Apply for Federal Direct Student Loans

The Free Application for Federal Student Aid (FAFSA) is the foundation for applying for Federal Direct Student Loans with low interest rates. The interest rate is adjusted every July 1st based the 91-day T-Bill , but will not exceed 8.25%.

In an effort to better educate and provide financial information about your rights and responsibilities as a student loan recipient, Great Basin College is required to have all students complete the Entrance Counseling Session on each loan borrower every academic year.

Upon the completion of the Entrance Counseling and the Master Promissory Note (MPN), GBC will be notified electronically that the student has completed and met the requirements by the Department of Education. Step-by-Step instructions are in the GBC Handbook.

Federal Student Loans are a financial obligation to repay with interest, this decision must be made carefully.

The consequences of not repaying student loans, which can be severe, include the following:

• The entire unpaid balance of your loan and any interest you owe becomes immediately due (this is called "acceleration").
• You can no longer receive deferment or forbearance, and you lose eligibility for other benefits, such as the ability to choose a repayment plan.
• You will lose eligibility for additional federal student aid.
• The default will be reported to credit bureaus, damaging your credit rating and affecting your ability to buy a car or house or to get a credit card.
• Your tax refunds and federal benefit payments may be withheld and applied toward repayment of your defaulted loan (this is called “Treasury offset”).
• Your wages will be garnished. This means your employer may be required to withhold a portion of your pay and send it to your loan holder to repay your defaulted loan.
• Your loan holder can take you to court.
• You may not be able to purchase or sell assets such as real estate.
• You may be charged court costs, collection fees, attorney’s fees, and other costs associated with the collection process.
• It may take years to reestablish a good credit record.
• Your school may withhold your academic transcript until your defaulted student loan is satisfied. The academic transcript is the property of the school, and it is the school's decision—not the U.S. Department of Education’s or your loan holder’s—whether to release the transcript to you.

Reminder: Student Loans do go away unless you repay!

Get Started

Step 1

• Check your valid personal email account for a “Financial Aid Award Notice” or “GBC No Grant Eligibility” emails from the GBC Financial Aid Office. If you have not received any emails, contact the GBC Student Financial Services Office in Elko at (775) 753-2399.

  OR

  Log into: MyGBC Student Self Service Center to view your Financial Aid Award.

• Must have FSA Username and Password to access StudentLoans.gov website.

You must decide whether or not to incur a loan. If you do, you have the option to borrow the whole amount offered or a lesser amount.

Be a responsible borrower! Watch video.

The Federal Direct Student Loans programs are long-term federal loans.

Interest Rates for Sub/Unsub for 17-18: 4.45%

There are 2 types of student Loans:

• Subsidized- for undergraduates who have financial need. The government pays the interest while you are in-school at least half-time status.
• Unsubsidized- for undergraduates students enrolled in at least half-time status. The unsubsidized starts accruing interest just as soon as it is disbursed. The borrower is responsible for paying all interest that accrues.

Fall/Spring Loans: Student beginning the student loan process in the fall term will receive two disbursements equally divided between fall and spring.

Spring Term Loans Only: Students beginning the loan process in the spring will receive two equal disbursements 30 days apart. Progress Reports may apply for the 1st disbursement. Progress reports are mandatory for 2nd disbursement of student loans.

Because a loan is a financial obligation to repay with interest, this decision must be made carefully. Before accepting a loan, GBC recommends that you:

---

Step 2

Know what you Owe!

Print your Financial Aid Review (one-page) from the National Student Loan Database (NSLDS) at www.nslds.ed.gov (If applicable)

Submit the one-page NSLDS print out to the financial aid office.

• Estimate your repayment (if applicable) at: https://studentloans.gov/myDirectLoan/
  repaymentEstimator.action
• New and transferring students: Official academic transcripts may be required if you have over $15,000 in student loan debt and no degree.

Read the Federal Subsidized Limitation

STUDENTS ARE ENCOURAGED TO COMPLETE AN UNDERGRADUATE STUDY IN A TIMELY BASIS.

• Read Direct Subsidized Loan Limitation at:
  https://studentloans.gov/myDirectLoan/
  directSubsidizedLoanTimeLimitation.action

For all new borrowers who will be receiving a loan on after July 1, 2013, a 150% limitation is In effect. This means that a student who is eligible for a subsidized loan will reach their subsidized limit at 150% of a program’s length of study.

• Two year program will be eligible for subsidized loan for the equivalent of three (3) years.
• Four year program will be eligible for subsidized loan for the equivalent of six (6) years.

Once a student reaches their 150% limitations, their interest subsidy loan limit will end on all outstanding loans that were disbursed after July 1, 2013, and the interest will begin to accrue.

I have read the 150% Time Limitation for Subsidized Loan.

You will be asked to initial and/or acknowledge that you read on the Student Loan Request form online (Step 6).

