Types of Student Aid

Information icon ScholarshipsMoney received based on financial need, merit, or a combination of both criteria.

Currently Active Scholarships

All Scholarships

Please contact the Glen Oaks Financial Aid Office at 269-294-4260 with any questions.

Information icon Loans Money a student borrows.
Federal Loans Information

Cancellation Provisions

  • All loans are cancelled in case of death or disability of the loan maker.
  • To decrease or cancel a loan disbursement, please request a Loan Adjustment Form from the Financial Aid Office.
  • Loan disbursement will be cancelled by the Financial Aid Office if the student is enrolled in less than 6 credit hours at the time of disbursement.

Loans are borrowed funds that must be repaid, with interest. As college costs climb, many students and/or families find that supplemental borrowing by the student, or parent, becomes an important resource for financing educational expenses.

Your financial need and grade level determine the types and amounts of loans you receive. The Direct Stafford Subsidized loans are need-based, the Direct Stafford Unsubsidized Loan and the Direct PLUS Loan are non-need based.

Important information for first time loan borrowers as of July 1, 2013: There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your “maximum eligibility period”. You can usually find the published length of any program of study in your school’s catalog.


Note: The difference between the Subsidized and Unsubsidized Direct Loan is that students borrowing the Subsidized Loan do not have interest accruing on the loan while they are enrolled at least half-time; conversely, students borrowing the Unsubsidized Loan have interest accruing while they are enrolled in school. The Unsubsidized Loan does allow you to defer the interest payments until you graduate; however, this will result in a higher loan payment over the life of the loan.

Close-up Of A Business Woman Giving Cheque To Her Colleague At Workplace In Office

Student loans are one of four types of financial aid. Student loans are borrowed money that must be repaid with interest. Before considering a student loan, you should exhaust all other financial aid types, such as grants, scholarships and work-study. To determine eligibility for these programs you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed online at the FAFSA website.

Glen Oaks Community College participates in the Federal Direct Loan Program. Funds are provided by the federal government. These loans help students finance their educational expenses. You must meet all federal eligibility requirements including be enrolled at least half-time (6 or more credits) and be pursuing a certificate or degree program. We urge you to borrow conservatively. Don’t borrow more than you need!

The Direct Loan Program offers the following types of loans:

Subsidized
For students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods. Note: federal regulations were amended to temporarily eliminate the interest subsidy provided on Direct Subsidized Loans during the six month grace period provided to students when they are no longer enrolled on at least a half-time basis. This change will be effective for new Direct Stafford Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014.

Federal Direct Stafford Loan, Subsidized

Students accepting Direct Loan funds for the first time must complete an online Direct Loan Master Promissory Note before receiving their loan funds.

First-time borrowers who are first-year college students must also complete Direct Loan entrance counseling.

Description
  • Federally funded
  • Existing Direct Loans can be consolidated.
Eligibility
  • Need-based (Cost of Attendance minus EFC minus other aid)
  • Enrolled at least half-time in a degree or certificate program

Terms
  • Repayment of principle is deferred and there is no interest while enrolled at least half-time.
  • Limited deferment provisions; see the Repaying Your Student Loans and the Dept. of Education website (information specifically for teachers)


Unsubsidized
Not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods. If the student allows the interest to accumulate, it will be capitalized. This means interest will be added to the principal amount of the loan and additional interest will be based on the higher amount. This will increase the total repayment amount of the loan. The student who chooses to pay the interest as it accumulates will repay less on the loan.

Federal Direct Stafford Loan, Unsubsidized

Students accepting Direct Loan funds for the first time must complete an online Direct Loan Master Promissory Note before receiving their loan funds.

First-time borrowers who are first-year college students must also complete Direct Loan entrance counseling.

Description
  • Federally funded
  • Existing Direct Loans can be consolidated.
Eligibility
  • Need-based (Cost of Attendance minus other aid)
  • Enrolled at least half-time in a degree or certificate program

Terms
  • Interest begins accruing immediately, may be paid periodically or capitalized (see promissory note).
  • Repayment of principle is deferred and there is no interest while enrolled at least half-time.
  • Limited deferment provisions; see the Repaying Your Student Loans and the Dept. of Education website (information specifically for teachers)


PLUS
Unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).

