Email is the official means of communication for important information from the Office of Student Financial Aid. Students are expected to check their email regularly and are responsible for all information sent via their college email address.
Your GCC email account
Assignment of Email Addresses
- If you provided a Preferred Name on your application, your email address will be of this format: preferredname.lastname@students.gogebic.edu
- If you did not provide a preferred name, then your email address will be of the format: firstname.lastname@students.gogebic.edu
To Access Email:
- Navigate to: Sign in to Outlook (microsoftonline.com)
- Enter your Email Address and password.
- Select “Sign In”
- Alternatively: You may sign into Office.com (see above) and select the "Outlook" application on the left-hand bar.
Connect to Your My- GCC Student Portal
The My-GCC student portal is your online gateway to financial aid and student account self-service tools. To access MY-GCC:
Navigate to the MY-GCC Login Page: My GCC | Welcome to My GCC (gogebic.edu)
- Enter your Student ID
- Click the “Login” button.
- If you have already signed into Office.com or Moodle, select the corresponding ID badge that has your GCC email or Student ID
- Otherwise, enter your GCC email account credentials as prompted to sign in.
This information explains the terms and conditions under which you are eligible to receive financial aid a Gogebic Community College. As a student receiving financial aid, you are certifying that you agree to the following terms and conditions and that you understand your rights and responsibilities herein. Please read this carefully and thoroughly. In each statement, “I,” “me” or “my” refers to you, the student.
- By accepting all or a part of the financial aid award granted by GCC, I agree to use all federal, state, and institutional financial aid received only for educational expenses at GCC.
- I understand that class attendance is mandatory for all types of financial aid. If I am unable to attend my courses for any reason, it is my responsibility to drop/withdraw from the courses and return all unearned financial aid.
- I understand that policies and procedures may change during the course of an award year as the result of regulatory changes.
- I understand that all financial aid is contingent upon my continued eligibility. GCC reserves the right to review and adjust or cancel any financial aid award at any time due to changes in my status or the availability of funding.
- I understand that a change in residency status or enrollment status may affect eligibility for financial aid. Enrollment status includes non-attendance, ineligible classes, dropping, adding, or withdrawing or from a course(s).
- I agree to the policies, procedures, and other requirements regarding Financial Aid Satisfactory Academic Progress and Return of Title IV Funds.
- I will promptly notify the Office of Admissions of any change in name, address, phone number, and/or program of study.
- I will promptly notify the Office of Student Financial Aid of any financial assistance received from sources outside of the GCC Office of Student Financial Aid.
- I understand I may not receive financial aid from more than one institution during a given term.
- I understand that there are federal annual limits on the Pell Grant and Federal Direct Loans. If I attend more than one institution in any given academic year, my eligibility may be affected by aid received at those institutions. I agree to provide proof of aid used at my prior institutions.
- I may have my financial aid application reviewed upon request if there has been a significant change in my family situation. I will be prepared to submit documentation proving these extenuating circumstances. I understand that such requests will be reviewed on an individual basis and may not affect my financial aid eligibility.
- I must supply accurate information on all forms submitted to the Office of Student Financial Aid. Funds obtained on the basis of false or misleading information must be repaid and could result in criminal prosecution, prison sentence, and/or a $20,000 fine pursuant to U.S. Criminal Code.
- I understand that if I decide not to attend GCC, it is my responsibility to officially drop my courses and/or decline any aid offered. Failure to do so could result in outstanding charges owed by me to GCC and/or federal financial aid programs.
- I agree to regularly check my student-issued email account. I understand that email is the official communication with GCC. I am responsible for all communications sent to me through this address.
- Financial aid eligibility will only be determined after I have submitted all required application documents. Incomplete files will not be processed.
- Financial aid eligibility requires a student to be enrolled in an eligible degree and/or certificate program.
- GCC’s Satisfactory Academic Progress Policy requires all financial aid recipients to maintain a 2.0 or higher GPA, to complete at least 67 percent of all credits attempted, to complete at least one class every semester and to graduate within 150 percent of my declared program's published length. I understand that if I fail to comply with these standards, I may lose my financial aid eligibility.