Set up a Payment Plan

Set up Payment Plan: Financial Aid recipients are required to set up a payment plan. Otherwise, students risk being dis-enrolled or accessed late fees. A reminder email(s) “Fees Due Soon” with instructions will be sent from the GBC Controller’s Office.

Late Applicants: Important
If you applied late, you will need to sign up for a Payment Plan at the MyGBC Student Self Service Center to help avoid late fees and prevent dis-enrollment. Very late applicants for financial aid may incur some late charges before processing is complete.

If you are a late applicant who is counting on a student loan to finance your education. If this is the case, you will incur a personal financial obligation by enrolling in college.

Except delays if you are:

• First time students and first-time borrowers are not eligible to receive funds until 30 days into the first semester of enrollment. This is a federal requirement with which we must abide. 30-day delay.
• A first-time GBC student with a student loan debt, live out of state, or the GBC Service Area. 10-day delay.

Progress Reports will be required for 10-day and 30-day delays.

---

Step 3

Enroll in a minimum of six (6) eligible credits at: MyGBC Student Self Service Center.

• Enroll in a minimum of 6 (six) eligible credits (remedial classes below the 095 level are ineligible). This includes short-term and late starting classes.
• Census dates: The GBC SFSO can only pay for courses enrolled in by these dates:
  • Fall term: September 3, 2017
  • Spring Term: January 28, 2018
    

Things you should know!

Deadline for apply for a student loan is: May 1, 2018 for the 2017-18 academic year.

• Set up a payment plan for classes. (This includes financial aid recipients.)
• Online Classes: If all of your classes are 100% online, expect delays in receiving Student Loans funds. Progress Reports will be required if students live out of state or out the GBC Service Areas, and have never taken classes at GBC.

  First-time student, first-time student loan borrower. There will be a 30 day delay if applicable.

• Read the GBC Academic Standards Requirements so that you sustain your financial aid and avoid the necessity of repaying the Pell Grant and/or student loan funds. The academic standards apply for all periods of enrollment at GBC, regardless of whether or not aid was received.
• Familiarize yourself with the GBC Financial Aid Handbook. This book has detailed information about financial aid.

---

Step 4

Gather the following information:

• Valid Driver’s License number
• Two (2) family references for Master Promissory Note (MPN) with complete addresses and phone numbers.
• Three (3) references for the Student Loan Request form with complete addresses and phone numbers.

  Make sure you notify your references that they will be called for authentication by the financial aid office. References are not responsible for your student loan debt.

  Reference 1: Mother/Father/Guardian
  Reference 2: Sibling (over the age of 21). Must have a different address than student and parent.
  Reference 3: Aunt, Uncle, Cousin, Step-parent, or Grandparent.

  Friends, boyfriends, or significant others etc. are unreliable references.

---

Step 5

Sign In: www.studentloans.gov to complete the Entrance Counseling and a Master Promissory Note (MPN). This is a federal requirement.

Student must have a FSA ID Username and Password to access this website. Use the same FSA ID used to electronically the FAFSA.

Forgot FSA ID? Go to https://fsaid.ed.gov/npas/index.htm

1. Must have a complete financial aid award before processing student loan request.
2. Complete Entrance Counseling for Undergraduate Students: The Entrance Counseling outlines your rights and responsibilities as a student loan borrower and the consequences of not repaying the student loan.
   • New and transferring students must complete the student loan counseling for GBC.
   • Returning GBC students do not have to complete if you had a student loan in 2016-17 or 2015-16 academic years at GBC.
3. Complete Master Promissory Note (MPN): The MPN is legal and binding document that you promise to repay the student
   loans and interest that accrues on them.
   • New and transferring students will be required to complete a MPN for GBC.
   • Returning GBC Students will not be required to complete MPN. If you had a student loan for the 2016-17, then you do not need to complete another MPN. Typically, MPNs are good for ten (10) years.

The Entrance Counseling and MPN will be electronically sent from the Department of Education to GBC within 72 hours after completion.

---

Step 6

Complete and submit: the Student Loan Request Form online.

Available after July 1, 2017, for the 2017-18 academic year.

Please note: If you start the Student Loan request online, and you don’t have the required information (i.e. references). You cannot save. You will have to start all over again.

Deadline for applying for student loans for the 2017-18 academic year is: May 1, 2018.

After submission, your request will be electronically sent to the financial aid office for processing.

Incomplete Student Loan Request will not be processed.

• Submit the one-page NSLDS print out if you have a student loan debt. (if applicable) Student can scan and email, fax, or walk-in to the financial aid office or respective GBC Centers.
• Progress Reports (if applicable)

Wait

Please allow 4-5 business days after submission to the GBC Elko Financial Aid Office to process your request.

However, during peak times of the year (August and January), this process can take up to 10 days.