For more information about Parent PLUS loans and to apply for a Parent PLUS loan, go to the Student Loans website and click on “Parent Borrowers”.

Federal Direct PLUS Loan

If a parent is accepting PLUS Loan funds for the first time, Parent must complete an online Master Promissory Note before receiving their loan funds.

Description
  • Federally funded
  • Existing PLUS Loans can be consolidated.
  • Parent borrows on behalf of undergraduate student.
Eligibility
  • Non-need based (Cost of Attendance minus other aid)
  • Student must be enrolled at least half-time in a degree or certificate program
  • Borrower cannot be 90 days or more delinquent on the repayment of any debt (180 days delinquent on mortgage loan or medical bill payments) or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the last five years.

Terms
  • This loan will be listed on your award letter only if a separate application is submitted and approved.
  • Repayment of principal and interest begins 60 days after loan disbursed. For PLUS loans first disbursed after July 1, 2008, parents have the option of deferring repayment until six months after the dependent student is no longer enrolled at least half-time. To request deferment, call 1-800-848-0979.



Applying for a Direct Loan

  • As with all federal student aid, you start by filling out the Free Application for Federal Student Aid (FAFSA).
  • Complete and submit a Glen Oaks Community College Federal Direct Loan Request Form. Loan Request Forms will allow students to apply for funding for one semester at a time. Each semester loan request form will be available four weeks prior to semester registration. This form can be accessed from the Financial Aid page or a paper copy is available in the GOCC Financial Aid Office.
  • Entrance Counseling: If you are a first-time loan borrower, you must complete entrance counseling before your school can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. Entrance Counseling can only be completed in-person by attending an on-campus session. Students will register for a session in advance by phoning 269-294-4260, or visiting the Financial Aid Office.
  • Master Promissory Note: If you are a first-time loan borrower, you must complete a Master Promissory Note (MPN) before your school can make the first disbursement of your loan. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). A student can borrow additional Direct Loans on a single MPN. It is not required that you complete a new MPN each academic year. You can complete the MPN on-line.

Loan Counseling

Student borrowers are not required to begin making payments until six (6) months (grace period) after they drop below half-time attendance. When the student drops below half-time (6 credit hours or more) or leaves school, Exit Counseling is required. Glen Oaks will notify the student via postal mail when he/she drops below half-time enrollment. This notification will include a paper copy of the Exit Counseling information and a link to the Federal Direct Loan website for exit counseling.


Direct Loan “Entrance” Counseling is REQUIRED for first-time Direct Loan borrowers (Subsidized and Unsubsidized) who are first-year students. This counseling session will be held in person and helps students develop a budget for managing educational expenses and also helps borrowers understand their loan responsibilities. You must complete the counseling before your loan will be disbursed to you.

Direct Loan “Exit” Counseling is REQUIRED for Direct Loan borrowers (Subsidized and Unsubsidized) who are graduating or are enrolled less than half-time. This counseling session, which is on the U.S. Department of Education’s Direct Loan Servicing site, helps borrowers understand their rights and responsibilities in repayment. You must use your Department of Education FSA ID to access this counseling session.

Additional Direct Loan Counseling GOCC has been selected to participate in the Loan Counseling Experiment under the U.S. Department of Education’s Experimental Sites Initiative (ESI). The Loan Counseling Experiment will test the effectiveness of requiring additional loan counseling for student borrowers beyond the required entrance counseling for first-time borrowers. As a returning direct loan borrower, you could be randomly assigned to complete this additional loan counseling before any loan funds are disbursed to you. The Financial Aid Office will notify you if you are required to do so.

