Costs and Financial Aid

Student Loans

We participate in the Direct Loan Program.  We are required to monitor total loan amounts borrowed and recommend student borrowing accordingly. We pro-rate loans according to unmet financial need, unmet cost of attendance, program, length of program and time of the term.

If you choose to borrow a private/alternative loan, you must report those loan amounts to the Office of Financial Aid.

Alternatives to Student Loans

  • Apply for Scholarships
  • Apply to work on-campus with the Federal Work Study program
  • Work part-time off-campus during the semester while taking classes full-time.  Need help?  Check Out Career Services.
  • Save money earned during the summer to spend during the school year
  • Reduce expenses during the school year by creating a budget
  • Earn your Associate in Arts or Science at GCTC before transferring to a school with higher tuition costs

Remember! What you borrow now is what you will have to repay later. Ask yourself what you need and what you want to still be paying for in ten years.  

How Much Will You Really Pay Each Month?

  Standard Loan Repayment Plan
  Amount Borrowed    Monthly Payment**      Total Interest Paid     Total Repaid   
  $3,500   $50   $971   $4,471
  $5,500   $63   $2,095   $7,595
  $8 ,000   $92   $3,047   $11,047
  $10,000   $115   $3,810   $13,810
  $12,000   $138   $4,572   $16,572
  $15,000   $173   $5,714   $20,714
  $20,000   $230   $7,619   $27,619
  $23,000   $265   $8,762   $31,762
  $30,000   $345   $11,429   $41,429
  $35,000   $403   $13,334   $48,334
  $40,000   $460   $15,238   $55,238
  $45,000   $518   $17,143   $62,143
  $50,000   $575   $19,048   $69,048
  $57,500   $662   $21,905   $79,405

** Based on a Standard 10-Year Repayment Plan with 6.8% interest (unsubsidized loan rate prior to 13-14 school year). Income-based payment plans may decrease monthly payment but increase the number of payments and total amount repaid. Go to FinAid.org or FSA Direct Loans to determine your estimated payments.

 

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