Enrollment Services

Loans

Loans let you pay for your education over a long period of time and at a low (and often tax-deductible) interest rate. Some loans are need-based, while others are available to nearly anyone. These are a few of your loan options. 

Federal Direct Loans

Federal Direct Student Loans are a way for students to borrow money from the federal government to pay for an education after high school. Under this program, the U.S. Department of Education makes loans directly to students through their schools. Direct loans simplify the loan process and eliminate the need for an outside lender such as a bank. Direct loans make loan repayment much easier; your payments go directly to the federal government.
 
The kinds of loans available under the direct loan program are Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans and Federal Direct PLUS loans. The Office of Student Accounts applies all loans awarded directly to any outstanding student fees and then issues the remainder directly to the student.

Students who borrow Federal Direct Student Loans are required to complete a Master Promissory Note (MPN)

Federal Perkins Loans

Primarily for students who show exceptional financial need. Repayment of these loans does not begin until nine months after a student has left college. A properly executed promissory note is required before this loan can be disbursed. The promissory note will be mailed to you if you accept the Perkins Loan offer. The signed promissory note should be returned to the Office of Student Accounts, Room100, Sparks Hall, 1st floor.

Alternative Loans

An Alternative loan is an educational loan through a lender with no ties to the federal government or Georgia State that allows students to borrow additional funds after federal student loans have been exhausted.

  • Debt management must be a primary concern for all students.
  • The Office of Student Financial Aid staff wants to minimize the amount of debt students incur while at Georgia State University.

There are many private lenders that offer alternative loans.

  • The choice of which lender to borrow from is a decision that the student must make.
  • The Office of Student Financial Aid will certify an alternative loan from any lender the student chooses.
  • Below are lenders that Georgia State students have borrowed from in the past.

Alternative loan programs differ from Federal Direct Loans in several important ways.

  • Interest rates are normally variable rates that change on a quarterly basis. Students are responsible for researching the terms and conditions of all loan programs.
  • Loan and interest rates are based on credit approval and approval is not guaranteed.
  • Georgia State is not involved in the credit decisions or denials for these loans. Questions are best addressed to the individual lender.
  • Loans are not federally guaranteed; therefore , they do not have the same deferment, cancellation and consolidation benefits.

The entire alternative loan process can take up to four to six weeks.

  • Students should meet with a financial aid counselor to determine the amount of student loan they should request and if there are any other aid options.
  • The amount a student may apply for is limited to their cost of attendance minus any other financial aid they are receiving.
  • Students should review all lenders and determine which loan program best meets their needs.
  • Please keep in mind that some alternative loan lenders require students be enrolled at least half-time or require that they meet reasonable academic progress.
  • As you compare lenders, be sure to identify educational loan products.
  • For students less than half-time or not in a degree seeking program, only select lenders who would provide loans of this status.
  • After choosing a lender, a student should contact the lender directly to apply for the loan. Most lenders will have an on-line application process.
  • While we encourage students to compare several lenders, students should only apply with one lender.
  • Lenders may require supporting income documentation and/or co-signer.
  • Once the lender has approved the loan, a certification request will be sent to Georgia State. It can take up to 14 business days from the date the certification request was received until the loan is actually certified.
  • Once the loan has been certified, the lender disburses the loan to Georgia State through an EFT within 5 business days.
  • Once Georgia State receives the loan, Financial Aid and the Office of Student Accounts process the disbursment and issue a refund if necessary.
  • Students applying for a summer alternative loan must complete the summer financial aid application available on GoSolar at: http://student.gosolar.gsu.edu/.

 

Possible Alternative Loan Lenders

This is a list of lenders used by Georgia State University students in the past.

 

Annual Percentage Rate (APR) Examples: Based on a $6,000 undergraduate loan at Prime + 0.375% with a 38 month deferral period followed by a 144 month repayment and assuming a constant Prime rate of 4.25%, the APR would be 4.51% with a $62.31 monthly payment. Based on an $8,000 graduate loan at Prime + 0.375% with a 27 month deferral period followed by a 180 month repayment and assuming a constant Prime rate of 4.25%, the APR would be 4.57% with a $68.10 monthly payment. The interest rate may vary and is indexed to the Prime Rate as published in The Wall Street Journal. Actual APRs may change over time.   

 

Master Promissory Note

Students who borrow Federal Direct Student Loans must complete a Master Promissory Note.