Loan Limits

The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and on whether you are a dependent student or an independent student. Grants, work-study and scholarships may also impact on your loan eligibility. The following table shows the federal limits for an academic year in Direct Subsidized and Unsubsidized Loans as well as the total, or aggregate, amount you may borrow:

Federal Limits per Academic Year – Dependent Students
Dependent Students Annual Maximum Subsidized Annual Maximum Unsubsidized Annual Maximum Total
Freshman (up to 28 credits) $3,500 $2,000 $5,500
Sophomore (29 credits or more) $4,500 $2,000 $6,500
Aggregate Limit for Dependent Students $23,000 $8,000 $31,000
Federal Limits per Academic Year – Independent Students
Independent Students Annual Maximum Subsidized Annual Maximum Unsubsidized Annual Maximum Total
Freshman (up to 28 credits) $3,500 $6,000 $9,500
Sophomore (29 credits or more) $4,500 $6,000 $10,500
Aggregate Limit for Dependent Students $23,000 $34,500 $57,500

Direct Loan Borrowing Maximums

Maximum Limits per Academic Year
Subsidized Base Loan Amount Additional Unsubsidized Loan Amount
(as of July, 1 2008)
For All Undergraduates For Dependent UndergraduatesInformation icon For Independent UndergraduatesInformation icon
First Year
(0-28 credit hours)
$3,500 $2,000 ($5,500 total) $6,000 ($9,500 total)
Second Year
(29+ credit hours)
$4,500 $2,000 ($6,500 total) $6,000 ($10,500 total)
Maximum Lifetime Limits
Subsidized Loan Debt Lifetime Limit Total Loan Debt Lifetime Limit
(Subsidized & Unsubsidized)
$23,000 Dependent Undergraduate Independent Undergraduate
$31,000 (only $23,000 can be subsidized) $57,000 (only $23,000 can be subsidized)

Loan Repayment & Plans

No matter which loan program you choose, remember to borrow only what you absolutely need–what you borrow today you will need to pay back (with interest) later! You may not need to borrow as much, if at all, if you are able to work or cut costs (such as personal/miscellaneous costs). Many students wisely maintain a lower-cost student lifestyle in order to borrow the least amount necessary to cover their college costs. The result is lower debt and loan payments that will be easier to manage after graduation.

Use the Repayment Calculator to determine the estimated amount of your monthly payments.


When it comes time to start repaying your student loan(s), you can select a repayment plan that is right for your financial situation. Generally, you’ll have from 10 to 25 years to repay your loan, depending on which repayment plan you choose. Access more information about your repayment options on the Federal Student Aid website.

Loan Disbursement

Loans will be disbursed in two installments. All loans will be split in two equal payments within the semester. One half will be disbursed on the 1st credit balance refund payment date and the other half will be disbursed on the 2nd credit balance refund payment date. Disbursement dates are posted on the Financial Aid home page, and in the financial aid area of your GO-Zone student portal. Direct loan funds will be sent from the Department of Education to Glen Oaks and applied directly to your student account.

Direct Loan Interest Rates & Fees

You can view information about interests rates on the Federal Student Aid website.


The origination fee will be deducted proportionately from each of your loan disbursements.

Federal Direct Subsidized and Unsubsidized Stafford Loans are subject to an origination fee of 1.073% on or after 10/1/14 and before 10/1/15 and 1.068% on or after 10/1/15 and before 10/1/16.

Federal Direct PLUS loans are subject to an origination fee of 4.292% on or after 10/1/14 and before 10/1/15 and 4.284% on or after 10/1/15 and before 10/1/16.

Postponing Repayment

If you have trouble making your education loan payments, contact immediately the organization that services your loan. You might qualify for a deferment, forbearance, or other form of payment relief. It’s important to take action before you are charged late fees. For Direct and FFEL Stafford Loans, contact your loan servicer. If you do not know who your servicer is, you can look it up in the U.S. Department of Education’s National Student Loan Data System.


Note to PLUS Loan borrowers: Generally, the eligibility requirements and procedures for requesting a deferment or forbearance for Stafford Loan borrowers also apply to you. However, since all PLUS Loans are unsubsidized, you’ll be charged interest during periods of deferment or forbearance. If you don’t pay the interest as it accrues, it will be capitalized (added to the principal balance of the loan), thereby increasing the amount you’ll have to repay.

