Students at GCNYC are eligible to apply for only the federal Direct Unsubsidized and Grad PLUS loans. GCNYC also offers a small number of merit-based scholarships to eligible students.
Direct Unsubsidized Loan
A federal Direct Unsubsidized Loan is not based on the student’s financial need, but students must also meet specific eligibility requirements. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal). Direct Unsubsidized Loan is not based on credit history.
The annual loan limit is $20,500.
Grad PLUS Loan
The federal Grad PLUS loan is not based on the student’s financial need, but students must also meet specific eligibility requirements. The annual limit is equal to the student’s cost of attendance, minus any other financial aid the student is receiving. Applicants are required to pass a credit check. PLUS loans carry a fixed rate and an origination fee. Certain borrowers may also be required to complete federal PLUS loan counseling before the loan is originated and disbursed.
Before you can receive a Grad PLUS Loan, you must complete a Direct PLUS Loan Master Promissory Note (MPN), which explains all the terms and conditions of the loan and constitute your legally binding agreement to repay all the Grad PLUS Loans you receive. Someone with an adverse credit history can qualify for a Grad PLUS Loan by securing an endorser.
Aggregate Loan Limits
|LIFETIME FEDERAL DIRECT LOAN LIMITS
|SUBSIDIZED LIFETIME LIMIT
Period of Enrollment
The period of enrollment for which a direct loan is intended must coincide with an academic period established by the College for which institutional charges are generally accessed. Therefore, the period of enrollment for GCNYC is fall, winter and spring trimesters.
At GCNYC, we believe that a college education is an investment for a brighter future. Our institutional commitment to furthering our ‘For the Common Good’ mission and our equally strong desire to build a diverse academic community made of passionate students means that GCNYC makes every reasonable attempt to help qualified students.
In this spirit we are proud to offer merit-based Common Good scholarships, with several specific criteria attached to them. The Admissions team can help determine eligibility.