Student Loans | GCTC

Student Loans

If you choose to borrow a student loan for the upcoming year, you must request it through your student self-service. *There will be a link labeled “loan request."  As you consider whether to borrow or how much you would like to borrow, please consider the following facts:

1. As the name implies, this is a loan that must be repaid. Please consider borrowing only the amount you need to meet your educationally related expenses. The less you borrow while a student, the less you will have to repay when you are no longer in school. You should keep in mind the earning potential for your chosen major.  Please note the estimated repayment chart below.

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

2. Any amount you borrow will be split evenly between Fall and Spring. If you request $1,000, you will receive $500 less fees in the Fall and $500 less fees in the Spring. Please consider this information as you decide how much to request.

3. The Loan Request link will pre-determine your student loan eligibility. The chart below will show you the maximum annual loan amount for students by dependency status and grade level. In addition, a student who is receiving state or federal grants, federal work study, scholarships, third party payments, etc., may receive a lesser amount than the chart indicates. Each student has an estimated Cost of Attendance and his or her total aid cannot exceed that amount.  

4. Loans approved for one term (for example: Fall Only) will have two (2) disbursements within the semester. Those will take place approximately the 5th week and 9th week.

Dependency Status Freshman (0-29 Hours Earned) Sophomore (30 or more Hours Earned)
Independent Student $9,500 $10,500
Dependent Student $5,500 $6,500

 *Important Note: In order to complete a loan request, you must complete your “to do list”  on student self – service.  Financial aid, including student loans, will not be processed until those missing items have been completed.