Student Loans & Loan Simulation Calculator
Financial Aid Office
Federal Loan Options
Student loans can help cover tuition, fees, books, and other college expenses. Unlike grants and scholarships, loans must be repaid.
At Glen Oaks Community College, we encourage you to borrow only what you need and understand your options before requesting any loan.
All federal student loans require the Free Application for Federal Student Aid (FAFSA).
Direct Subsidized Loan
What it is
A federal student loan for students with financial need. The government pays the interest
while you’re in school at least half-time.
Why it matters
This is usually the lowest-cost loan option for eligible Glen Oaks students.
How to get it
Complete the FAFSA and accept your loan through your financial aid offer.
Direct Unsubsidized Loan
What it is
A federal student loan available to most students, regardless of financial need. Interest
begins accruing as soon as the loan is disbursed.
Why it matters
This is a common option if you don’t qualify for a subsidized loan or need additional
funding.
How to get it
Complete the FAFSA and accept your loan through your financial aid offer.
Parent PLUS Loan
What it is
A federal loan that parents of dependent students can use to help pay for college
costs.
Why it matters
This option can help cover remaining expenses after financial aid is applied.
How to get it
A parent must apply separately through StudentAid.gov and complete a credit check.
How to Request a Student Loan
If you’re planning to use student loans to help pay for college, Glen Oaks makes the process simple and guided. Follow these steps to request your loan and complete the required documents.
Step 1: Request Your Loan in myGOCC
Log in to your myGOCC portal to submit your student loan request.
This is where you’ll indicate how much you want to borrow and confirm your eligibility.
Step 2: Complete Entrance Counseling
Before your loan can be processed, you must complete Entrance Counseling at studentaid.gov.
This short online session explains:
- Your responsibilities as a borrower
- How repayment works
- Tips for borrowing only what you need
Step 3: Sign Your Master Promissory Note (MPN)
You’ll also need to complete your Master Promissory Note (MPN) at studentaid.gov.
This is a required agreement between you and the federal government that outlines
the terms of your loan.
Repayment Basics
Federal student loans must be repaid, even if you do not complete your program.
Most loans enter repayment after you leave school or drop below half-time enrollment. Your monthly payment amount will depend on how much you borrow and your selected repayment plan.
If you have trouble making payments, contact your loan servicer right away to explore options such as deferment, forbearance, or alternative repayment plans.
Learn More About Repayment Options
Repayment & Exit Counseling
You are not required to begin making payments on most federal student loans until six months after you leave school or drop below half-time enrollment.
If you accept a federal student loan, you must complete Exit Counseling when you graduate or drop below half-time. This process helps you understand your repayment responsibilities and options.
Complete Exit Counseling at StudentAid.gov using your FSA ID.
Loan Simulation Calculator
Before you accept a student loan, understand what repayment will look like.
The federal Loan Simulator helps you estimate your monthly payment and explore repayment options based on your specific situation.
Actual figures may vary. Please speak with a Financial Aid advisor for more definitive information.
What Can the Loan Simulator Help You Do?
When you visit the Loan Simulator site, you can choose from the following options:
- I want to find the best student loan repayment strategy.
- I’m struggling with my student loan payments.
- I want to simulate borrowing more.
This tool helps you:
- Estimate monthly payments
- Compare repayment plans
- Understand long-term borrowing impact
- Make informed financial decisions
Questions?
Contact the Glen Oaks Financial Aid Office for help understanding your loan options and borrowing responsibly.
Email: financialaid@glenoaks.edu
Phone: 269-294-4260