Loans

To apply for federal loans, student borrowers must be enrolled at least half-time. Eligibility is determined through the FAFSA and the student must be certified as eligible by the University.

For more information on the loan application process click the links below:

Direct Stafford Loans

Apply for Direct Stafford Loans

• The FAFSA is the application for the Stafford loans, so if you have already completed the FAFSA, the Financial Aid Office will send you an award letter indicating how much in loans you qualify for at Grace Christian University, up to the maximum loan amount allowed per student. (Cost of Attendance limits apply).

• Students wishing to accept their Stafford loans must complete the Master Promissory Note (MPN) at https://studentaid.gov/mpn. The MPN is your promise to the Department of Education that you will pay back the federal loans. After the MPN is completed, the Department of Education will notify the Financial Aid Office.

Direct Federal Stafford Loans
Dependent Students	Subsidized + Unsubsidized =Total
1st year undergrad	$3,500 + $2,000 = $5,500
2nd year undergrad	$4,500 + $2,000 = $6,500
3rd year (up to graduate)	$5,500 + $2,000 = $7,500

Independent Students	Subsidized + Unsubsidized =Total
1st year undergrad	$3,500 + $6,000 = $9,500
2nd year undergrad	$4,500 + $6,000 = $10,500
3rd year (up to graduate)	$5,500 + $7,000 = $12,500

Entrance Counseling

Students wishing to borrow Stafford loans are required by the Department of Education to complete the Loan Entrance Counseling. Stafford Loan funds will not be released to the school without completion of the required Entrance Counseling. To complete Entrance Counseling, please visit https://studentaid.gov/entrance-counseling.
If you have any questions as you complete the Entrance Counseling requirements you may email the Financial Aid Office at financialaid@gracechristian.edu, or call 616-538-2330.

Direct Parent Plus Loans (for Dependent students)

Direct PLUS loans are available to a parent with a good credit history to pay the education expenses for a child who is a dependent undergraduate student enrolled at least half-time. Eligibility is determined through the FAFSA and the student must be certified as eligible by the Financial Aid Office.

To complete the Parent PLUS Loan application, the parent must go to https://studentaid.gov/plus-app/ and login using their FSA ID and password. Parents who do not have an FSA ID can create one at https://studentaid.gov/fsa-id.
The PLUS application performs a credit check, and if the application is approved, the parent would contact the Financial Aid Office to request a loan, up to the amount allowed, based on the student’s cost of attendance.
Parents applying for a Direct Parent PLUS loan are required to complete the Master Promissory Note (MPN) by visiting https://studentaid.gov/mpn/parentplus/landing. The MPN is the parent’s promise to the Department of Education that they will pay back the federal loans. After the MPN is completed, the Department of Education will notify the Financial Aid Office.

Private Loans

In some instances, a student may still need additional loans to cover the remainder of their school bill. Private loans are available to help students meet costs that are not covered by federal, state, and institutional aid.

Private loans are typically for students who still have an amount owed after applying for Stafford and PLUS loans.
Private loans usually require a co-signer, but in some cases (if the student has established credit) the student may be able to apply for a loan without a co-signer.

Apply for a private loan at ELMSelect.

Exit Counseling

When a student withdraws or graduates from college, if they borrowed Direct Stafford Loans, they are required to complete the Loan Exit Counseling. This process helps a student understand their rights and responsibilities with the loans that they borrowed. To complete your Loan Exit Counseling requirements, please visit https://studentaid.gov/exit-counseling.

Also, the National Student Loan Data System (NSLDS) provides students with a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. Just click the above link to login.

If you have any questions as you complete the counseling requirements you may email the Financial Aid Office at financialaid@gracechristian.edu, or call 616-538-2330.