Financial Aid Notification- Required Reading
Students are awarded financial aid based on the information provided on the Free Application for Federal Student Aid (FAFSA). Students are notified of their awards via a Financial Aid Notification (FAN). This guide explains the FAN, provides procedures for responding to the award, indicates how assistance will be delivered, and details the terms and conditions students have when accepting any financial aid.
Scholarships and grants are automatically accepted for students. Students whose offers include loan assistance must complete any other documents required for the award period no later than three weeks prior to the start of enrollment or the award will be canceled.
Keep a copy of the FAN with all other important financial aid records. If there are any questions about this guide or the offer of assistance, please contact the Financial Aid Office. To ensure the privacy of our students, families are required to provide the students’ GCC ID number when contacting our office.
YOUR FINANCIAL AID NOTIFICATION
Calculating Aid Eligibility
The Student Aid Index (SAI), replacing the Expected Family Contribution (EFC) due to changes within the FAFSA Simplification Act, represents the amount you and your parents (if classified as a dependent student), or you (if classified as an independent student) and your spouse (if married) are expected to be able to provide to help meet your expenses for the enrollment period. You will not receive billing for SAI. Your SAI was calculated using a federal formula based on the information you and your family provided on the Free Application for Federal Student Aid (FAFSA) and other documents submitted to our office.
Cost of Attendance (COA)
The COA is the standard amount it will cost you to attend GCC for an academic year. The COA is not the amount you owe GCC. For any given academic year, the standard COA at GCC depends on your program, year in school, residency, and housing selection, and is utilized to determine eligibility for any programs or funds managed through the Financial Aid Office (FAO). The FAO, in accordance with federal regulations, publishes a COA.
Reporting Outside Resources
Students who receive any assistance not already included in the financial aid offer must report the amount and type of assistance to the FAO. This is required by Federal law and GCC policy. This assistance may be in the form of additional financial offers such as scholarships, private loans, etc., or in the form of reduced financial obligations to GCC, including Veteran's Benefits. Students who receive additional financial assistance may have their awards reduced and/or cancelled.
Financial Need
Financial need is the difference between the COA , as determined by our office and your Student Aid Index calculated using the information reported on 2025-2026 FAFSA. Many federal student aid programs require applicants to demonstrate a financial need to be considered eligible for that program. The amount of your financial aid award will be affected by your enrollment status and whether you attend a full academic year or less.
FINANCIAL AID TERMS AND CONDITIONS
Students who receive financial aid at GCC are responsible for understanding and agreeing to the following terms and conditions. Additional information is also available on our website. Please read the terms and conditions carefully and thoroughly.
FINANCIAL AID ELIGIBILITY AND ENROLLMENT
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- By accepting all or a part of the financial aid award offered by GCC, you agree to use all federal, state, and institutional financial aid received only for education-related expenses at GCC.
- You may have your financial aid application reviewed upon request if there has been a significant change in your family situation. Such requests will be reviewed on an individual basis and may not affect your financial aid eligibility.
- If you decide not to attend GCC, it is your responsibility to officially drop your courses. Failure to do so could result in outstanding charges owed by you to GCC and/or the federal government.
- Federal financial aid can only pay for classes that are required for your degree program. Your aid may be reduced if classes are not required for your degree program.
- You are required to attend and participate in enrolled courses; Class attendance is mandatory for all types of financial aid.
- Financial aid is contingent upon your continued eligibility. GCC reserves the right to review and adjust or cancel any financial aid award at any time due to changes in your status or the availability of funding.
- Changes in enrollment status may affect your eligibility for financial aid. Enrollment status includes non-attendance, ineligible classes, dropping, adding, withdrawing, failing, or receiving an ‘I’ (Incomplete) in a course(s). Review the Return of Title IV Funds Policy.
- Financial aid will pay for one retake of a previously passed course. Review the Repeat Course Policy.
- You agree to conform to the policies, procedures, and other requirements in regard to Financial Aid Satisfactory Academic Progress (SAP). Review the Satisfactory Academic Progress Policy.
- Financial Aid Notifications are based on full-time enrollment and then pro-rated based on actual enrollment. Most aid programs require at least half-time enrollment (6 or more credits) although the Federal Pell Grant and some state aid programs are sometimes available if fewer than 6 credits are taken in a semester. If your enrollment status changes during the term, your aid may be adjusted, and you may be responsible for paying the balance.
