Charlotte Loan FAQ's
- What if I don’t want the full amount of loans offered in the Award Package?
- What if I decline all or part of my loan award now but then later decide that I need it?
- Should I borrow the maximum amount? What choice do I have?
- What is the “Indebtedness Policy” at GCTS?
- Do I need to sign a Federal Direct Loan Promissory Note (MPN)?
- Am I required to complete a Direct Loan ENTRANCE Counseling tutorial online?
- Am I required to complete a Direct Loan EXIT Counseling tutorial online?
- How am I supposed to keep track of all my correspondence and records?
- Where do I find the basic eligibility requirements for Federal aid?
- What expenses can I pay with loan funds?
- When are loans disbursed?
- Are loans available for summer courses or is it considered part of spring semester for financial aid purposes?
- What is a Direct Grad PLUS loan?
- What academic requirements or conditions must be met in order to receive financial aid?
- Am I eligible for a Federal student loan if I do not have a bachelor’s degree?
Charlotte Loan Answers
- Q:What if I don’t want the full amount of loans offered in the Award Package?
You may reduce or cancel any part of your financial aid package. You may have been offered more loan money than you want or need. Simply enter the reduced amount you want to accept.Top
- Q:What if I decline all or part of my loan award now but then later decide that I need it?
You may reapply for loans later if you still meet the eligibility requirements. Contact the Financial Aid Office.Top
- Q:Should I borrow the maximum amount? What choice do I have?
You are encouraged to borrow the minimum that you need. Many GCTS students take steps to avoid or minimize borrowing, including:
- Full or part-time work
- Studying part-time
- Obtaining support from churches, family, friends, organizations, etc.
- Choosing a simple, low-cost lifestyle while at GCTS
- Coordinating work and study with a spouse
- Q:What is the “Indebtedness Policy” at GCTS?
The Seminary sets a limit of $40,000 for individual student educational indebtedness, including debt incurred at previous schools you have attended. If a student New or Returning is nearing or has exceeded a Federal Student Loan debt of $40,000, they are sent a notice stating they must write a letter to the Debt Committee that reviews their plan for further borrowing and plans to make future repayment in light of salary expectations. The Financial Aid Debt Committee will evaluate all future borrowing requests which would take an individual above this $40,000 limit. (Note: this limit is extended to $45,000 if the student is graduating within the academic year.) Most requests are approved; however, if the Debt Committee has concerns after your initial letter has been reviewed, a meeting may be requested.Top
- Q:Do I need to sign a Federal Direct Loan Promissory Note (MPN)?
If you are new to GCTS and/or applying for Federal Student Loans for the first time at GCTS you will need to complete a new Direct Loan master promissory note. You will need your FAFSA pin number to access your account at the following website: www.studentloans.gov. Note: When choosing the State of your school, you must choose MA (not NC).Top
- Q:Am I required to complete a Direct Loan ENTRANCE Counseling tutorial online?
If you are new to GCTS and/or applying for Federal Student Loans for the first time at GCTS you will need to complete an Entrance Counseling tutorial online. You will need your FAFSA pin number to access your account at the following website: www.studentloans.gov. Once completed online, the Financial Aid office requests a copy of the confirmation page sent to GCTS to include with your Financial Aid file documents.Top
- Q:Am I required to complete a Direct Loan EXIT Counseling tutorial online?
When a GCTS student Federal loan borrower has dropped below half-time status, withdrawn, takes a leave of absence or graduates, the Federal Government regulates that they must complete an online Exit Counseling tutorial. GCTS takes compliance with this regulation seriously and will not honor official transcript requests or give out a diploma until this requirement is completed. You will need your FAFSA pin number to access your account at the following website: www.studentloans.gov.Top
- Q:How am I supposed to keep track of all my correspondence and records?
We recommend that you create a file system to organize your financial aid records - a binder for hardcopies and an online folder set up on your computer for electronic communication.Top
- Q:Where do I find the basic eligibility requirements for Federal aid?
Federal aid is subject to extensive regulations with which GCTS must comply. These affect your eligibility for financial aid (sometimes retroactively!). You need to become familiar with the basic regulations so that you can avoid serious dilemmas. Please carefully read and understand your award terms and conditions and all the materials provided to you by our office and by the Direct Loan servicing center. If you have questions, please contact the Financial Aid Office.Top
- Q:What expenses can I pay with loan funds?
Federal loan funds are intended to help students with tuition, books, fees and living expenses. Any loan refund you receive is for this purpose.Top
- Q:When are loans disbursed?
If all is in order for your loan to be disbursed, depending on the campus you attend, the first FALL, SPRING or SUMMER semester loan disbursements are expected 2-3 weeks after classes begin. In general, the timing of disbursements for the Charlotte Campus is the second week of October (FALL), first week of March (SPRING) and the second week of June (SUMMER). The Financial Aid office will send notification via email that the funds have been posted to your account.Top
- Q:Are loans available for summer courses or is it considered part of spring semester for financial aid purposes?
In general, students are awarded only for fall/spring semesters. The Financial Aid Office does not automatically award summer loans. Summer loans are by request of the student and are considered either headers or trailers to a school year. If you need a summer loan, you will need to have a completed FAFSA and GCTS form for that year. If you have remaining loan eligibility for the current year, you may request a summer loan within the current academic year. If you have already maxed out your sub/unsub Stafford eligibility for the current year, a FAFSA and GCTS must be completed for the next school year. In this case, a summer loan would have to be a header to the next academic year. Whatever you are awarded for the summer in loans will reduce your overall maximum loan eligibility for the following fall/spring. The total amount of Stafford subsidized/unsubsidized loan in any academic year a graduate student may receive is $20,500.Top
Any student who wants a summer loan may contact the Financial Aid Office come April or thereafter. As long as the FAFSA and GCTS form are in, we can determine the loan award you are eligible for in the summer. Disbursement will not be until after the summer session begins. No loans may be processed after the last day of class for the summer session they are requesting a loan for.
- Q:What is a Direct Grad PLUS loan?
This loan allows you to borrow up to the cost of attendance minus any financial aid you may be receiving. Cost of attendance includes tuition, room and board, books and other miscellaneous expense. The PLUS loan is based on your credit. These loans have a fixed rate. If eligible, you are strongly encouraged to take out the maximum amount of your subsidized and unsubsidized Stafford loans before considering a Grad PLUS loan. For more information about Perkins Loans and interest rates, visit the Student Loans / SAP page.Top
- Q:What academic requirements or conditions must be met in order to receive financial aid?
You must be making satisfactory academic progress before loan funds may be received. Satisfactory academic progress is defined as: 1) maintaining a GPA consistent with or higher than the minimum required for the student’s degree program; 2) maintaining a completion rate of 67% or higher for all courses attempted (including withdrawals); and 3) being on track to complete the student’s degree program within 150% or less of the credits required for the program.Top
- Q:Am I eligible for a Federal student loan if I do not have a bachelor’s degree?
A student must possess a bachelor’s degree or have completed, at minimum, the equivalent of three previous years of full-time academic study in order to be eligible to receive Title IV funds. (These three years could include full-time study at Gordon-Conwell). Once you have completed three years of full-time academic study, then you may apply for and receive Federal student loans.Top