Loan Amounts: Grade level one students (freshman) may borrow a base amount of $3,500 (subsidized and/or unsubsidized); Grade level two students (sophomores) may borrow a base amount of $4,500 (subsidized and/or unsubsidized) per academic year. Loan amounts for one semester only are one-half (1/2) the maximum yearly loan amount not to exceed need or cost of attendance.
Interest Rate: As of July 2023, the interest rate for subsidized and unsubsidized loans for undergraduate students is fixed at 5.50% for loans disbursed from July 1, 2023 through June 30, 2024.
To apply for a subsidized or unsubsidized loan, you must first apply for federal financial aid via the FAFSA. All students applying for a loan must complete "Entrance Counseling" and the "Annual Student Loan Acknowledgment" before the processing of the loan application and "Exit Counseling" before the receipt of the second check. Entrance Counseling is required only once at Grossmont College and the Annual Student Loan Acknowledgment and Exit Counseling are required on a yearly basis.
Additional Loan Counseling: In addition to the required Direct Loan Entrance and Exit Counseling, Grossmont College strongly recommends that students complete additional loan counseling with their Financial Aid Advisor or on-line using Federal Student Aid’s Financial Awareness Counseling Tool (FACT), which can be accessed at here.
The deadline to submit a Federal Direct Student Loan application is December 15, 2023 for the Fall 2023 semester (Fall only students), and May 24, 2024 for the Spring 2024 semester.
Origination Fee: As of October 1, 2022 the loan origination fee will be 1.057%.
Subsidized Loan Maximum Eligibility for borrowers on or after July 1, 2013, click here for more information.
ATTENTION: If you are no longer enrolled and received a Direct Loan, you are required to complete the Exit Counseling Exam. Please click here for more information.