Greensboro College participates in the Federal Family Education Loan Program (FFELP).
The Loan Process
The Greensboro College Financial Aid Office strives to provide quality loan servicing through the use of the most advanced technology available.
Following the steps below will help to insure your student loan is processed quickly and efficiently. Failure to follow these procedures will cause a delay in the processing of your loan which will prevent your funding arriving to the College on time.
1. Your official Award Notification will indicate the amounts and types of Stafford loans for which you are eligible.
2. Once we receive your Signed Award Letter, we will electronically certify your loan eligibility to your lender.
3. Your lender will process your loan application once they receive a completed, signed promissory note. Your loan will be disbursed in two equal installments, one for the Fall semester and one for the Spring. The funds will not be released until after the drop/ add period; and will post to your student account.
Choosing a Lender
Participating in the Federal Stafford Loan Program represents many important decisions for the student. One of these is the selection of the lender that will be associated with you throughout the life of the loan. To make the selection of your lender easier, the list below provides the lender resources recommended by the Greensboro College Financial Aid Office. We have chosen to list these resources because of their proven ability to provide quality service and efficient processing of applications. Greensboro College has always recommended lenders based on their service to our students and the institution and has never accepted inducements of any form from any lender. Students may choose any lenders they wish. Because there are thousands of lenders in the United States, providing a list of lender resources may make it easier for students to decide. Federal lenders are required to follow the same Federal regulations.
LENDER RESOURCES
* ECMC - http://www.ecmc.org/link/00293000/
If you have previously borrowed a Stafford Loan we recommend you use your previous lender.
• Entrance Counseling
This is a mandatory requirement set forth by the Federal Government. Entrance Counseling must be completed before a student's Federal Stafford Loan is processed. The counseling goes over the student's rights and responsibilities of the Federal Stafford Loan.
• www.ecmc.org/student/
• Exit Counseling
This is a mandatory requirement set forth by the Federal Government. Exit Counseling must be completed before a student graduates or withdraws from Greensboro College. The counseling goes over the student's rights and responsibilities of paying back on their Federal Stafford Loan.
• www.ecmc.org/student/
• FEDERAL STAFFORD LOAN PROGRAM
This federal loan program provides loans to students who demonstrate financial need. Eligible freshmen students may borrow up to $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. Repayment of interest and principal begin six months after graduation or termination of studies.
• UNSUBSIDIZED STAFFORD LOANS
An unsubsidized loan is not awarded on the basis of need. This loan has the same terms as the Federal Stafford Loan except, interest will be charged from the time the loan is disbursed until it is paid in full.
• FEDERAL PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS)
A PLUS Loan will enable parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time.
• Plus Loan Pre-Approval
• ALTERNATIVE LOANS
Students can also apply for an Alternative Loan. Unlike the Stafford Loan, Alternative Loans are credit based and require a co-signer. We use one preferred Alternative Loan Program. You can apply online with ECMC or stop by the Financial Aid Office for an application. Like the Stafford Loan, you cannot exceed your total cost of education.
• FEDERAL PERKINS LOAN
A Federal Perkins Loan, is administered by the college to students who demonstrate exceptional need. It is a low-interest loan (5 percent). The loan may be repaid over a ten year period beginning nine months after graduation or termination of studies.
• GREENSBORO COLLEGE LOAN
A Greensboro College Loan is an institutional loan. The availability of funds varies from year to year. The interest rate is 6 percent. This loan is awarded by the Financial Aid Office on a case by case basis.
Loan Information
Main Guarantee Agency
• ECMC - www.ecmc.org
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