct Subsidized Loan – A federally financed student loan for students who have financial need as determined by the FAFSA. 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.  
  • Direct Unsubsidized Loan – A federally financed student loan that is not based on 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.
  • 2022-2023 Direct Subsidized and Unsubsidized loan interest rate is 4.99%
  • 2023-2024 Direct Subsidized and Unsubsidized loan interest rate is 5.50% (for loans first distributed on or after 7/1/2023 and before 6/30/2024)

If you're interested in student loans, there are a few things you must do.

  1. Complete the FAFSA (Free Application for Federal Student Aid). Make sure you say you are interested in student loans on your FAFSA and that you added GateWay as the school to receive your FAFSA information. The GateWay school code is 008303 for credit hour programs and E00701 for clock hour programs.
  2. Submit all requested forms, and/or documents, to the GateWay Financial Aid Office (your file must be complete).
  3. Do the Entrance Counseling session (if you've already completed an entrance counseling session for GateWay in the past and we have record of it, then you do not need to do it again).
  4. Complete the Direct Loans Master Promissory Note.
  5. Be enrolled in 6 credit hours or more, or be enrolled in a clock hour program eligible for financial aid (at least half-time status).

30-Day Delay

All first time student loan borrowers, who have never had prior college attendance, will receive their first loan disbursement no earlier than 30 days after the start of the semester.

Dual Disbursements

Federal student loans at GateWay are released in two disbursements within the loan period. Students with full year awards will receive one disbursement in the fall semester and one in the spring semester. One semester loan awards will also be released in two disbursements. One disbursement will occur after the beginning of the loan period and the second disbursement will be disbursed to the student’s account midway through the semester.

Late-Start Classes

For loan funds to be disbursed, students must be registered in six credit hours that have starting dates the first week of the semester. If you will not be actively enrolled in six credit hours until later in the semester, your financial aid check will be held until the starting date of the sixth credit hour.

Annual Loan Limits

GateWay offers all loan awards for the maximum amount the student is eligible to receive. These amounts can be affected by grade level, dependency status, other aid offered and loans received at other schools earlier in the same award year.

  Dependent Students: Independent Students:
Subsidized Loans:

$3,500  Freshman:  0-29 Credits

$4,500  Sophomore: 30-more Credits

$3,500  Freshman:  0-29 Credits

$4,500  Sophomore: 30-more Credits

Unsubsidized Loans: $2,000 $6,000


Aggregate Loan Limits

If the total loan amount you receive over the course of your education reaches the aggregate loan limit, you are not eligible to receive additional loans. However, if you repay some of your loans to bring your outstanding loan debt below the aggregate loan limit, you could then borrow again, up to the amount of your remaining eligibility under the aggregate loan limit.

  Dependent Students: Independent Students:




(No more than $23,000 of this amount may be in subsidized loans)

(No more than $23,000 of this amount may be in subsidized loans)

Estimated Student Loan Repayment Calculator – You can estimate the monthly payments of your student loans.