- You may not receive financial aid from more than one institution at the same time during a given year.
- There are annual limits on Federal Pell Grants and Federal Direct Loans. If you attend more than one institution in a given academic year, your eligibility may be affected by aid received at those institutions. If requested, you agree to provide proof of aid used at prior institutions.
SATISFACTORY ACADEMIC PROGRESS OVERVIEW
Satisfactory Academic Progress (SAP) is defined as the successful completion of coursework toward an eligible certificate or degree. Federal regulations require the Office of Student Financial Aid to monitor the academic progress of students receiving financial aid. Please view the SAP Policy for information on how the Financial Aid Office determines Satisfactory Academic Progress.
There are three components to calculate a student’s Satisfactory Academic Progress (SAP)
Completion Rate: a student with 54 earned credit hours out of 69 attempted credit hours would have a calculated completion rate of: (54 ÷ 69) x 100 = 78%
Max Time Frame: a student with a 60-hour credit-hour associates degree program would be calculated as: 60 x 150% = maximum of 90 attempted hours of college-level coursework allowed
FERPA RELEASE REQUIRED TO SPEAK WITH PARENT/GUARDIAN/SPOUSE
Your privacy is important to us! In compliance with the Family Educational Rights and Privacy Act (FERPA) of 1974, the College cannot disclose personally identifiable information contained in the student's education records without the student's written consent.
Students may grant any third party (e.g., spouse, parent, and/or sponsor) permission to access their financial aid records by completing the FERPA Release Form online. Please visit the Registrars website to complete the Student Authorization to Release Records Form.
ENROLLMENT STATUSES DEFINED FOR FSA
Students planning to use Federal/State aid to pay for their education will need to understand and follow these definitions for student enrollment status.
Enrollment status is defined by how many credit hours for which a student is enrolled in a semester.
Undergraduate Students (Enrollment Status per 16-week semester)
|
Semester Course Load |
Student Status |
|
12+ semester hours |
Full-Time |
|
11-9 semester hours |
Three-Quarter Time |
|
8-6 semester hours |
Half-Time |
|
5-1 semester hours |
Less than Half Time |
UNDERSTANDING THE TYPES OF AID OFFERED
Scholarships and Grants: Scholarship and grants are a form of financial aid that do not have to be repaid (unless, for example you withdraw from school and owe a refund). A variety of grants are available through the federal government and Michigan Student Aid. Scholarship and grant aid are automatically accepted on your behalf.
Loans: Loans are money you borrow and must pay back with interest. Because loans have to be repaid, they are considered self-help (optional) resources. Repayment of student and parent loans usually begins after a student completes his education or drops below half-time status. If you determine that a student loan is necessary to cover your expenses complete all required steps listed on the Direct Loan Request Form. Loans not accepted will automatically be cancelled.
Employment: The Federal Work-Study Program allows you to earn money to pay for school by working part-time. You will earn at least the current minimum wage for work performed. Students who have financial need may qualify for the Federal Work-Study program. If you are not offered FWS on your financial aid notification and are interested in obtaining a FWS job, contact FAO@gogebic.edu or (906)307-1206.
FINANCIAL AID PROGRAMS
Review the aid program descriptions for details about the Types of Aid you were awarded.
|
Aid Program |
Source |
Type |
Enrollment Requirement |
Amount |
|
Federal |
Grant |
The award amount is based on your Student Aid Index (SAI), the Cost of Attendance and your enrollment status. |
The maximum Federal Pell Grant award is $7,395 |
|
|
Federal |
Grant |
Must be enrolled half-time (6 credit hours) and have financial need |
The maximum SEOG award is $300 a year. |
|
|
State |
Scholarship |
Must be enrolled full-time (12credit hours). |
In-District tuition and billable fees. |
|
|
State |
Grant |
Must be eligible to receive Federal Pell and be enrolled full-time (12 credit hours) |
If you receive the Federal Pell, you’re eligible for $1,000 to help pay for additional cost. |
|
|
State |
Grant |
Must be enrolled half-time (6 credit hours) |
In-district tuition and up to $450 of billable fees. |
|
|
State |
Scholarship |
Must enroll in 12 credit hours during an academic year (fall, spring, and summer) |
Last-dollar scholarship program that pays in-district tuition and billable fees. |
|
|
GCC |
Scholarship |
Eligibility requirements vary. |
Amount Varies |
|
|
Federal Direct Subsidized Loan(optional) |
Federal |
Loan |
Must be enrolled half-time (6 credit hours) |
Federal Direct Loan Limits-See page 10 |
|
Federal Direct Unsubsidized Loan(optional) |
Federal |
Loan |
Must be enrolled half-time (6 credit hours) |
Federal Direct Loan Limits- See page 10 |
|
Federal Work Study (optional) |
Federal |
Work |
Must be enrolled half-time (6 credit hours) |
Up to $1,800 for the award year. |
BOOK PURCHASE GUIDELINES WHEN USING FINANCIAL AID
Financial Aid allows you to use a portion of your anticipated financial aid to purchase textbooks and supplies with the GCC online bookstore. Financial aid is only available for use in the bookstore during specific dates and you must have a complete financial aid application with a pending credit balance on your student account. Students are not required to purchase books this way.
