Loans

Unlike grants, scholarships, and work-study, loans are a form of aid that you become legally obligated to repay. Great Falls College MSU encourages you to make informed decisions when borrowing. Plan and prepare to borrow only what you need to be successful in your education. Fully read and understand all terms and conditions before finalizing a loan.

Federal Loans

Federal loans are awarded based on the results of your Free Application for Federal Student Aid (FAFSA), your admission to an eligible degree granting program, anticipated enrollment level, and current repayment status if you have outstanding student loan debt.

Follow these simple steps to receive federal loans:

  1. Submit your completed FAFSA
  2. Be admitted to a degree-seeking program
  3. Accept your Award Letter in My Info
  4. Complete Direct Loan Entrance Counseling & sign your Master Promissory Note
  5. Register for at least 6 credits each semester
  6. Confirm your Bill
  7. To continue receiving financial aid you must also maintain Satisfactory Academic Progress

 

For more details, including interest rates and loan fees see:

Loans for Students

Loans for Parents

Private/Alternative Loans

 

Federal Direct Loan Annual and Aggregate Limits

Federal Direct Loan Annual Loan Limits:

Dependent Student

Independent Student

Freshman (0-29 earned credits)

$5,500 – No more than $3,500 may be subsidized

$9,500 – No more than $3,500 may be subsidized.

Sophomore (30-59 earned credits)

$6,500 – No more than $4,500 may be subsidized

$10,500 – No more than $4,500 may be subsidized.

Aggregate Loan Limits;

 

 

Undergraduate

$31,000 – No more than $23,000 may be subsidized.

$57,500 – No more than $23,000 may be subsidized.

Entrance Counseling

The federal government requires that you complete student loan Entrance Counseling before any accepted Federal Direct Loans will disburse on your behalf.  If you would like to schedule a personal appointment regarding Entrance Counseling, please contact the GFCMSU Financial Aid Office.

Entrance Counseling can be completed online here:  https://studentaid.gov  You will need your Social Security Number and FSA ID.  

    • Log In with your FSA ID & Password information
    • Select the Complete Aid Process and then Complete Entrance Counseling link in the middle of the page  
    • Select Great Falls College MSU as your school to notify
    • When you are done you will receive confirmation that your Entrance Counseling is complete and be prompted to complete your Master Promissory Note

 

Master Promissory Note

The MPN for Direct Subsidized and Direct Unsubsidized Loans is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S Department of Education. It also explains the terms and conditions of your loan(s).

You may receive more than one loan under an MPN over a period of up to 10 years to pay for your educational costs, as long as the school is authorized to use the MPN in this way and chooses to do so. The Master Promissory note can be completed online here:  https://studentaid.gov .  You will need your Social Security Number and FSA ID.                

    • Gather references of Family and Friends before you start
    • Log In with your FSA ID & Password information
    • Select the Complete Aid Process and then Complete MPN for Undergraduates link in the middle of the page  
    • Select Great Falls College MSU as your school to notify
    • When you are done you will receive confirmation that your Master Promissory Note is complete

Exit Counseling

The federal government requires that you complete student loan Exit Counseling before you graduate or stop attending at least half-time (less than 6 credits).  If you would like to schedule a personal appointment regarding Exit Counseling, please contact the GFCMSU Financial Aid Office.

Exit Counseling can be completed online here: https://studentaid.gov .  You will need your Social Security Number and FSA ID.  

    • Log In with your FSA ID & Password information
    • Select the Manage Loans and then Complete Exit Counseling link at the 2nd from the left column of the page  
    • Select Great Falls College MSU as your school to notify
    • When you are done you will receive confirmation that your Exit Counseling is complete

 

Cohort Default Rates

A cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year.

The National current Cohort Default Rate (CDR) for all institution types is 9.7. GFC MSU’s most recent Cohort Default Rate is 13.8, however the National CDR for similarly sized institutions is 15.2. For information about rate of student borrowing, and repayment information at GFCMSU, please visit the Department of Education’s College Scorecard for Great Falls College MSU.

 

Repaying your Loans

After you graduate, leave school, or drop below 6 credits, you have a grace period before you must begin repayment of your loans.  Go to studentaid.gov for information on Managing Repayment. A record of all of the federal aid you have received can be found in your National Student Loan Data System account at NSLDS.ed.gov .

 

 

 


Contact Information:

Mailing Address:

Financial Aid Office
2100 16 Avenue South
Great Falls, MT  59405

Voice: 406.771.4334   
FAX: 406.771.4410 
Email: finaid@gfcmsu.edu

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