Disbursement of Financial Aid
Disbursement of Financial Aid
You may be eligible to receive one or more types of financial assistance - grants and scholarships, college work-study and/or student loans. The type of assistance will influence the disbursement process. Financial aid is disbursed on a semester basis.
Grants, Scholarships and Student Loans - Grants, scholarships and student loans 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 GCC campus bookstore. You must provide the bookstore clerk with identification and your account will be adjusted to reflect the new charges. If you continue to have a remaining credit balance after all tuition/fee, bookstore and housing (if applicable) charges have been processed, you will be provided with an expense check. This check is generally disbursed during the sixth week of classes.
Student Loans - Students who participate in the federal student loan program must also complete the Master Promissory Note (MPN), the Federal Direct Student Loan Request Form and the loan entrance counseling before funds can be disbursed on the student's account. Your enrollment status for at least six credits as well as your academic standing and loan default status is also checked prior to disbursement. GCC receives your loan funds electronically and you authorize the electronic transfer of these funds when you submit 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. Loan checks for students only attending one semester will be disbursed in two separate payments. A 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.
Expense Checks - You may be eligible to receive a check for living expenses if there is a credit balance remaining on your account after all direct school charges have been deducted. The Financial Aid Office will officially disburse all eligible funds to the student accounts on the 31st day of the semester. (Prior to this date, the amounts have been estimated.) Expense checks will be disbursed the sixth week of classes. At that time, you can stop by the Business Office to pick up your check. If you do not pick up your check, it will be mailed to you the next business day. You also have the option of setting up the direct deposit of your check in to your personal account. This can be done through the GCC Business Office. After this date, if you are eligible to receive additional financial aid, disbursements will take place every other Friday and expense checks will be disbursed the following week.