Disbursement of Financial Aid
A student may receive one or more types of financial assistance Ė grants and scholarships, college work-study and student loans. The type of assistance will influence the disbursement process. Financial aid is disbursed on a semester basis.
Grants and Scholarships Ė Grants and scholarships may be available to apply against direct charges if a studentís financial aid file is complete. The amount of the studentís disbursement will be printed on the studentís tuition/fee bill. If the amount of financial aid does not cover the total cost, the student is responsible for paying the balance through their own personal resources. Any credit balance remaining after all charges have been deducted may be used to charge the studentís books and supplies purchased through the campus bookstore. The student must provide the bookstore clerk with identification and the account will be adjusted to reflect the new charges. If the student continues to have a remaining credit balance after all tuition/fee and bookstore charges have been processed, the student will be provided with an expense check. This check is generally disbursed during the fourth week of classes.
Student Loans Ė Student loans can also be used to apply towards direct charges if the studentís financial aid file is complete, the Master Promissory Note (MPN) has been filed, the Federal Direct Loan Request Form has been submitted, and student loan counseling has been completed. GCC receives the majority of student loan funds electronically. The student authorizes the electronic transfer of these funds when they fill out the MPN. They are allowed to cancel the loan within 14 days after the date GCC sends the notification advising the student borrower that GCC has credited the studentís account. The Financial Aid Office will transfer the funds to the studentís account when the loan funds have been electronically transferred to GCC by the U.S. Department of Education. The studentís enrollment status for at least 6 credits, good academic standing and loan default status is also verified. All loan proceeds in excess of the studentís tuition/fees, bookstore charges and housing costs (if applicable) will be disbursed to the student. These expense checks are normally disbursed the fourth week of classes and may or may not be a part of their first expense checks. Student loan checks for students that are only attending one semester or for students who only requested the loan for one semester will be disbursed in two separate payments.
Students who are first-year first-time borrowers in their program of study will not receive the first disbursement of the loan check until 30 days after the first day of classes. They will still be able to charge all direct costs up to the amount of the loan until the loan proceeds come in. A first-time borrower at GCC is also required to participate in an entrance interview prior to the certification of the loan check.
College Work-Study Ė College work-study cannot be used to waive tuition/fee and bookstore charges. Students with a college work-study award will be assigned a job on the campus of GCC and will receive a paycheck once a month. The students will be paid on the 10th of each month for work performed during the prior month. Students will be required to complete a monthly timesheet that will be submitted to the Financial Aid Office by their supervisors on the last day of the month.
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