Loans

The William D. Ford Federal Direct Loan Program offers all federal direct loans to students. These loans are low-interest loans that are meant to help with the cost of college. There are types of direct loans available for students including: subsidized and unsubsidized. 

• A subsidized loan is awarded on the basis of financial need. Students are not charged any interest before repayment begins or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods. The amount that you can borrow is based on your grade level, your financial need, and other aid received.
• An unsubsidized loan is not awarded on the basis of need. Each loan is charged interest from the time the loan is disbursed until it is paid in full. If a student allows the interest to accrue (accumulate) while in school or during other periods of nonpayment, it will be capitalized—that is, the interest will be added to the principal amount of the loan and additional interest will be based on that higher amount.

To be eligible for a student loan, students must meet all of the following basic eligibility requirements each semester at the time of the loan disbursement:

• Be enrolled in an approved degree, diploma, or certificate program 
• Be registered for at least six qualifying credit hours during the semester(s) in which loan funds are received. Qualifying credit hours are credit hours that count toward your major and are eligible for Federal financial aid.
• Meet all general eligibility requirements for federal aid.

Students are automatically offered the maximum subsidized and unsubsidized loan awards allowed, based on independent or dependent status. It is up to the student to accept how much of the loan they need to borrow and to have it disbursed for two or three semesters. 

• Students that only need to borrow money for the two semesters, accept the total amount that is needed for both semesters. The amount that is accepted will be divided equally between the two semesters. 
• Students that need to borrow money for all three semesters (Fall, Spring, and Summer), do NOT accept all loans offered because the amount that is accepted will be divided between Fall and Spring semesters. Accept only the amount needed for the Fall and Spring semester and the amount you did NOT accept will be available for the summer semester. Summer loans are requested on the Summer Application.  The Summer Application will be available to complete, through your student portal, after registering for Summer classes.

Students accepting student loans must complete loan entrance counseling and sign a master promissory note. Failure to complete these two items will result in a delay in receiving loan funds. 

Student loans may be cancelled if a student withdraws from classes or drops below six credit hours during the loan period. In addition to this, the student may cancel or request a loan reduction by completing the Loan Adjustment Form. Students who drop below six credit hours or are about to graduate must complete loan exit counseling.

For more information and steps on completing the loan process visit Federal Direct Loan Instructions.

For more information about Federal Direct Student Loans please visit the U.S. Department of Education’s Direct Loan Program and Student Aid On the Web.

PLUS Loans are loans that parents can request to pay for a dependent child’s educational expenses if a dependent undergraduate student is enrolled at least half-time. PLUS Loans are unsubsidized. 

To be eligible for a PLUS Loan, all the following basic eligibility requirements must be met each semester at the time of the loan disbursement:

• Student must be enrolled in an approved degree, diploma, or certificate program.
• Student must be registered for at least six qualifying credit hours during the semester(s) in which loan funds are received. Qualifying credit hours are credit hours that count toward your major and are eligible for Federal financial aid.
• Student must meet all general eligibility requirements for federal aid.
• Parent borrowers cannot have adverse credit history.
• Parent borrowers must meet the general eligibility requirements for federal student aid.
• The amount of a PLUS Loan cannot exceed the student’s cost of attendance  minus other applied aid.

Parent borrowers apply for the Federal Direct PLUS Loan on Student Aid On the Web. The application requires a credit check and the credit check is valid for 180 days. In addition to this, a signed master promissory note is required. At the end of the application, the parent borrowers will receive their credit check results. Below is a list of results and explanations of your results:

• Accepted—If the credit decision is approved, our office will be notified and the loan will be processed
• Declined—Our office will be notified and the student may become eligible for additional unsubsidized loan funds. Parents with an adverse credit decision have the option to appeal or get an endorser. 
• Pending—More information may be required by the Department of Education. In this case contact them at Student Loan Support Center at 1-800-557-7394 or StudentLoanSupport@ed.gov.