The amount available for use in the bookstore depends on the student's award and other tuition-related charges. To determine funds, you have available for books, log into MyGCC and select Student Finance. If there is a credit under balance available (i.e., -500) after charges have been paid, these funds can be used for books, there are no steps that you need to take.
Any potential financial aid refund will be reduced by the amount of aid used in the bookstore. If you make changes to enrollment that reduces the amount of aid you will receive, you will still be responsible for any charges made in the bookstore.
Books can be purchased online at GCC Bookstore.
DISBURSEMENT AND PAYMENT OF AID
- Financial aid awarded in the form of grants, scholarships, and loans will first be applied toward your student account to pay outstanding tuition, fees, housing, if applicable and authorized book charges that you owe to GCC.
- Aid is paid to your GCC student account, approximately three weeks into each term.
- If you are scheduled to receive more financial aid than the balance owed to GCC you may be issued financial aid refund to cover your personal expenses.
- If you are eligible for financial aid refund, the preferred disbursement of refunds is direct deposit. If you do not have an authorized direct deposit, your refund check will be mailed to the address on file with the Admissions Office.
- Federal regulations mandate that all first-time borrowers of federal student loans must wait 30 days from the first day of classes for the loan to disburse.
- Federal regulations mandate that federal loans require two disbursements. Loans will automatically be scheduled across two semesters (fall and spring).
What is a Financial Aid Refund?
A financial aid refund occurs when a student's financial aid, such as loans or grants, exceeds the actual cost of their education (tuition, fees, etc.) and the remaining funds are returned to the student. This happens after the financial aid is applied to cover eligible charges on their student account.
MARK YOUR CALENDAR
|
FALL SEMESTER |
08/25/25 through 12/12/25 |
|
Book Purchase Using Approved Financial Aid |
08/11/25 through 09/08/25 |
|
Tuition Payment Plan Deadline |
08/15/25 |
|
Tuition and Fee Due Date |
08/29/25 |
|
Add/Drop Deadline |
08/29/25 |
|
Financial Aid Refund Available |
09/19/25 |
|
SPRING SEMESTER |
01/12/26 through 05/08/2026 |
|
Book Purchase Using Approved Financial Aid |
12/29/25 through 01/26/2026 |
|
Tuition Payment Plan Deadline |
01/05/2026 |
|
Tuition and Fee Due Date |
01/16/2026 |
|
Add/Drop Deadline |
01/16/2026 |
|
Financial Aid Refund Available |
02/06/2026 |
FINANCIAL WELLNESS
The GCC Smart About Money program aims to help GCC students learn to manage their money effectively and make wise financial decisions. The financial decisions students make while in college can significantly impact lives for many years.
All services to students are free. Students are welcome to meet with the Financial Aid Office (by phone, email, or video) to ask questions about personal finances and money management resources.
FREQUENTLY ASKED QUESTIONS
Q: What is a Financial Aid Notification (FAN)?
Your Financial Aid Notification (FAN) shows the estimated financial aid awards available to you for 2025-2026 academic year at GCC. You will be able to see your financial aid total for the whole year. Your FAN also gives you details about your financial aid eligibility, expected costs, and other important information. The FAN is not a bill or a statement of your student account, but it will show you how much of your costs are already covered by your financial aid.
Q: Can my award change?
