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Direct Loan Frequently Asked Questions (FAQ’s)

This direct loan frequently asked questions (FAQ’s) page will help guide you to find some answers, as well as teach you about loans. See videos for additional information.

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What is a Direct Subsidized Loan?
  • A loan made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at an approved college or career/technical school.
What is a Direct Unsubsidized Loan?
  • A loan made to eligible undergraduate, graduate, and professional students. Students do NOT have to demonstrate financial need to be eligible for the unsubsidized loan.
How much can I borrow?
  • For undergraduate 1st year students (less than 30 completed units):
    • Dependent/Independent: up to $3,500 Subsidized or Unsubsidized
    • Dependent/Independent: up to $2,000/$6,000 Additional Unsubsidized

 

  • For undergraduate 2nd year students (30 or more completed units):
    • Dependent/Independent: up to $4,500 Subsidized or Unsubsidized
    • Dependent/Independent: up to $2,000/$6,000 Additional Unsubsidized
Can I take out loans for Summer?
  • Yes, but eligibility will be determined upon Summer enrollment and previous loan amounts disbursed within the academic year.
When do I have to start repaying my loan(s)?
  • From the time a student either graduates or is no longer enrolled as a half-time student, a 6 month grace period will begin allowing the student to set up their loan repayment options or ask questions from their loan servicer. After their 6 month grace period, payments are due unless you have made other payment arrangements with your loan servicer.
  • For questions regarding loan repayments, you may call: 1 (800) 621-3115.
How can I defer my loan payments?
  • Loan deferment can be an automatic process if you remain enrolled in at least 6 units during each semester.
  • You may also download the In-School Deferment Request form at: https://ifap.ed.gov/ifap/index.jsp   
    • This form will then need to be completed by the Grossmont Admissions & Records Office and then you will mail this form to your loan servicer.
What if I want to cancel my loan request?
  • To cancel a loan request, whether you have received funds or not, you can complete the Loan Cancellation form at the Financial Aid Office for processing.
Can I return my loan if I have already received the funds?
  • Yes, but you need to contact the Grossmont College Loan Specialist at (619) 644-7130 to determine repayment options and timelines.
Last Updated: 01/23/2019
  • GCCCD
  • Grossmont
  • Cuyamaca
A Member of the Grossmont-Cuyamaca Community College District