For more information about PLUS Loans visit https://studentaid.gov/plus-app/.

Alternative Student Loans, also known as private loans, are offered by private lenders such as banks or credit unions, to help pay for educational expenses. Alternative loans are not part of the federal student loan program and should only be used after all federal options have been used. Before borrowing a private loan consider the interest rates, repayment terms, and fees. After exploring all options, apply directly with the lender of your choice. The lender will do a credit inquiry and share your options. The amount of loan that can be borrowed is limited by the student’s cost of attendance minus any other aid.

HGTC Emergency Loan Programs

The Emergency Loan Programs are available to assist students with books, supplies, and emergency expenses during the academic year. The programs include the Institutional Book Loan and the Foundation Emergency Loan. Available funding for these programs is limited each semester. Students are limited to only one book or emergency loan per academic year. 

Institutional Book Loan

Beginning the first day of classes, institutional book loan vouchers will be available to assist eligible students with the purchase of books and supplies. Students are required to be enrolled in a degree, diploma, or certificate program in the term for which loan is requested. Eligible students cannot have a bookstore credit available at the time of applying for the book loan. The maximum amount that may be borrowed is $400 and must be repaid within 45 days after receiving the authorization. Applicants may inquire within the Financial Aid office about additional requirements and eligibility. Available funding is limited each semester and only one book or emergency loan may be obtained per academic year. To apply for the Institutional Book Loans, students must complete the Institutional Book Loan Application.

Foundation Emergency Loan

Foundation Emergency Loans are available to students to assist with unexpected emergency expenses such as car repairs, medical bills, stolen cash, utility repairs (ex: heat pump, water pipes, etc.), and unanticipated housing moves. The maximum amount that may be borrowed is $500 and must be repaid within 45 calendar days after receiving the loan. Applicants may inquire within the Financial Aid office about additional requirements and eligibility. Available funding is limited each semester and only one book or emergency loan may be obtained per academic year. To apply for the Foundation Emergency Loan, student must complete the Foundation Emergency Loan Application.

Funding for the Emergency Loan Programs are provided by:

John D. Gilland, III Memorial Book Loan Fund: Established in 1986 by Dr. and Mrs. J.D. Gilland of Conway in memory of their son, this fund provides book loans for full-time students who reside in Horry County.

Plantation Federal Student Book Loan Fund: Established in 1993 by Plantation Federal Savings Bank, this loan fund provides book loans for full-time students who reside in Georgetown County.

Ruth Lewis and Helen G. Stuart Book Loan Fund: Established in 1997, this fund provides emergency loans for Georgetown residents enrolled full-time and attending classes at one of HGTC's Horry County campuses. The fund honors Ruth Lewis, the mother of Neil Lewis, who established the fund, and Helen G. Stuart, a long-time HGTC employee.

Franklin and Elsie Burroughs Book Loan Fund: Established in 2000 by family members and friends to memorialize Mr. and Mrs. Burroughs, this fund provides emergency loans through the HGTC Foundation. Funds are available to students who were born in Horry County or who graduated from Horry County schools. 

Archie Dargan and Harold Cushman Construction Emergency Fund: Established by Dargan Construction in Myrtle Beach in honor of Archie Dargan and Harold Chushamn, this fund provides emergency funding for college related educational expenses for HGTC students facing financial difficulties that may preclude them from attending college if additional financial needs are not met. Funds are available to students who are enrolled at HGTC in the Construction Project Management Program.

Foundation Emergency Book Loan: Established in 2003 by the HGTC Foundation to provide small emergency book loans for students. Dates for applications are posted each semester.

Foundation Emergency Loan Fund: Established by the HGTC Foundation to provide emergency funds that may be borrowed to cover the cost of unexpected expenses such as car repairs, emergency travel costs and other documented situations. This loan cannot be used for the purchase of textbooks and supplies. Documents detailing the extenuating circumstances are required when applying for the funds.