Your award may change based on the following circumstances:
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- Corrections or updates to your FAFSA
- Changes in your housing plans
- Changes in your residency status
- Changes in enrollment level each semester
- Changes in your (or your family’s) financial circumstances
- Receipt of additional assistance and/or scholarships
- Receipt of additional information affecting eligibility
- Discontinued attendance in classes
- Withdrawal from all classes
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Q: Does the number of registered credit hours affect eligibility to receive financial aid?
Yes. The total number of hours required to receive federal loans for each semester must be at least half time; 6 credit hours. The Federal Pell Grant is prorated based on actual hours of enrollment.
Q: Do I need to report outside scholarships that I will be getting?
Students are required to report any and all additional resources to the financial aid office. This includes any outside scholarships you may be receiving.
Q: What do I need to do to receive my financial aid at GCC?
Make sure that you are meeting the eligibility requirements for your financial aid awards. Some awards require you to be enrolled as a full-time student. Gift aid, like scholarships or grants, are automatically accepted for you. For awards like Federal Direct Loans and Federal Work-Study, we will offer you the maximum amount for which you are eligible. To receive student loans and/or federal work study, additional steps are required. Please review the Missing Documents section on your FAN for further instructions.
Q: What happens to my financial aid if I drop a class or withdraw completely from school?
Withdrawing from all classes or dropping a class at any point after the add/drop period will negatively impact your completion rate and possibly effect your future aid. Additionally, if you drop a course or withdraw from the semester , you may be required to return some of your financial aid. Contact the FAO at (906) 307-1206 if you are considering dropping or withdrawing.
Q: My financial situation has changed. What can I do?
Your financial aid eligibility is based on your 2025-2026 FAFSA. This FAFSA uses 2023 tax information. If your financial situation has changed significantly, we may be able to reevaluate your financial aid awards based on your current finances. Contact us at FAO@gogebic.edu or (906)307-1206 for more information.
Q: What is “Last Dollar” for Michigan state aid?
Michigan state aid, "last dollar" means that the state aid award is applied after all other forms of financial aid, such as Pell Grants, other state scholarships, and institutional grants, have been applied to the student's cost of attendance. The last-dollar award covers the remaining balance needed to cover tuition, mandatory fees, and other eligible costs, up to the student's total cost of attendance.
Q: Is there aid available for summer school?
Awards for Summer are based on remaining financial aid eligibility from the Fall 2025 and/or Spring 2026 semesters at any college. To qualify for most aid programs, students must be enrolled at least half-time (6 credits). These funds consist of the Federal Pell Grant and Federal Direct Loan programs.
Q: Do I have to apply for aid every year? What is a renewal FAFSA?
If you have applied for federal aid in the past year, you will be able to fill out a renewal FAFSA, rather than a new FAFSA. You just need to update your (and your family’s) income information and any data that has changed. If you have a FSA ID, you can access your renewal FAFSA online at www.studentaid.gov. GCC School Code 002264
Federal Direct Student Loans
Q: What is the difference between Subsidized and Unsubsidized loans?
The difference between Subsidized and Unsubsidized loans is the accrual of interest. Subsidized loans will NOT accrue interest while the student remains enrolled in school at least half-time (6 or more credit hours for undergraduate students). Interest on Unsubsidized loans will accrue from the date of disbursement. More detailed information about both Subsidized and Unsubsidized loans can be found here.
Q: What is the interest rate on a Federal Direct Loan?
Interest rates on federal student loans are determined by Congress. Visit the Federal Student Aid website for the most recently published interest and fee rates.
Q: Are there any fees for federal student loans?
Yes. Federal student loans have origination fees that are deducted proportionately from each loan disbursement. This means the money you receive will be less than the amount you actually borrow. Check on the current loan fees for federal student loans at studentaid.gov.
Q: How The Interest Rate Is Determined for Direct Loans
Interest rate is determined annually for all loans first disbursed during any 12-month period, beginning on July 1 and ending on June 30, and is equal to the high yield of the 10-year Treasury notes auctioned at the final auction held before June 1 of that 12-month period, plus a statutory add-on percentage that varies depending on the loan type. 2026-2027 interest rates will be announce in May.
Q: What are the annual Direct Loan limits?
