GRADUATE STUDENT LOANS
Graduate students who are accepted into a degree program and register for at least 5 credits in a term may apply for a federal loan through the government’s Direct Loan Program.
Federal Direct Loans carry a fixed interest rate and offer benefits to borrowers such as deferred repayment while the borrower is enrolled in school and the possibility of loan forgiveness for teachers in low income areas or other eligible professions. For more information about the Direct Loan program including current interest rates, borrower benefits and other terms and conditions, visit the government's Federal Student Aid site.
How to Apply:
If you are applying for graduate financial aid at Gordon College for the first time, follow the steps below.
STEP 1: Complete the Graduate Financial Aid Form.
STEP 2: Complete the FAFSA
Students who wish to borrow a federal Direct Loan must first complete the FAFSA, the Free Application for Federal Student Aid. A new application must be received for each year that you want a loan. For courses taken from Summer 2016 through Spring 2017, choose the 2016-17 FAFSA. Click here to complete now.
STEP 3: Sign your Master Promissory Note
Once you’ve completed your FAFSA you will need to complete a Master Promissory Note (MPN), with the Department of Education. Choose the form for Direct Subsidized/Unsubsidized loan. Click here to complete now.
STEP 4: Complete Loan Entrance Counseling, a federally required step for any student who wishes to borrow a Direct Loan. Click here to complete now.
STEP 5: After receiving your Award Letter, complete the Loan Disbursement Authorization form.
Gordon will receive notification when your FAFSA has been completed and an award letter will be mailed to you informing you of the total Direct Loan amount you are eligible to borrow. The last step is for you to complete our loan disbursement form.
Re-applying for Financial Aid: If you have received graduate financial aid at Gordon College for a previous term and would like to re-apply please follow the steps below.
STEP 1: Complete the Gordon College Financial Aid Form for the new term.
STEP 2: Ensure that you have completed a FAFSA for the current academic year. The FAFSA needs to be completed once each academic year (the 2016-17FAFSA covers courses from Summer 2016 through Spring 2017). If the new term for which you are applying is part of a new academic year you will need to complete that year's FAFSA. Click here to complete now.
STEP 3: After receiving your Award Letter, complete a new Loan Disbursement Authorization Form. You will receive a new award letter for the new term. When you receive your award letter you must complete our loan disbursement form to receive your loan funds.
DEADLINES FOR FEDERAL LOANS
By the date your bill is due:
By November 1 (summer/fall), May 1 (winter/spring), or July 15 (summer only):
DISBURSEMENT OF FUNDS
Your loan amount will be disbursed to your student account when you have achieved half-time status (at least 5 credits). This means that you must have attended your qualifying class beyond the withdrawal period (3 class hours). For example, a student who is taking one class in the summer and one class in the fall will receive funds once he has attended the first 3 hours of his fall class. Students who cease to be enrolled at least half-time are not eligible to receive federal loans.
REQUESTING A REFUND
Students with a credit balance may request that a refund check be issued. A refund may be requested by submitting a Student Account Refund form, found in the Student Accounts section at my.gordon.edu.
LOAN CANCELLATION OR DEFERMENT FOR TEACHERS
Learn about federal loan cancellation or deferment for teachers at the government's Student Aid site.
PRIVATE STUDENT LOANS
Private student loans are available for students who do not wish to or are not eligible to borrow a federal Loan. We will work with any lender you choose, or you can choose from our preferred lender list here . As with any loan, Gordon College suggests that students review all terms and conditions of any private student loan before borrowing.
To receive a private student loan you must initiate this loan with the lender of your choice. Once you have begun the application process, please complete the Graduate Financial Aid Form.
If you have any questions about payments, billing or the loan process, please contact:
Student Financial Services
255 Grapevine Road
Wenham, MA 01984