Financial Aid Student Loans - Garrett College

Garrett College McHenry campus offices are open Monday through Friday, 8:30 a.m. – 4:30 p.m.

All individuals must wear a mask indoors regardless of vaccination status. Individuals are also required to complete the daily health self-assessment before coming to campus.

Note: the Daily Health Self-Assessment form is located here.

Employees and students are not required to be vaccinated at this time but are strongly encouraged to do so.

The most up-to-date information on Garrett College's response to COVID-19, can be found online at novel coronavirus/COVID-19 resource page.

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Student Loans

Unlike grants or scholarships, money borrowed by students or parents must be repaid with interest, usually after you are finished with your education. Federal student loans are an investment in your future. If you do decide to take out a loan, make sure you understand who is committing to the loan – whether it is you or your parent or guardian - and the terms and conditions of the loan.

By submitting the FAFSA, your college’s financial aid award package is required by the U.S. Department of Education to include an offer of federal student loans. Garrett College does not encourage borrowing, but encourages smart borrowing and additional steps are required for student loan processing.

The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is your lender.

How much can I borrow for college?

Year Dependent Undergraduate students Independent Undergraduate students
First Year $5,500 - no more than $3,500 of this amount may be in subsidized loans. $9,500 - no more than $3,500 of this amount may be in subsidized loans.
Second Year $6,500 - no more than $4,500 of this amount may be in subsidized loans. $10,500 - no more than $4,500 of this amount may be in subsidized loans.

Subsidized vs. Unsubsidized Loans – Know the Difference!

Direct Subsidized Loans are available to eligible undergraduate students who demonstrate financial need to help cover the costs of college. For these loans, the government does pay interest while you are still in school.

Direct Unsubsidized Loans are available to eligible undergraduate, graduate, and professional students. These are non-need based and the government does not pay interest while you are in school.

Direct PLUS Loans are available to parents of dependent undergraduate students to help pay for education expenses not covered by any other form of financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.

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Priority Deadline



You can apply for Financial Aid at any time. GC encourages you to submit your FAFSA when it first becomes available on October 1 of each year.