Loans
Education is within reach. Browse Federal loan options for students and parents.
Federal Direct Stafford Loan Information
Subsidized Stafford Loans – need-based loans.
- Students are not responsible for interest accrued on the loan while the student is in school.
- Payment and interest do not have to be paid as long as the borrower is enrolled at least half-time (6 or more credit hours).
Unsubsidized Loans – similar to Subsidized Loans, except they are not need-based loans and students are responsible for the interest accrued on the loan while the student is in school.
The Financial Aid Office will determine the type of loan you will receive based on your estimated cost of attendance, other aid received and financial eligibility. Students will accept or deny their offered loans through their myGCC account.
Eligibility: At least 6 credit hours, enrolled or non-enrolled with special approval, good academic standing, demonstrate financial need, U.S. citizen or eligible noncitizen.
Annual Loan Limits:
| Student Title | Dependent | Independent |
| Freshman (0-23 credit hours) | $5,500 | $9,500 |
| Sophomore (24+ credit hours) | $6,500 | $10,500 |
Repayment: 6 months after ceasing to be at least a half-time student. After you graduate or drop below half-time status (6 credits) you may be able to consolidate your loans into a single loan through the Federal Consolidation Loan.
Calculate My Future Loan Payments
Apply: Students can apply by submitting a request from their myGCC account under the Student Life tab. Borrowers will also need to complete the Master Promissory Note and Entrance Counseling on Studentaid.gov.
| National Average Cohort Default Rate/Repayment Rate: 0.0% ** | Genesee Community College’s Cohort Default Rate/Repayment Rate: 0.0% ** |
| Federal Median Loan Amount: $11,445 | Loan Payment Amount per month: $114 |
| Genesee Community College Graduation Rate: 34% |
| ** Cohort Fiscal Year 2020 3Year Official per National Student Loan Data System |
Parent Loans for Undergraduate Students (PLUS)
PLUS is a federally guaranteed loan program for dependent undergraduate students that allows their parents to borrow for their education expenses.
Eligibility: Parent (biological or adoptive parent or in some cases a stepparent) of a dependent, at least 6 credit hours matriculated, U.S. citizen or equivalent, good academic standing, parent credit check.
Amount: Up to full cost of education minus other financial aid.
Repayment: Monthly payments beginning with total disbursement of loan, 10- to 30-year repayment plan.
How to Apply
Submit your GCC PLUS Mandatory Information Sheet
Borrowers will also complete the Master Promissory Note including credit check on Studentaid.gov.
Private Loans
We encourage you to explore federal aid before borrowing a private loan. If you decide a private loan is rightfor you, you may choose any lender; we process all lenders with equal timeliness. Please know that Genesee Community Collegeadhere to the lender’s requirement with respect to Cost of Attendance (COA), other aid received and other eligibility requirements.
Inceptia
At Genesee Community College, we understand that student loans can be intimidating. That’s why we have partnered with Inceptia, a nonprofit organization, to provide you with free assistance on your student loan obligations to ensure you feel comfortable and can be successful in your loan repayment.
Inceptia may be calling to help you with next steps in your repayment journey. Their friendly counselors are there to help you every step of the way. While you are in your grace period, they might reach out to you to answer questions you may have on your repayment options. If you become delinquent on your loans, they may also contact you to help find a solution that works within your means.
The Inceptia counselors are there to help you with every step by staying in touch with you via phone calls, letters, and/or emails. They will not be collecting money from you. Inceptia’s nonprofit purpose is to help you find answers to your questions and solutions to your issues. We encourage you to visit Inceptia’s Student Knowledge HQ website at HeroKnowl.org.
Student Loan Practices Code of Conduct
Genesee Community College (GCC), a SUNY Institution, works diligently to ensure that its officers, employees and agents avoid conflicts of interest in connection with their responsibilities relating to providing and administering student loans for our students. In accordance with state and federal law, you should be aware that the following activities are prohibited. Some of these prohibitions involve technical definitions, which can be found by referring to the applicable state and federal law. If you wish to obtain this information, please contact the GCC Financial Aid Office.
- GCC does not enter into any revenue-sharing arrangement with any lender
- No officer, employee or agent of GCC who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans, will solicit or accept any gift or other thing of value from a lender, guarantor, or servicer of education loans. You should be aware that certain items provided or contributed by lenders are not considered gifts, such as training materials, philanthropic contributions unrelated to education loans, and entrance and exit counseling services.
- No officer, employee or agent of GCC who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans, will accept from any lender or affiliate of any lender, any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
- GCC will not, for any first-time borrower, assign, through award packaging or other methods, the borrower’s loan to a particular lender or refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency.
- GCC will not request or accept from any lender, any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for the campus providing concessions or promises regarding providing the lender with a specified number of loans made, insured, or guaranteed, a specified loan volume, or a preferred lender arrangement for such loans.
- GCC does not request or accept from any lender any assistance with call center staffing or financial aid office staffing.
- No employee of GCC who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans or other student financial aid and who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, will receive anything of value from the lender, guarantor, or group of lenders or guarantors for such service.