- Financial aid awards are determined based on full-time enrollment. Most aid programs require at least half-time time attendance to receive financial aid. Under some circumstances, Federal Pell Grants may pay for less than half-time attendance. If my attendance status changes throughout the term, my aid may be adjusted accordingly, and I am responsible for paying any resulting balance due in full.
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- Full-time (12 or more credits)
- Three-Quarters time (9-11credits)
- Half-time (6-8 credits)
- Less the Half-time (5.0 or less credits)
Know Before You Owe
Those who qualify for need-based aid may borrow a subsidized Stafford Loan, and students who do not qualify may borrow an unsubsidized loan. Stafford loans are entirely in the student's name.
Subsidized
- Who Can Borrow: Students who demonstrate financial need as determined by the FAFSA.
- Lender: Department of Education.
- Loan Amount: Up to $3,500 for the freshman year, $4,500 for the sophomore year.
- Interest Rate: 4.99% for 2022-23. The federal government pays interest while the student is enrolled at least half-time.
- Fees: A 1.057% origination fee will be deducted from each loan disbursement for loans where the first disbursement is made on or after October 1, 2020 and before October 1, 2023.
- Repayment Terms: Repayment begins six months after graduation or after the borrower ceases to be enrolled at least half-time. Each year while the borrower is in repayment, he or she is required to pay at least $600 or the unpaid balance (whichever is less). The borrower has up to 10 years to repay the loan. There is no penalty for early repayment. To assist with planning, the Department of Education provides very helpful budget and repayment calculators.
- Application Instructions: Complete an online entrance interview and complete a Master Promissory Note (MPN) at www.studentloans.gov.
Unsubsidized
- Who Can Borrow: Students who do not qualify for the need-based subsidized Stafford Loan, or those who only have partial need-based Stafford eligibility.
- Lender: Department of Education.
- Loan Amount: Up to $5,500 for the freshman year, $6,500 for the sophomore year.
- Interest Rate: 4.99% for 2022-23. Interest accrues while the student is in school and during loan deferment; the student doesn't need to pay the interest at this time, but the accumulated interest will be added to the principal and increase the amount to be repaid. The student has the option of making interest payments while in school. (Students can indicate this on their MPN. Payments will be made to the loan servicer). 2023-2024 interest rates will be announced in June.
- Fees: A 1.057% origination fee will be deducted from each loan disbursement for loans where the first disbursement is made on or after October 1, 2020 and before October 1, 2023
- Repayment Terms: Repayment begins six months after graduation or after the borrower ceases to be enrolled at least half-time. Each year while the borrower is in repayment, they are required to pay at least $600 or the unpaid balance (whichever is less). The borrower has up to 10 years to repay the loan. There is no penalty for early repayment. To assist with planning, the Department of Education provides very helpful budget and repayment calculators. 2023-2034 interest rates will be announced in June.
- Application Instructions: Complete an online entrance interview and complete a Master Promissory Note (MPN).
- To view current interest rates.
Interest and Capitalization
If you are borrowing a student loan, it is important to have a basic understanding of how interest accumulates, as well as the concept of interest capitalization.
The initial principal is the total amount you borrowed. Unless the loan is subsidized, interest is likely accumulating on that loan immediately when the loan disburses. At certain points, the unpaid loan interest may be capitalized, which means it will be added to the principal; your accumulated interest will begin to accrue interest. Capitalization usually happens at pre-appointed times, such as when your loan enters repayment . The larger the principal, the higher amount of interest will accrue.
For loans that are not subsidized, you may choose to pay the interest while you are still enrolled, which can help you to avoid capitalization later and can save you money in the long run. Let's look at the difference between paying the interest while in school versus allowing the interest to accumulate.
The first step is to determine the interest that is accruing on your loan while you are in school. Use the following calculation:
Loan principal times interest rate divided by 365 = daily interest rate.
Next, calculate the total interest by the number of days the loan has been collecting interest. In this case you will calculate from the time of disbursement to the time you enter repayment.
Budgeting & Borrowing
Student loans can be a good resource to help finance your college education. Earning a degree is an investment in your future, and responsible borrowing can help you cover your costs, reach your goals, and get a jump start on building strong credit for after college. The information and guidelines below are intended to help you consider your
Borrowing Wisely
You may find that you are eligible to borrow more than you actually need through federal student loans. It might help to plan a budget to determine how much you need to borrow, so you can reduce the amount you will ultimately have to pay back. Plan a budget and complete a budgeting worksheet to review all of your expenses and resources.