Checklist:

• Did you complete the Entrance Counseling for GBC?
• Did you complete the Master Promissory Note for GBC?
• Did you request progress reports from your instructor’s? (If Applicable)
• Did you set up a payment plan? Financial Aid recipients are required to set up a payment plan. Otherwise, you risk being dis-enrolled or accessed late fees. Reminder emails and instructions will be sent from the GBC Controller’s Office “Fees Due Soon”.
• Did you submit the one-page NSLDS print out to the financial aid office?
  [Official Academics Transcripts may be required if after the NSLDS print out is reviewed by the financial aid office.]

  Under the discretion of the GBC Financial Aid Office, official academic transcripts may be required by GBC from each school listed on the National Student Loans Database System (NSLDS) school history, if they are a transfer student with a loan debt over $15,000, and no degree. Also, official academic transcripts may be required at GBC’s discretion for students selected for Unusual Enrollment History either by the Department of Education or by GBC.

You will be receive an email from the GBC Elko Financial Aid Office loan officer informing you that your Student Loan Offer has been posted to accept.

---

Final Step

View and Accept your Student Loan Offer at: MyGBC Student Self Service Center.

Reminder:

• You can borrow what you need or take the full amount offered. Keep in mind that if you request a $1000. You will receive one-half ($500) for the fall and the other half ($500) for the spring term.
• Fall/Spring Loans: Student beginning the student loan process in the fall term will receive two (2) equal disbursements equally divided between fall and spring.
• Spring Term Loans Only: Students beginning the loan process in the spring will receive two equal disbursements 30 days apart. Progress Reports may apply for the 1st disbursement. Progress reports are mandatory for 2nd disbursement of student loan(s).
• Cancellation of Student Loans: You may cancel all or reduce a portion of you loan. You must notify the GBC Student Financial Services with 14 days before the date that the SFSO plans on crediting your student or by the first day of payment period, whichever comes first. You must email or download a Student Loan Cancellation Request Form and submit it to the GBC SFSO.

  After you have received the refund and decided you don’t want the loan, then GBC SFSO will not honor your request.

More things you should know!

• Direct Deposit is available to receive your refund faster and easier! Set up at your MyGBC Self- Service Center.
• Progress Reports may be required.
• Financial Aid Disbursement Dates: The anticipated disbursement date on your Student Center is not the actual date that you will receive your refund. This is an internal date (10 days before classes start) that SFSO can start disbursing the Pell Grant to pay for students classes.
• Financial aid refunds are the Friday’s before each semester begins in August and January. During the semester, the refund dates will vary.
• Official Academics Transcripts may be required if after the NSLDS print out is reviewed by the financial aid office.

  Under the discretion of the GBC Financial Aid Office, official academic transcripts may be required by the GBC from each school listed on the National Student Loans Database System (NSLDS) school history, if they are a transfer student with a loan debt over $15,000, and no degree. Also, official academic transcripts may be required at GBC’s discretion for students selected for Unusual Enrollment History either by the Department of Education or by GBC.

Student Loan debt never goes away unless you repay!

Progress Reports

Submit Progress Reports

Every instructor gives a syllabus at the beginning of each semester with their contact information that will include their e-mail addresses.

Students must e-mail each one of their instructors requesting a progress report to be sent directly to the financial aid office. The progress reports must come directly from each instructor’s e-mail account to the GBC Financial Aid Office at financial-aid@gbcnv.edu. No exceptions.

Students must be participating and making Federal Satisfactory Academic Progress (SAP) in ALL classes before Pell and/or student loan(s) will be disbursed to the student’s account.

Progress Reports will be required before funds can be disbursed if a student is:

• A first-time student, first-time student loan borrower. 30-day delay.
• 100% classes online and lives out of GBC Service Areas, with a student loan debt. 10-day delay.
• Pell Grant- 100% online classes, first-time student GBC, and does not reside in the GBC Service Area. 10 day delay.
• Spring semester student loans are disbursed in 2 installments. Progress report may be required for 1st disbursement and mandatory for the 2nd disbursement. The 30-day wait applies if a first-time student, first-time borrower at GBC.
• Required for students requesting loan funds AFTER October 1st/Fall term and/or March 1st/ Spring term prior to the disbursal of any loan funding.
• Required for students requesting additional loan funds AFTER October 1st/Fall term and/or March 1st/ Spring term prior to the disbursal of any loan funding.
  

Students whose financial aid applications are not complete prior to mid-term of any semester during an academic year will be required to submit a Progress Report with evidence of *satisfactory performance prior to the disbursal of any funding.

---

For More Information Contact

Student Financial Services
Berg Hall
Great Basin College
Phone: 775-753-2399

Why Great Basin College

Great Basin College wants to be your choice for higher education. GBC offers associate and baccalaureate level instruction in career and technical education and academic areas. About 3,800 students are enrolled online from across the country and on campuses and centers across 86,500 square miles, two time zones, and ten of Nevada’s largest counties. We border Arizona, Oregon, Idaho, Utah, and California. We are GBC!