Gordon-Conwell participates in the William D. Ford Federal Direct Loan Program which offeres direct unsubsidized loans and Graduate Direct PLUS loans to help provide funding options for eligible candidates.
To receive this loan, new borrowers at Gordon-Conwell must complete the following:
Students who receive federal student loans must meet the following Satisfactory Academic Progress (SAP) requirements:
For this purpose, successfully completed is defined as having received a passing grade (D or higher or P for passing). Note that withdrawing (and receiving a W) is not considered successfully completed and such a class would be included in the SAP calculation.
The SAP verification is done for each student prior to the disbursement of loans. If a student does not meet the requirements, the student will be notified by the Financial Aid Office. A student who does not meet the SAP requirements has the option of an SAP appeal process. The process is described in the notification letter and in the GCTS Student Handbook.
If a student’s SAP appeal is approved, loan eligibility can be reinstated and the student may be eligible to receive federal student loans. If a student does not use the SAP appeal process or if a student’s SAP appeal is not approved, the Financial Aid Office will not be able to disburse that student’s loan.
Once you graduate, drop below a half-time course load, or withdraw from school, your six-month grace period begins. The grace period begins on the last day that you attended on a part or full-time basis. You are not required to make student loan payments during the grace period, but will be required to do so once the six-month grace period ends.
If you return to school on a half or full-time basis before the grace period is over, you will have a new six-month grace period as you graduate, drop below a half-time course load, or withdraw.
The standard repayment term for student loans is ten years, but other options may be available. See Federal Student Aid for more information about repayment plan options.
Also, once you have graduated, drop below half-time, take a leave of absence, or withdraw from school you will be required to complete the Exit Counseling.
*Note that Gordon-Conwell cannot issue a diploma or transcripts until this federal requirement is complete.
The Graduate Plus Loan is another federally funded loan program that allow students to borrow up to the full cost of attendance minus other financial assistance. This loan requires a credit check and is contingent upon approval.
To apply for the Graduate Plus loan complete the following:
Once completed, please notify our office of your intent to borrow a Graduate Plus Loan.
*If you are denied a Plus Loan you may appeal the credit decision or find an endorser. For more information on how to appeal or add an endorser please visit Federal Student Aid or contact the Student Loan Support Center at 1-800-577-7394
If you would like to cancel or reduce your loan, please notify our office in writing or email us at [email protected] from your school issued email account with your loan adjustment request.
We encourage you to monitor your overall student debt and to only borrow what you need. To view your loan history and find information regarding your loan servicer, please visit Federal Student Aid.
Find information about loan repayment plans by visiting “Repayment Plans” at the Federal Student Aid website. For information about federal student loan consolidation or application for consolidation, see Direct Consolidation Loan Application.
*As a student loan borrower, you are responsible for staying in touch with your loan servicer, updating your contact information, and making payments even if you do not receive a bill.