Student
Loans
FEDERAL STUDENT LOANS
Federal Family Education Loan Program (FFELP). If you are enrolled at least half-time in an eligible program of study, you may be eligible for the Federal Family Education Loan program (FFELP). These loans are the federal government’s major form of self-help aid. Funds are lent from a participating bank, credit union, or savings and loan association and must be repaid.. GSU’s list of preferred lenders are known for their excellent quality of service. Funds are received electronically (EFT - Electronic Funds Transfer) Click on the link to choose a lender of your choice http://www.customschool.com/gram/lenderlist/index.html.
| Type of Loan | Amounts | Eligibility | Interest/Repayment | Lender |
| Federal Subsidized Stafford Loan | Maximum $3,500 for the first year of undergraduate study, $4,500 for the second year of undergraduate study, $5,500 per year for subsequent years of undergraduate study to a maximum of $23,000 including any amount borrowed through the Federal Subsidized Loan. Graduate students can request up to $8,500 per academic year. | FAFSA required. Applicants must demonstrate financial eligibility | Variable interest capped at 8.25% for new borrowers. Dept. of Education pays interest while student is in school and during grace and deferment periods; must be at least half time. | Applicant must choose a lender. |
| Federal Unsubsidized Stafford Loan | Same as maximum as Federal Stafford Loan. Undergraduate students are automatically eligible for $2,000 in an Unsubsidized Stafford Loan. Students may be eligible for the additional Unsubsidized Stafford loan of $4,000 for first and second year undergraduates, $5,000 for third and fourth year students, and $12,000 for graduate students. | FAFSA required, but financial eligibility need not be demonstrated. | Variable interest capped at 8.25% for new borrowers. Payment is deferred. Student is responsible for interest during the life of the loan; must be at least half time. | Applicant must choose a lender. |
| Federal PLUS Loan | Maximum amount is based on other aid the student receives; however, amount cannot exceed student's cost of attendance. | FAFSA required at GSU, but financial eligibility need not be demonstrated. Eligibility based on parent's credit. | Variable interest rate capped at 9%. Payments are not deferred, but begins 60 days after the release of the second disbursement to the school. | Applicant must choose a lender. |
| Private Loans | Maximum amount is based on other aid student receives; however, amount cannot exceed student's cost of attendance. | FAFSA not required for some lenders. | Variable interest rate. Student needs to check with the lending agency. Many require a co-signer. | Applicant must choose a lender. |
