Federal Student Loans and Private Student Loans

In addition to scholarships and grants, student loans represent another potential resource for funding your education. Loans must be repaid per the repayment timelines set forth by the loan lender. Be aware that federal student loans must be repaid even if you do not complete your degree, are unable to secure a job related to your program of study or were unsatisfied with your educational experience.

For more detailed information about the loan program, see the University Policy Handbook.

Contact Us

GCU’s Student Loan Assistance Team can help answer questions regarding federal student loans you have already borrowed. This includes:

• Identifying your servicer
• Repayment
• Past Due Payments
• Postponement
• Default
• Consolidation
• Forgiveness

Call us at 602-639-6777 or email us at studentloanassistance@gcu.edu.

For financial aid questions while attending school, reach out to your Student Services Counselor at 855-GCU-LOPE.

Upon receiving a loan disbursement to your account, you should receive notification by mail or email from the loan servicer assigned to your loan. If you do not receive an email or letter, you can view your loan servicer information at studentaid.gov

Upon entering repayment on your student loan, your servicer will automatically place you in a Standard Repayment Plan. If you want a different plan, you must contact them as soon as possible. If you are experiencing difficulties repaying your student loan, you may be able to change your repayment plan to one that lowers your monthly payment and, in some cases, will be based on your income. If you do not make arrangements with your servicer, they will report any delinquency to the credit bureaus.

The U.S. Department of Education allows you to temporarily suspend payments if you are experiencing financial difficulties. If you choose to use postponement, consider paying the interest that accrues to avoid a higher balance also referred to as capitalization.

Your loan servicer should automatically be notified if you are attending at least half-time and payments should be suspended during that time. If you are not in deferment after attending at least 30 days, contact your Student Services Counselor at 855-GCU-LOPE.

Consolidation is a free process which combines multiple federal student loans into one loan with a fixed interest rate based on the average of the interest rates on the loans being consolidated. Once completed, you will have a single monthly payment on your new consolidated loan instead of multiple monthly payments on the loans you consolidated.

• Perkins Loans are eligible for consolidation.
• PLUS loans received by parent(s) cannot be consolidated with a student’s federal student loans.
• Private loans cannot be consolidated with federal student loans.

Exit Counseling

Exit counseling prepares you to repay your federal student loans. It includes understanding your federal student loans, available repayment plans, prioritizing your finances and how to avoid default.

You will need to complete exit counseling if you:

• Drop below half-time enrollment.
• Graduate.
• Withdraw.

Log into your account at studentaid.gov to complete your exit counseling. It should take about 20-30 minutes to complete.

Forgiveness Programs

The U.S. Department of Education offers programs that may forgive a portion of your student loan debt if you enter fields such as teaching or public service. To learn more about loan forgiveness, please visit studentaid.gov or reach out to your servicer for free assistance.

If you do not repay your federal student loans, your loan(s) may go into default. Once in default:

• You are ineligible for additional financial aid.
• Your wages and your tax refund may be garnished.
• Your delinquency will be reported to credit bureaus.
• Your academic transcript may be withheld.

To avoid going into default, contact your loan servicer as soon as you begin experiencing financial difficulties.

Private student loans, also referred to as Alternative Loans, are credit-based consumer loans that can be used for education-related expenses. They are generally more expensive than federal student loans.

Please be aware you should exhaust your federal student loan eligibility before applying for a private student loan.

For more information, inquire with your Student Services Counselor at 855-GCU-LOPE.

The Arizona Student Loan Code of Conduct defines how a school’s Office of Financial Aid should interact with student loan lenders. The code, which GCU fully supports and complies with, was developed by the Arizona Attorney General’s Office in conjunction with Arizona universities and colleges.