Know What You Owe

Students and/or parents who receive a Federal Direct Stafford Loan or Parent Loan for Undergraduate Students (PLUS) will have their loan data submitted to the National Student Loan Data System (NSLDS), a central database for student aid information. The National Student Loan Data System (NSLDS) has information about your federal student loans. To review your loan information visit the U.S. Department of Education’s National Student Loan Data System website. You will need:

  • Social Security Number First two letters of your last name
  • Your date of birth
  • Your Federal Student Aid ID (FSA ID). This is the FSA ID used to submit the FAFSA.

Code of Conduct

The Financial Aid Office follows Glen Oaks Community College’s Employee Code of Conduct (Policy 5.00) which prohibits conflicts of interest. The Financial Aid Office adheres to the Statement of Ethical Principles and Code of Conduct of the National Association of Student Financial Aid Administrators (NASFAA). Glen Oaks Community College has published a Student Loan Code of Conduct pursuant to the Higher Education Opportunity Act of 2008.

Private Loans Information

Private Education Loans

Private student loans are offered through a variety of banks and other lenders. Students wanting private loan must apply separately through an individual lender. The best rates on these loans are generally offered to borrowers with good credit and/or who have a cosigner with good credit.


Preferred Lender Arrangements/Preferred Lender List

Glen Oaks Community College does not recommend or endorse any bank or lender. Glen Oaks Community College does not have a Preferred Lender Arrangement and/or a Preferred Lender List. Glen Oaks Community College does not provide assistance to students and families in their search for, or review of, private student loans. Students and/or parents must conduct their research independently.

The loan amount will be limited to the Cost of Attendance minus student financial assistance offered during the loan period of the private loan application. Glen Oaks Community College’s responsibility is to certify the loan.


Application Process

Students apply to the lender of their choice. The lenders determine eligibility for a credit-worthy loan. The lender will send an application to GOCC to verify and certify the loan.

Disbursement
Loan Disbursements from the banks are sent via paper checks co-payable to GOCC and the student.


Information icon GrantsMoney a student receives based on financial need.

If you’ve filled out your Free Application for Federal Student Aid (FAFSA), you’ve automatically applied for the major federal grant programs. To receive a grant, you must have financial need as defined by the federal government. You also must meet the eligibility requirements for financial aid.

Other things you should know about federal Pell Grants:

  • Any other financial aid you might receive does not affect the amount of your Pell Grant.
  • You can enroll in as little as half a credit hour and still receive a Pell Grant. You can only receive a Pell Grant for the equivalent of two full-time semesters each academic year.
  • Grants are not available to students who have already received a bachelor’s degree.
  • You must meet all eligibility requirements for financial aid. The maximum annual federal Pell Grant for the 2015-2016 academic year is $5,775.

Federal Pell Grants

The Pell Grant program is the foundation of federal student financial aid. You’re eligible for a grant if you have financial need as determined from your Free Application for Federal Student Aid (FAFSA).

How much money you receive in a Pell Grant is based on three factors:


  • Your Expected Family Contribution, as determined from your FAFSA
  • Whether you attend school full time or part time
  • Whether you attend school for a full academic year or less

If you qualify for a Pell Grant, GOCC Financial Aid office will send an award letter to your mailing address available through the Registration Office. The letter will list the grant amount for full-time enrollment.

Effective on July 1, 2012, you can receive the Federal Pell Grant for no more than 12 semesters or the equivalent (roughly six years). You’ll receive a notice if you’re getting close to your limit. If you have any questions, contact the GOCC Financial Aid Office.

Other Available Grant Opportunities

Tuition Incentive Plan (TIP)

The Tuition Incentive Program (TIP) is a program funded by the State of Michigan that encourages eligible students to complete high school by providing tuition assistance for the first two years of college and beyond. For more information, please check the State of Michigan website.

Federal Carl Perkins Grant

Unlike the other grants described here, the Carl Perkins Grant requires an application. It helps pay for tuition, textbooks, and child care costs for students who have financial need, are in eligible occupational majors, and fit into one of six categories. The Carl Perkins Grant helps pay for tuition, textbooks, and child care costs for students who have financial need and are in eligible occupational majors. Income guidelines may apply. See the Occupational Student Success Program section on our Advising page for more information and to apply. You must schedule an appointment with the Occupational Student Success Counselor. To make an appointment, call 269-294-4241 or stop by the Student Services Office.

