Federal Direct Student Loan
The Federal Direct Student Loan is a low-cost loan based on demonstrated financial need. There are two types of loans:
- Subsidized (you repay only the amount of the loan, while the government pays the interest it accrues while you're in school), and
- Unsubsidized (you are responsible for repaying the amount of the loan and the interest it accrues while in school, although you can defer payment until after graduation).
The interest rate for a subsidized undergraduate Federal Direct Student Loan is generally lower than that of an unsubsidized loan.
Beginning with the Fall 2014 Semester, NGTC will no longer require students to complete a loan request form to request a Federal Direct Student Loan. Federal Direct Student Loans will be pre-packaged to all student accounts. The award amounts will be visible in BannerWeb. Upon acceptance of the Federal Direct Student Loan, you will receive an award letter via student email.
Click below for Instructions:
Federal Direct loans take approximately 4-6 weeks to process. If you anticipate need for a loan to help cover tuition, fees, or dormitory charges, please allow sufficient time to process the loan.
Student Access Loan Program (SAL)
Student Access Loans are designed to be the last funding resort for students who have a gap in their college financing. Please visit the following link for more information:
Private Loans are loans you receive through private credit unions, banks, etc. Private loans are typically given directly to students and have a higher interest rate than federal loans, so the amount you want to borrow may impact how many lender choices you have. An important thing to understand about this type of loan is that just because you've been approved for a loan one year, does not mean that you will be the next. You will have to re-qualify for each one.
The following link may be used as a starting point to compare lenders: http://privatestudentloans.com/lenders/