Disbursement refers to the paying out of loan or scholarship funds. Depending on the type of aid, payments will be applied to either your student account or made directly to you.

Payments applied to your account

• Federal Title IV Financial Aid, excluding work-study earnings
• Outside scholarships
• State assistance
• Loans disbursed electronically
• Loan checks made co-payable to the student and the University

Federal Title IV financial aid payments

Federal Title IV financial aid, excluding federal work-study, is applied directly to your student account. Your student account will reflect charges for tuition, fees, and room.

Student loans

Loans are disbursed directly to your student account.

Payments made directly to you

• Work-study paychecks for Federal Work-Study positions
• Excess financial aid in your student account (if aid exceeds your amount due, you may receive a refund)

Work-study payments

Federal Work-Study funds are not credited toward your student account. They are issued directly to you. The GCC Payroll Office requires work-study paychecks to be direct deposited into your bank account. Set up direct deposit on

Pay is deposited on a biweekly basis. You will receive it on Fridays, one week after the end of the pay period.

 

Financial Aid Refunds

If the financial aid applied to your student account exceeds the amount due, you will receive those extra funds at the beginning of the term.

You are encouraged to set up direct deposit with Student Accounts so that the requested funds can be sent directly to your chosen bank account. If you do not have direct deposit, your refund request will initiate a process to send the credit.

 

 

 

 

 

 

Financial Aid Terms and Conditions

Financial aid is subject to enrollment and attendance in eligible coursework and program at Gogebic Community College (GCC). All financial aid award offers will reflect awards based on full-time enrollment. As a result, students not enrolling as a full-time student (12 or more credits), may need their packages revised and/or may receive less aid disbursed than awarded. For students enrolled less than full-time, Pell Grants are prorated at less than 12 credits, and students may not be eligible for certain scholarship funds that requirement full-time enrollment. Students must be enrolled in and attending at least 6 hours and have not met any federal loan borrowing limits to be eligible for loan funding.

 Students applying for, or receiving federal or state aid, agree to these terms and conditions when accepting financial aid to post on their student account, or receive a refund of any kind: 

• Your financial aid eligibility is determined by the financial information provided by the student and/or parent and is subject to adjustment or cancellation if errors or conflicting information are subsequently discovered and cannot be resolved.
• You agree, if asked, to provide information that will verify the accuracy of your completed forms for you and or your parent(s). This information may include, but is not limited to, federal or state income tax forms that you filed or are required to file, W-2 forms, and/or birth certificates. You also certify that you understand that the Secretary of Education has the authority to verify information reported on your Federal Financial Aid Application with the Internal Revenue Service and other federal agencies.

 

 

 

 

• If you sign any document related to the federal student aid programs electronically using a Federal Student Aid Identification Number (FSAID), you certify that you are the person identified by the FSAID and have not disclosed that ID number to anyone else.

 

• You are not in default on a federal student loan or have made satisfactory repayment arrangements.

 

• You do not owe money back on a federal student grant or have made satisfactory repayment arrangements.

 

 

• You will not receive a Federal Pell Grant from more than one college during the same time period.

   

• You must be enrolled in an eligible degree program and all coursework taken must be required toward the completion of your official degree program on record.

 

 

• You must report any changes in enrollment, residency status, or receipt of additional resources in writing to the Financial Aid Office.

 

• Financial aid funds and/or refunds are intended to be used to cover any educationally related expenses incurred by attending an institution of higher education and you agree to utilize your funds in this manner.

 

 

• In order to receive financial aid, you must be making satisfactory academic progress toward a degree.

GCC reserves the right to adjust your awards due to changes in your enrollment status, satisfactory academic progress status, availability of funds, or the receiving of conflicting information. GCC accepts no responsibility to replace any funds denied due to tardiness or failure to comply with regulatory guidelines. Any balance owed as a result of cancellation or adjustment of awards is the student’s responsibility to pay. These remain in effect until student is notified of any changes in federal, state, or institutional funds via GCC email