Student & Parent Loans

At Greenfield Community College, Federal Direct Loans are offered in moderate amounts to help cover education-related expenses such as transportation, laptops, required equipment or supplies, and musical instruments. GCC does not offer on-campus housing, so loans are not available for housing costs.

Financial aid packages are designed to prioritize covering tuition, fees, and books, helping students minimize additional financial strain. Loans should be considered only after other funding options—such as savings, work income, scholarships, and grants, have been explored.

Federal Direct Loans are available to eligible students enrolled in at least 6 credits and include subsidized and unsubsidized options. Repayment begins six months after graduation, withdrawal, or dropping below half-time enrollment.

Entrance and exit counseling are mandatory federal requirements for all Direct Loan borrowers. At the beginning of the fall and spring semesters, in-person entrance counseling is an option for first-time borrowers.

A Master Promissory Note (MPN) is required of first-time borrowers and covers ten total academic years, before a renewal is required. The MPN is completed online, through Federal Student Aid, using the student’s FSA ID.

Parents of dependent students are eligible to borrow from the PLUS Loan Program. Applicants must not have an adverse credit history. GCC requires that the Parent also complete a Direct Parent PLUS Loan Form available on this website or by calling the office at 775-1109.

The school will first apply the PLUS Loan finds to the student’s account to pay for tuition, fees and books. If any loan refunds remain, they will be sent to the parent borrower, unless the parent authorizes the school to release the funds to the student. Any remaining loan funds are to be used for education expenses. PLUS loans are also prorated against attendance and withdrawal.

Private education loans, also known as alternative education loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete. Eligibility for private student loans often depends on your credit score.

Private student loans may be used to pay for the EFC, the family’s portion of college costs. While some lenders may offer private student loans in excess of the cost of attendance, any amount exceeding the difference between cost of attendance and financial aid is considered a resource. Like an outside scholarship, this will reduce need-based aid. Students cannot borrow beyond the cost of attendance, and all aid combined must not exceed the cost of attendance.

For over 40 years, MEFA (Massachusetts Educational Financing Authority) has been offering fixed interest rate undergraduate and graduate loans to help families pay for a college education. Rates are competitive, applications are available online, and resources on a range of college financing options are also available to students and families.

VSAC’s Vermont Advantage Loan and Vermont Choice Loan programs are available as private loan options for GCC students who are Vermont state residents. These loan products offer highly competitive fixed interest rates and multiple repayment options. Online applications that guide students and cosigners step-by-step through the loan process are available using the links provided above.

Both of these state programs are non-profits that help students and families meet college affordability goals.