Know What You’ll Owe
Federal loans have a number of repayment options, including income-driven plans that base your payment due on a set percentage of your income. You can also use student loan calculators to figure out how much you might owe after leaving Northwestern.
You Can Make Early Payments
If you are able to make even small payments while you are still in school, over the summers, or during your grace period, you can reduce the amount you will owe in interest long-term or even pay your loans off before you graduate.
Talk to a Financial Aid Counselor
The financial aid office can help you review your costs and aid, help you work out a budget of how much you might actually need to borrow, and go over any questions you might have about loan options and repayment.
Credit Cards vs. Student Loans
Some students may be nervous about borrowing student loans for the first time and may look to credit cards as an alternative to help with personal and educational expenses while they are in college. Since both options are a form of borrowing, it is important to understand how each work in order to make the best financial decision for yourself. Below is a comparison chart between credit cards and student loans:
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Credit Cards |
Federal Student Loans |
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Interest Rates
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Credit cards typically carry higher interest rates than student loans and can often exceed 20%. |
Federal student loan interest usually falls below 10%. Some students may qualify for federal subsidized loans, where the loan is interest-free while the student is in school. |
National Student Loan Data System (NSLDS)
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s centralized database of all federal student aid. This system provides you with an overview of your federal student loans, your loan amounts, enrollment status, outstanding balances, loan status and disbursements.
You can access your information online at www.nslds.ed.gov. You will need to log in with your Federal Student Aid (FSA) ID.
NSLDS also provides information about your loan servicer. The loan servicer is a company that collects payments, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a federal student loan. Your lender contact information is available through NSLDS, but we also have provided a servicer list for your reference as well.
A great feature of NSLDS is that you can download your loan information for your records by selecting the “MyStudentData Download” button.
While NSLDS does provide information on educational debt, it is important to note that it only provides information regarding the federal student loan programs. For information on private loans you will need to contact the lender directly. If you are unsure of your private lenders, you can contact your financial aid office or refer to your credit report.
Code of Conduct
- Financial aid awarded in the form of grants, scholarships, and loans will be applied toward my student bill first and will pay outstanding tuition, fees, and room (if applicable) authorized charges I owe to GCC.
- Financial aid is paid to your GCC student account after the census date, approximately two (2) weeks into each term.
- Students scheculed to received more financial aid than the balance owed to GCC may be issued a refund.
- If eligible for a refund, it will be issued on the refund preference selected (within 14 days of disbursement).
- Students are responsible for ensuring that their address is valid.
- Federal regulation mandates that all first-time borrowers of federal loans must wait 30 days from the first day of classes for the loan to disburse. If participation in academically related activities is not performed by me before or after disbursement of any loan, eligibility for student loans will immediately be voided and will be referred to a loan servicer for immediate repayment of my loans.
- Federal regulation mandates that all federal loans be released in two (2) disbursements. Most loans will automatically be scheduled across two (2) semesters (i.e., fall and spring or spring and summer).
- Financial aid is intended, but not guaranteed, to help cover the portion of college expenses that cannot be paid by me or my family.
- When completing the Free Application for Federal Student Aid (FAFSA), the federal processor uses the information provided to determine the family contribution and the results are forwarded to GCC (002264). This is the Expected Family Contribution (EFC) and determines the type of financial aid available to me if all other eligibility requirements are met.
- The March 31st priority consideration date enables me to be considered for first-come, first-served funds such as limited federal grants and scholarships.
- Financial aid awards are created based on my eligibility criteria and the availability of federal, state and institutional funds and are awarded according to federal, state and institutional guidelines and regulations.
- My financial aid package may be a combination of several types of aid, including grants, scholarships, loans, and work-study.
- An estimated Cost of Attendance (COA) is used when determining my financial aid package.
I understand my financial aid award cannot exceed my COA, and that my COA does not
reflect the actual out-of-pocket amount I owe to GCC. I understand I am not guaranteed
to receive financial aid that meets my entire COA.
COA includes tuition/fees, books/supplies, room/board, personal expenses and transportation.
WHAT IS AN OVER AWARD?
An over award exists when a student's aid package exceeds their total costs or their need. Some examples include:
- We award a student when they are ineligible for a specific program, or they are ineligible for any Federal Student Aid program assistance.
