Disbursement of Financial Aid
You may be eligible to receive one or more types of financial assistance - 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 - Grants and scholarships may be available to apply against direct charges if your financial aid file is complete. The amount of your disbursement will be printed on your tuition/fee bill. If the amount of financial aid does not cover your total cost, you are responsible for paying the balance through your own personal resources. Any credit balance remaining after all charges have been deducted may be used to charge your books and supplies purchased through the campus bookstore. You must provide the bookstore clerk with identification and the account will be adjusted to reflect the new charges. If you continue to have a remaining credit balance after all tuition/fee and bookstore charges have been processed, you will be provided with an expense check. This check is generally disbursed during the fourth week of classes.
Student Loans - Student loans can also be used to apply towards direct charges if your financial aid file is complete, the Master Promissory Note (MPN) has been filed, the Federal Direct Loan Request Form has been submitted, and the student loan counseling has been completed. GCC receives the majority of student loan funds electronically. You authorize the electronic transfer of these funds when you fill out the MPN. You are allowed to cancel the loan within 14 days after the date GCC sends the notification advising you that GCC has credited your account. The Financial Aid Office will transfer the funds to your account when the loan funds have been electronically transferred to GCC by the U.S. Department of Education. You must be enrolled for at least 6 credits, be in good academic standing and not be in default on a student loan. All loan proceeds in excess of your tuition/fees, bookstore charges and housing costs (if applicable) will be disbursed to you. The expense checks are normally disbursed the fourth week of classes and may or may not be a part of your first expense check. Student loan checks for students who are only attending one semester or for students who only request the loan for one semester will be disbursed in two separate payments.
If you are a first-year first-time borrowers in your program of study, you will not receive the first disbursement of the loan check until 30 days after the first day of classes. You 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. Your student loan cannot be certified after you are no longer enrolled.
College Work-Study - College work-study cannot be used to waive tuition/fee and bookstore charges. It is to be used for living expenses. 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. You will be paid on the 10th of each month for work performed during the prior month. You will be required to complete a monthly timesheet that will be submitted to the Financial Aid Office by your supervisor on the last day of the month.
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