Unlike grants or work-study, a loan is money that must be repaid. You, the student, must repay your loans even if you do complete your program. You are legally obligated to repay your loans so we encourage you to fully read the terms and conditions of each loan type before accepting a loan.

You must complete the Free Application for Federal Student Aid (FAFSA), must be enrolled at least half-time in a degree seeking program.

Federal Direct Subsidized and Unsubsidized Loans:

• Great Basin College is now participating in the William D. Ford Direct Loan Program. This means that the Direct Loans we offer are funded by the Department of Education.
• Subsidized loans do not have interest accruing while you are in school or in deferment.
• Unsubsidized loans do have interest accruing while you are in school or in deferment.
  What determines whether or not a loan is subsidized or unsubsidized is your financial need calculated based on the results of the FAFSA data. The amount you can qualify for depends on your class level. (link –Loan Limits Chart)
• Beginning July 1, 2010, the interest rate for a new undergraduate subsidized loan is a fixed 4.5 percent. The interest rate for unsubsidized loan is 6.8 percent.
• Beginning July 1, 2010, the new loan origination fee will be 1.0 percent. A 0.5 percent rebate will be applied upfront to the loan and you can keep this rebate as long as you make 12 consecutive payments when the loan enters repayment. Repayment begins 6 months after you graduate, drop below half-time, or withdraw.
• A Promissory Note is a legal binding document that makes you responsible for the amount you owe. Your Promissory Note will generally remain active for 10 years after completion.

To ensure that your Direct Student Loan is processed in a timely manner, make sure you return your Direct Student Loan Request Form, confirmation that you completed the Entrance Counseling, print out of the Direct Loan MPN, print out of National Student Loan Database System (NSLDS) of your total loan indebtedness (if applicable) to the GBC Student Financial Services Office. Incomplete loan applications will not be processed.

If you have questions, please contact the GBC Student Financial Services Office at (775) 753-2399.