- A student’s award in an individual program exceeds the regulatory maximum, e.g., the annual or aggregate loan limits, the annual limit on Federal Supplementary Educational Opportunity Grant (FSEOG) awards, or a Pell award based on the wrong payment schedule/enrollment status.
- A student’s aid award exceeds their need; including when their Expected Family Contribution (EFC) is revised upward after initial packaging.
- A student’s award exceeds their cost of attendance (COA)
HOW DID I GET OVERAWARDED?
While we take care not to over award you when packaging your aid, circumstances may change after you have been awarded that result in an over award. For instance, you may receive a scholarship or grant from an outside organization, or your EFC has increased as a result of verification. Regardless of the reason for the over award, we are bound by Federal regulation to correct the over award. Exceptions cannot be made for anyone.
CORRECTING AN OVERAWARD
When an over award situation arises, we may have to adjust the awards in your aid package to eliminate the over award.
Here are the steps that the Office of Student Financial Aid Office will take to correct an over award:
- We will determine whether or not the student has increased financial need that was not anticipated at the time of the award and/or loan application.
- If no increased need is demonstrated, and/or the student’s total aid still exceeds his or her need, we will cancel any undisbursed loans and/or return loan funds to the lender if the disbursement has already been made.
- If the student has no loans or the student’s aid still exceeds the student’s need after all loans have been canceled, we will reduce institutional grants and/or scholarship aid.
ACADEMIC YEAR:
A period of at least 30 weeks of instructional time during which a full-time student is expected to complete at least 24 semester hours.
AWARD NOTIFICATION:
The official document, issued by the Office Student Financial Aid, which lists all the financial aid awarded to the student.
CITIZEN/ELIGIBLE NON-CITIZEN:
You must be one of the following to receive federal student aid:
- U.S. Citizen
- U.S. national (includes natives of American Samoa or Swain's Island)
- U.S. permanent resident with an I-151, I-551, or I-551C (Alien Registration Receipt Card)
If you're not in one of these categories, you must have an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service (INS) showing one of the following designations:
- Refugee
- Asylum Granted
- Indefinite Parole and/or Humanitarian Parole
- Cuban-Haitian Entrant, Status Pending
- Conditional Entrant (valid only if issued before April 1, 1980)
- Other eligible non-citizen with a Temporary Resident Card (I-688)
You can also be eligible based on the Family Unity Status category, with approved I-797s (Voluntary Departure and Immigrant Petition), or if you have a suspension of deportation case pending before Congress. Permanent residents of the Trust Territory of the Pacific (Palau) may be eligible for federal student aid. Citizens of the Federated States of Micronesia and the Marshall Islands are eligible for Pell Grants, SEOG, or Work Study only.
COST OF ATTENDANCE (COA):
The total amount it should cost a student to go to school--usually expressed as a yearly figure. The cost of education covers tuition and fees, room and board, and allowances for books and supplies, transportation, and miscellaneous expenses. Certain other items may be added at the discretion of the Office of Student Financial Aid. Your COA can be affected by your enrollment status.
DIRECT COSTS:
Expenses the student/family pays to the college.
DISBURSEMENT:
The release of loan funds to the school for delivery to the borrower. Disbursements for most loans are made in equal multiple installments and made co-payable to the borrower and the school.
ENROLLMENT STATUS:
Academic course load, as defined by GCC, that a student is carrying for a defined academic period. This normally relates to the number of credit hours taken by a student during a given academic period. For undergraduate enrollment:
- Full-time status = at least 12 credit hours
- Three-quarter time status = at least 9 - 11 credit hours
- Half-time status = at least 6 - 8 credit hours
- Less-than-half-time status = less than 6 credit hours
ENTRANCE/EXIT COUNSELING:
Counseling sessions borrowers are required to attend before receiving their first loan disbursement and again before leaving school.
EXCESS CHECK:
A reimbursement of funds is issued to you when the sum of your loan(s), grant(s), and scholarship(s) awards is greater than your fee bill. Excess checks are disbursed by the Student Accounts Office.
EXPECTED FAMILY CONTRIBUTION (EFC):
An amount, determined by a formula established by Congress, that indicates how much of your family's financial resources should be available to help pay for school. The EFC is used in determining your eligibility for financial aid.
