Types of Aid

Scholarships for Returning Students

Each year, students currently enrolled at Georgia College who plan to return the following academic year have the opportunity to apply for Scholarships for Returning Students. Note that these scholarships are not available to incoming freshmen or transfer students. The scholarship application is typically available late Fall Semester for the upcoming academic year with most deadlines being the first Friday of February. The Financial Aid Office notifies all enrolled students via their institutional e-mail account when the application is available.

General criteria for most of the Scholarships for Returning Students are as follows:

• Full-time enrollment for Fall and Spring semesters (9 hours for graduate)
• Completion of 18 hours at Georgia College by the end of Spring Semester (students may apply before completion of these hours)
• Minimum 3.0 cumulative GPA; however, these scholarships are competitive.

Students will be matched to scholarships based on their application answers. Please note that actual offerings for the upcoming academic year may change as funding is determined on a yearly basis.

Students will be notified of scholarship offers via their institutional email account and the offering will be posted on their PAWS account.  Students may be expected to sign into PAWS and accept the scholarship as well as write a thank you letter to the donor.  Please note that actual offerings for the upcoming academic year may change as funding is determined on a yearly basis.

Private Scholarships

Private Scholarships may come from a variety of sources. Check with your hometown civic organizations (such as Kiwanis Club, Elks Lodge, etc.), your place of worship, banks, credit unions, business organizations and other associations. They often have scholarships that are not advertised.

Many web-based search engines are available that enable students to search for personalized scholarship matches. The GC Financial Aid Department recommends www.fastweb.com, www.scholarshipexperts.com, and www.uncf.org/scholarships.

Additionally, GAfutures.org offers a search engine for finding scholarships. As with any web-based product, students are encouraged to protect themselves from potential scams by spending some time reviewing expert advice that can be found at FinAid.org.

Students who are awarded a scholarship from a source other than Georgia College should contact the Scholarship Coordinator in the Financial Aid Office for further information. Generally, private scholarships greater than $1000 are evenly divided between fall and spring semesters, while awards $1000 or less are applied in full to one semester, unless this conflicts with the scholarship donor's stipulations or federal aid regulations.

Scholarship checks should be made payable to Georgia College and mailed to: Georgia College Office of Financial Aid, 231 West Hancock Street, Campus Box 30, Milledgeville, GA, 31061. For more information contact the Financial Aid Office at 478-445-5149, or e-mail your questions to financialaid@gcsu.edu

Loan Programs

The William D. Ford Federal Direct Loan Program (Direct Loan) allows eligible students and parents to borrow directly from the U.S. Department of Education. The Direct Loan programs include: Unsubsidized Direct Grad Student (Stafford) Loans and Direct Grad PLUS Loans for graduate students. These loans are repaid directly to the U.S. Department of Education.

Federal Direct Stafford Loan Program

Interest rates are established each year for Direct Unsubsidized Loans and Direct Grad PLUS Loans for which the first disbursement is on or after July 1 through the following June 30. The rate is the sum of a uniform “index rate” plus an “add-on” that varies depending on the type of loan and whether the borrower is a graduate/professional student. Under the new provision, interest rates are different for Direct Unsubsidized Loans taken out by a graduate/professional student and for Grad PLUS Loans taken out by parent borrowers or graduate/professional student borrowers.

Under the law, the index rate is determined each year as the “high yield of the 10-year Treasury note” auctioned at the final auction held prior to the June 1preceding the July 1 of the year for which the rate will be effective, plus a statutorily defined “add-on”. As noted, the add-on differs depending on the type of loan and the student’s grade level. Each loan type is also subject to a maximum interest rate (or cap).The interest rate for a loan, once established, applies for the life of the loan – that is, the loan is a fixed-rate loan.

Federal Direct Unsubsidized Stafford Loan interest rates are fixed at 6.60%. There are also loan fees up to 1.066% (Origination and Default fees) that may be deducted proportionately from each delivery of loan proceeds. This money is passed on to the federal government to help reduce the government’s cost of supporting these low interest loans. Repayment must begin no later than six months following graduation or termination of at least half-time enrollment.

Loan Limits Yearly and Aggregate

Graduate Students                                       

Yearly:   $20,500

Aggregate Loan Limits: $138,500

Aggregate limits for graduate students are inclusive of all undergraduate loans received.

Direct Grad PLUS

Direct Grad PLUS Loans enable graduate students with good credit histories to borrow monies after they have exhausted all of their Stafford Loan eligibility. These funds are designated to help pay the educational expenses of the graduate student enrolled at least half-time (5 semester hours). The yearly limit on a Grad PLUS loan is equal to the student's Cost of Attendance (COA) minus any other financial aid the student is receiving. Effective July 1, 2018 through June 30, 2019, Federal Direct Grad PLUS loan interest rates are fixed at 7.60%. There are also loan fees up to 4.264% (Origination and Default fees) that may be deducted proportionately from each delivery of loan proceeds. This money is passed on to the federal government to help reduce the government’s cost of supporting these low interest loans. Repayment usually begins within 60 days after the final loan disbursement for the period of enrollment for which the funds are borrowed. Application for the Grad PLUS loan is accessed electronically at studentloans.gov. Students must have completed the Free Application for Federal Student Aid (FAFSA) for eligibility to be determined.  PLUS applications must be completed annually from the studentloans.gov website in conjunction with the FAFSA application process.

Federal Direct Grad PLUS Loans will be disbursed after a Master Promissory Note has been electronically signed with the Direct Loan Servicing Center. The PLUS MPN has a multi-year feature. This multi-year feature allows the student borrower to only have to sign one promissory note for the Grad PLUS loans that can be used for up to 10 years. However, a valid and successful credit check is required every year for additional Grad PLUS loans.

Funds will first be used toward the student's bill at the Business Office. Any funds remaining can be used to purchase books at the Barnes and Noble at Georgia College approximately three days prior to the first day of classes through the end of the drop/add period.  Students must complete the electronic authorization via their PAWS account prior to visiting the bookstore.  Any remaining funds will be disbursed in a check or direct deposit made payable to student approximately seven days after the end of the drop/add period each semester.

Loan Cancellation

Borrowers who use loan funds to finalize Business Office bills may elect to cancel their loans and use another form of payment within 30 days of disbursement. The Financial Aid Office must be notified in writing of the cancellation within 30 days of disbursement to the student's account.