The following chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Direct Stafford Loans. Keep in mind that award amounts vary and depend upon your financial need (as determined by the federal government). Direct Loan funding eligibility is based on your grade level and dependency status and are subjected to yearly loan limits and aggregate lifetime loan limits.
|
Year |
Dependent |
Independent |
|
First Year (0-29 credits) |
$5,500 - No more than $3,500 of this amount may be in subsidized |
$9,500 -No more than $3,500 of this amount may be in subsidized |
|
Second Year (30-60 credits) |
$6,500 -No more than $4,500 of this amount may be in subsidized loans. |
$10,500 - No more than $4,500 of this amount may be in subsidized loans. |
|
Maximum Total Debt from Direct Loans (aggregate loan limits) |
$31,000—No more than $23,000 of this amount may be in subsidized loans. |
$57,500—No more than $23,000 of this amount may be in subsidized loans. |
To review your previous student loans: You can identify your loan types by logging on to StudentAid.gov and selecting “My Aid” in the dropdown menu under your name. In the “Loan Breakdown” section, you will see a list of each loan you received.
Q: What can I do if all of my financial aid is still not enough to pay for school? How do I get more financial aid?
We always award students with their maximum eligibility in federal aid based on availability of funding. However, because of federal loan limits, students may not have enough federal funds to cover all of their educational costs. If you need additional funding beyond the federal aid you were awarded, you could consider a Parent PLUS Loan or a private student loan. Only the parents of dependent students may apply to offset costs. Please contact the FAO for additional information regarding Parent PLUS.
What other type of loans can I apply for to help pay my bill? Parent Federal Direct PLUS Loans allow parents of dependent undergraduate students to borrow up to the annual cost of education, minus any financial aid. Please contact the Financial Aid Office for additional information regarding the Parent PLUS loan.
Alternative Private Loans Alternative loans are private (non-federal) loans. The terms vary widely as do the eligibility criteria. You (and your co-borrower, if applicable) should carefully research the options and apply for the alternative loan that best suits your needs. Keep in mind that usually your best option is to pursue. GCC recommends that a student accept the Federal Direct Loan offered to them if they have filed a FAFSA. In general, the Federal Direct Loan program will have the lowest interest rate for the student borrower. GCC does not have a preferred lender agreement with any private loan lender and will work with any lender a student request.
Q: Can I reject all or part of my loan? Can my direct loan be adjusted or cancelled?
Yes. If you have applied for aid with FAFSA then you may receive a loan offer. However, you are not required to accept the full amount of the offer. You can borrow less than what is offered, or you can decline the full offer. You should only borrow what you need, therefore if you accept a loan but determine that you do not need the full amount, contact the Financial Aid Office to make an adjustment or to cancel your loan. If your loan has already been disbursed to your student account, our office can process any requested adjustment.
CALCULATE YOUR STUDENT LOAN MONTHLY PAYMENT
The Federal Student Aid Loan Simulator helps you estimate monthly student loan payments and choose a loan repayment option that best meets your needs and goals. Know Before You Owe!
FALL SEMESTER CHECKLIST: ARE YOU PREPARED?
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Review the Financial Aid Terms and Conditions and other information included in this packet. |
|
Register for Fall Semester Classes |
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Promptly return any requested documentation on your Financial Aid Notification. You can also view missing documents on MyGCC. |
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Do you plan to borrow a Federal Direct Loan? Additional steps are required. Required documents include Direct Loan Request Form, Entrance Counseling and Direct Loan Master Promissory Note (MPN). Request forms and additional information are available on MyGCC. Submit all three steps by 8/1/25. |
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Were you awarded a GCC Scholarship? A donor letter of appreciation is required prior to disbursement. Notifications and instructions were sent to your GCC email. |
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Are you interested in Federal Work Study (FWS)? Contact our office for eligibility and additional information. |
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Do you have a parent/spouse/relative that will be contacting the FAO on your behalf? The Family Educational Rights and Privacy Act (FERPA) protects the privacy of your educational records. GCC cannot disclose personally identifiable information without the students’ written consent. Students may grant any third parent (parent, relative, spouse permission to access their financial aid record by completing the Student Authorization to Release Records Form. |
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Fall Semester Tuition and Fee Bills will be mailed 07/09/25. You can also view your statement on MyGCC. |
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Regularly check your GCC email for important information regarding your aid. |
HAVE QUESTIONS? Contact the Financial Aid Office at (906)307-1206 or FAO@gogebic.edu