Michigan Indian Tuition Waiver

The Michigan Indian Tuition Waiver is a program enacted by Public Act 174 of 1976, which waives the tuition costs for eligible Native Americans in public community colleges or universities within Michigan. To be considered eligible, Native American applicants must be a Michigan resident and have resided in Michigan for twelve consecutive months at the time of application; must attend a public institution in Michigan; and must be one-quarter (1/4) Native American blood quantum AND an enrolled member of a U.S. federally-recognized tribe.For additional information reference the MITW website.

Federal Supplemental Educational Opportunity Grant

Pell Grant recipients with exceptional financial need may qualify for the Federal Supplemental Educational Opportunity Grant (FSEOG). Funding for the grant is limited, and priority is given to students with the lowest Expected Family Contribution (EFC). A typical grant is $200 for the academic year.

Information icon Work-StudyMoney a student earns while attending college.

America Reads Tutoring Program

The America Reads Program was developed in response to a challenge from the President of the United States to college students across the country to improve literacy skills of children in our elementary schools. Tutors receive training, and then work in area schools. Positions are limited and the number of hours a week that a student can work varies. Students may earn up to their maximum financial need. To apply for America Reads, students must complete the Free Application for Federal Student Aid (FAFSA) and contact the America Reads Coordinator, Leanne Barnell at 269-294-4338 or via her Contact Form.

Like its name implies, federal work-study pays you to work part time at GOCC or off campus while you attend school. It pays minimum wage, and you can work up to 20 hours per week. The amount of your actual work-study award depends on your financial need and the available funding.

To be considered for work-study, you must:

  • Have a current Free Application for Federal Student Aid (FAFSA) on file, along with any required follow-up paperwork
  • Have financial need
  • Be enrolled in at least six credit hours
  • Meet GOCC Satisfactory Academic Progress standard
  • Meet all federal financial aid eligibility requirements

If you are interested in work-study contact the GOCC Financial Aid Office at 269-294-4260 or via their Contact Form.

The Financial Aid office will let you know if you qualify for federal work-study and if funds are available. The next step will be to learn what jobs are available by looking below and by reading the posted positions on the GOCC Concourse.

If you are hired following an interview with the supervisor, you will be required to complete necessary paperwork before starting your work study position. You will receive a paycheck every two weeks.

If you’re awarded federal work-study, you can earn up to the awarded amount. Once you do, you’re no longer eligible to work.

Federal College Work-Study Employment Information

Work-Study Employment is a financial aid program that is awarded to students who have financial need. The program provides jobs for students, allowing them to earn money to help pay educational expenses.

Description
  • Awards are earned by working for eligible employers on and off campus.
  • Maximum 20 hours per week
Eligibility
  • Must submit a FAFSA each academic year
  • Need-based
  • Enrolled at least half-time in a degree program

Terms
  • Award amounts vary, based on available funding and student’s financial need.
  • Locate Work-Study employment opportunities by reviewing job postings on the college Concourse and on the Glen Oaks employment page.
  • Student will be required to interview with Supervisor.
  • Students receive paychecks for work performed.


General Information about Student Employment

A basic premise governing need-based financial aid programs is that students and/or families have the primary responsibility to pay for college costs. Part of this expectation is that students, to the extent that they are able, should help pay for their college expenses. Student employment can make an important contribution to available financial resources.

Why? Some possible explanations are:

  • Working students become better organized and manage their time better.
  • Employment exposes students to more mentor-type relationships and increases interactions with “real world” people.

Many students and/or families assume that it is unwise for students to work during the academic year. However, compared to students who do not work, studies show that students who work a modest number of hours per week–no more than fifteen–will, on average:

  • Have higher grade point averages,
  • Graduate at a faster rate,
  • Be less likely to drop out, and
  • Have important job skills to include on their resumes.

Employment provides financial resources that may be critical to meeting college costs.