Disbursement of Financial Aid
A student may receive any or all of three basic types of financial assistance. Financial aid is disbursed on a semester basis. The type of assistance will influence the disbursement process.
Grants and Scholarships - Grants and scholarships may be available at registration to apply against direct charges if a student's financial aid file is complete. The amount of the award will be preprinted on the student's registration form, which is handed to the student the day of registration. As the student completes the registration process, she/he will be asked to make payment for all charges. The amount preprinted on the registration form may be available for the student to use for payment of these charges. If the amount of financial aid does not cover the total cost of the student's tuition and fees, the student is responsible for paying the balance through his/her own resources at the time of registration. Any amount remaining after all charges have been deducted may be used by the student for books and supplies purchased through the campus bookstore. The student must provide the bookstore clerk with his/her social security number and identification. The account will then be adjusted for the new charges. If the student continues to have a remaining credit balance after all registration and bookstore charges have been processed, the student will be provided with a check in the amount of the overage. This check is generally distributed during the fourth week of classes. When the check is disbursed, the student will need to provide identification.
Students who participate in early registration and have aid available by the specified payment date will be permitted to utilize grants and scholarships toward direct educational costs at that time.
College Work-Study - Students with a work-study award will be assigned a job on the campus of GCC. Students will complete a monthly time sheet which will be turned in to the Financial Aid Office by their supervisor on the last day of each month. The student will then receive a paycheck for the entire month on the 10th day of the following month.
Student Loans - GCC receives all of the student loan proceeds electronically. The students authorize the electronic transfer of these funds when they fill out the student loan application and are allowed to rescind this authorization at any time. Students are able to charge their tuition, fee and book expenses against the amount of their loan. Upon verification that the student is enrolled, in good academic standing, and not in default on any prior loans, the Financial Aid Office will transfer the funds to the student's account. All loan proceeds in excess of the student's tuition, fee and books will be disbursed to the student along with any additional living expense money the student is eligible to receive after the drop/add period is over. The overage checks are generally disbursed the fourth week of classes.
Students who are first time borrowers 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 until the loan proceeds come in. A first time borrower is also required to participate in an entrance interview prior to the disbursement of the loan check.