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Loans Federal Family Education Loan Program (FFEL) The FFEL Program offers three types of loans: the Subsidized and Unsubsidized Federal Stafford Loans and the Federal PLUS loan (Parent Loan for Undergraduate Students). Federal Subsidized Stafford Loans are low-interest, need-based loans for students enrolled at least half time in an eligible institution. Subsidized means that the federal government will pay all interest on your loan until you begin repayment which starts six months after you graduate or cease to be enrolled at least half time. Federal Unsubsidized Stafford Loans are not based on need. The program is open to all students who may not qualify for other Subsidized Federal Stafford Loans. You are responsible for all interest from the day the loan is made; however, the interest can be capitalized if requested. A Federal PLUS Loan is a loan made to the parents of undergraduate students who are enrolled at least half time at an eligible institution. Eligibility is not based on need. Parents my borrow up to the cost of education less any other financial aid awarded with repayment beginning within 60 days of loan disbursement. *NOTE: These loans may be obtained annually by qualified Georgia residents from private lending institutions participating in the federal student loan program guaranteed by the Georgia Higher Education Assistance Corporation. The procedure requires application for the loan, determination of financial need, certification by the college, and final approval of GHEAC after processing by the lending institution. Student Government Association/East Georgia College Foundation Loans A limited number of emergency loans are available each semester from the Student Government Association and Foundation loan funds. These loans must not exceed 75 percent of required fees and must be repaid within a period of 30 to 60 days. SGA and Foundation loans are interest free. A student wishing to apply for such loans should contact the Director of Financial Aid prior to registration. |
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