FEDERAL DIRECT SUBSIDIZED LOAN:
A Federal loan which is awarded to a student based on need. If you qualify for a subsidized loan, the federal government pays interest on the loan ("subsidizes" the loan) until you begin repayment and during authorized periods of deferment thereafter.
FEDERAL DIRECT UNSUBSIDIZED LOAN:
A non-need-based Federal loan on which interest is not paid by the federal government. Borrowers are responsible for interest on all unsubsidized loans from the date the loan is disbursed until it is paid in full.
FEDERAL WORK STUDY PROGRAM:
A program that provides part-time employment opportunities to students who qualify with unmet demonstrated federal need.
FINANCIAL AID AWARD:
The total financial aid a student receives. Federal and non-federal aid such as grants, loans, work-study, and scholarships are combined in a "package" to help meet the student's need.
FINANCIAL NEED:
The difference between the Cost of Attendance (COA) and the Estimated Family Contribution (EFC). This amount is your total eligibility for aid from all sources and is used in determining what your need-based financial aid package will be.
GIFT AID/GRANT:
A type of financial aid award based on need or merit that is not repaid by the student.
INDIRECT COSTS:
Expenses incurred because of attendance that the student/family may pay to a third party (merchant, landlord, transportation, etc.) other than the college.
INTEREST RATE:
A fee charged for the use of borrowed money. Interest is calculated as a percentage of the principal loan amount. The rate may be constant throughout the life of the loan (fixed rate) or it may change at specified times (variable rate). From October 1, 1992 through July 1, 2006, all federal education loans made to new borrowers had variable interest rates. Beginning July 1, 2006 all federal education loans have a fixed interest rate.
LOAN DEFAULT:
Failure to repay a student loan according to the terms agreed to when you signed a promissory note. If you default, your school, the organization that holds your loan, the state, and the federal government can all take action to recover the money, including notifying national credit bureaus of your default. Your wages and/or tax returns may be garnished, and you will no longer be eligible to receive federal financial aid.
government and deducted from loan proceeds before disbursement to partially offset administrative costs of the Federal Family Education Loan Program (FFELP).
LOAN PRINCIPAL:
The amount borrowed. Interest is charged on this amount, and guaranty and origination fees will be deducted prior to disbursement.
NET COST:
Amount of direct and indirect costs remaining after all gift aid (scholarship and grant) is subtracted. This amount can be covered through a variety of sources, including savings, income, non-need based educational loans.
PELL GRANT:
A need-based Federal grant awarded to students who are pursuing their first undergraduate degree. Pell Grants may also be available for part-time study.
PLUS LOAN:
A Federal loan which enables parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time.
PROMISSORY NOTE:
The legal document borrowers sign when they get a loan. It lists conditions under which the money is borrowed and the terms under which borrowers agree to repay the loan with interest. Borrowers should keep the borrower copy of their promissory notes until the loans are fully repaid.
SATISFACTORY ACADEMIC PROGRESS:
Criterion that is checked and monitored to ensure students are progressing toward completion of their programs in order to qualify for federal, state, and institutional financial aid.
SCHOLARSHIP:
A type of gift aid awarded to the student that does not need to be repaid. Scholarship awards are typically based on merit or a combination of merit and need, such as academic excellence, talent, affiliation with various groups, or career aspirations. To be eligible for renewal of certain scholarships, the student may be required to maintain a specific Grade Point Average (GPA) or enrollment status. Please reference the student financial aid website to see the guidelines for the specific scholarship awarded.
STATE GRANT:
State funded program provides grant to state residents who demonstrate the highest level of financial need as determined by the results of the FAFSA. Amount varies and is based on enrollment status.
STUDENT AID REPORT (SAR):
A form sent to the student after submitting the FAFSA to the federal processor. The SAR shows the information that was processed and indicates Pell Grant Eligibility. For duplicate reports call (319)337-5665.
SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (SEOG):
These are need-based Federal grants which are administered by the college. Students who are enrolled part-time may be eligible.
VERIFICATION:
A process of review to determine the accuracy of the information on a student's financial aid application. Students are selected by the Processing Agency of the Pell Grant Program. If you are selected for verification, you will need to provide additional documentation of your financial records to the Financial Aid Office.
