Offices & Services

Student Financial Services Counselors

Our Student Financial Services Counselors are eager to help you with your financial aid, scholarship, and loan needs. Contact them today! 

Student Financial Services Counselors & Staff

Student Financial Services

Mission Statement

The purpose of the financial aid program at Guilford College is inextricably meshed with the purpose of the College. It is designed to remove the financial barriers to education for those who are unable to meet college expenses and to assist each student in every way possible to acquire the knowledge, the sensitivity, and the understanding to become a more competent, productive and contributing citizen.

Our staff is well trained to assist you and welcomes your questions. The most effective and efficient manner to contact financial services is to email your financial services counselor. You may also call us during business hours at 336.316.2354 or visit our office in the basement of New Garden Hall.

Use the Financial Aid calculators to determine the costs of college.

Repaying Loans

To determine how much federal student loan debt you have and who you need to repay, begin by registering for your Federal PIN number and log on to the National Student Loan Data System. (Click on Financial Aid Review to get started.)   This federal database will give you details on your federal student loan borrowing.  This database does not keep track of any alternative loans you may have borrowed (for example: Sallie Mae Signature Loans).

DON’T DEFAULT!  Helpful hints for repaying your loans.
  • Read all your mail. Keep a file of all your student loan documents. Know your rights and responsibilities.
  • Keep a copy of your promissory note(s), disclosure statements, and paid-in-full notices.
  • Put in a safe place copies of all correspondence you send and obtain mailing receipts.
  • File your detailed notes of all conversations you have with the holder of your loan.
  • Communicate with your Loan Servicer.  The Servicer is the agency that is actually collecting your loan payments.  They may or may not be the lender that actually funded your loan.
  • Put your loan ID number on all correspondence.
  • Report changes in enrollment status, permanent home address, name or anything else required by your note .
  • If you are having a financial hardship call to ask for HELP!
  • Call Your Lender or Servicer with any question or comment relevant to your loan.

Federal Loan Consolidation FAQ

Q.

What is Federal Loan Consolidation?

A.

Federal Loan Consolidation is the process of taking all of your federal education loans (Stafford, Perkins, etc.) and combining them into one new loan. Currently Federal Consolidation loans have a fixed interest rate based on the weighted average of the loans that you are combining into the new loan.

Q.

What are the benefits of consolidating?

A.

Consolidating will allow you to take variable-rate Stafford loans and change them into a fixed-rate loan. Also by consolidating you will only have to make one payment each month instead of making payments to multiple loans and possibly to multiple loan servicers.

Q.

Am I eligible to do a consolidation loan?

A.

If you have at least $7500 in federal education loans in grace or repayment period, then you can consolidate your federal loans. If you have loans currently in default you should contact your loan servicer to see if you are eligible to consolidate.

Q.

Who should I choose to consolidate my federal loans?

A.

If all of your federal loans are currently being serviced at one servicer (Sallie Mae, Nelnet, AES/PHEAA, Campus Partners, etc.) you may want to consider consolidating through that loan servicer. If you have loans at multiple loan servicers, then you can choose to consolidate with any lender that does Federal Consolidation Loans.


If you do have loans at multiple servicers and you decide to shop around for a lender, then one thing to keep in mind when choosing a consolidation loan is your long term plan for paying off the loan.

Are you planning on paying your loan off early? If so, you might want to consider a lender that will give you a reduction in your principal balance as a benefit for doing business with them.

Are you planning on extending the payment so that you have a lower monthly payment? If so, since you are going to pay more in interest charges by paying down the principal balance slower than a standard repayment, then you may want to choose a lender that will give you a reduction in the interest rate as a benefit for doing business with them. Many lenders offer this type of benefit. They do, however, vary based on number of on time payments you must make before the benefit starts. The amount of interest a lender will reduce will also vary from lender to lender.

Q.

When should I consolidate?

A.

Typically our office recommends that students with Stafford loans begin the consolidation process around the fourth month of their grace period. The reason for this recommendation is that once your lender completes all of the paperwork for your consolidation loan, you will enter repayment and lose whatever portion of your grace period you have left. By consolidating it in the fourth month of your grace period, you receive most of the benefit of your grace period while also receiving the benefits of consolidating early. Because the grace period has the “in school” interest rate for Stafford loans, students who consolidate during their grace period lock in the lower “in school” interest rate.

Q.

What are the drawbacks to consolidation?

A.

Once you consolidate your federal loans you cannot consolidate them again unless you have at least one new federal loan to add to the consolidation.
For students with Subsidized Stafford Loans the government is paying the interest on your Subsidized Stafford Loans while you are in your grace period. So if you consolidate during your grace period, you may have a lower interest rate on your new consolidation loan, but the government will not continue to be paying the interest on the Subsidized portion of your loans as you will now be entering repayment. (Some lenders will allow you to begin the consolidation process during your grace period so that you will receive the lower interest rate, but will delay fully processing the consolidation loan until the end of your grace period so that you receive the full benefit of your grace period. Check with your consolidating lender to see if they are willing to do this for you if you are in your grace period.)

If you consolidate Perkins loans in a Federal Consolidation loan, you may lose some of the forgiveness opportunities that are available under the Perkins loan program.

Q.

Can I consolidate private loans?

A.

Borrowers can’t consolidate private education loans into a Federal Consolidation Loan. Many lenders will offer a separate consolidation loan product that will allow students to consolidate their private education loans together, but usually these private consolidation loans have new origination fees associated with them, so usually this is not in the best interest of the borrower.