What is a Loan?
Loans are borrowed funds which must be repaid, with interest, after you are no longer a student. As college costs climb, many families find that supplemental borrowing by the student or parent becomes an important resource for financing educational expenses. When applying for financial aid, the CGCC Financial Aid Office will automatically consider you for student loans if you have indicated an interest in loans on your FAFSA. Please visit the Overview of Programs page for more detailed information on the various loan programs.
There are two basic loan categories:
1) Need based loans
2) Non-need based loans
Need based loans include the Federal Perkins and Federal Direct Subsidized loan.
Non-need based loans include the Federal Direct Unsubsidized Loan, Federal Direct PLUS (Parent) loan, and alternative/private loans.
Students interested in the Federal Direct PLUS (Parent) Loan will need to contact our office for additional paperwork. There are also many alternative loans available. Students must apply separately for these loans. In order to apply for alternative loans, you must contact the lender. The internet is a good place to research alternative loans. The CGCC Financial Aid Office does not know your specific needs so be sure to review the various lenders carefully. It is the students' responsibility to carefully compare the terms and interest rates of these loan programs.
Chandler-Gilbert Community College participates in the Federal Direct Loan Program. In order to be eligible for a student loan you must enroll in a minimum of six credit hours (half-time) at CGCC per semester. Additionally, if you are first-time borrower, first-year student (less than 30 credits completed) your loan funds will not be disbursed until 30 days after the first day of classes per federal guidelines.
Loan Resources Calculators
Other Loan Web Resources
- Direct Loan Interactive Calculators: Calculate your budget, monthly payment, and read more about the various repayment plans at this site.
- Loan Consolidation Calculator: This calculator from the Department of Education's Direct Loan Service will help borrowers determine if you will save money by consolidating your federal loans.
- Cost of Interest Capitalization Calculator: This calculator computes an estimate of the accrued interest and the new loan balance at the end of the deferment period. It also presents the impact of capitalization on the total amount paid over the lifetime of the loan.