LOANS
To apply for federal loans, student borrowers must be enrolled at least half-time. Eligibility is determined through the FAFSA and the student must be certified as eligible by the College.
Beginning in 2010, all Grace Bible College students who will be taking out loans will be required to complete the Direct Loan Entrance Counseling and complete a new Master Promissory Note.
Click the links for more information.
Entrance Counseling
Before applying for Stafford and PLUS Loans, you must first complete your Federal Entrance Counseling.
- Stafford and PLUS Loan funds will not disburse without completion of your entrance counseling.
- If you have any questions as you complete the counseling requirements you may email the Financial Aid Office at kpostma@gbcol.edu, or call 1-800-968-1887.
Stafford Loans
Apply for Direct Stafford Loans
- Students must click HERE to complete a Master Promissory Note (MPN).
- The MPN is considered "the application" for the Stafford Loans. When this MPN is completed, the school is notified and the Financial Aid Office will certify up to the maximum loan amount allowed per student.
| Direct Federal Stafford Loans | |
| Dependent Students | Subsidized + Unsubsidized =Total |
| 1st year undergrad | $3,500 + $2,000 = $5,500 |
| 2nd year undergrad | $4,500 + $2,000 = $6,500 |
| 3rd year (up to graduate) | $5,500 + $2,000 = $7,500 |
| Independent Students | Subsidized + Unsubsidized =Total |
| 1st year undergrad | $3,500 + $6,000 = $9,500 |
| 2nd year undergrad | $4,500 + $6,000 = $10,500 |
| 3rd year (up to graduate) | $5,500 + $7,000 = $12,500 |
Parent Plus Loans
Apply for a Direct Parent PLUS Loans
Available to parents with a good credit history to pay the education expenses for a child who is a dependent undergraduate student enrolled at least half-time. Eligibility is determined through the FAFSA and the student must be certified eligible by the College.
If you will not be completing an "electronic" PLUS Loan Master Promissory Note, please contact the Grace Bible College Financial Office (616-261-8557) to request a paper MPN. Parents will be asked to complete a "loan request form" and a credit check is required.
- Parent Plus Promissory Note
To complete a PLUS Master Promissory Note (MPN), the parent must go to www.studentloans.gov and login using their FAFSA pin number. When this MPN is completed, the school's Financial Aid Office will be notified. - Parent Plus Loan Application
To complete the Parent PLUS Loan application, the parent must go to www.studentloans.gov and login using their FAFSA pin number. When the application is submitted, the school's Financial Aid Office will certify up to amount allowed, based on the student's cost of attendance minus all other financial assistance.
Private Loans
Apply for a Private loan by clicking HERE
In some instances, a student may still need additional loans to cover the remainder of their school bill. Private Loans are available to help students meet costs that are not covered by federal, state, and institutional aid.
- Private Loans are typically for students who still have an amount owed after applying for Stafford and PLUS loans.
- Private loans usually require a co-signer, but in some cases (if the student has established credit) the student may be able to apply for a loan without a co-signer.
Loan Debt Management
Go to www.myedaccount.com and register to access your Federal Student Loans. View account balances, payment history, make online payments and much more.
Exit Counseling
To complete your Exit Counseling requirements, please visitwww.nslds.ed.gov/nslds_SA/
The National Student Loan Data System (NSLDS) provides students with a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
If you have any questions as you complete the counseling requirements you may email the Financial Aid Office at kpostma@gbcol.edu, or call 1-800-968-1887.
