Frequently asked questions about financial aid
Students often have good questions about their financial
aid. We've selected a handful below which are typical ones, in hopes
that the answers will be helpful to you. Feel free to contact
the Financial Aid Office at GCC with any questions you may have:
413-775-1109, or email at financialaid@gcc.mass.edu.
Why
am I still considered a dependent student? I'm 21 years old and
haven't lived with my parents for years.
What
kinds of information do I need to fill out the FAFSA (Free Application
for Federal Student Aid)?
What
is Verification?
What
is "Satisfactory Academic Progress"? How does it affect my financial
aid?
What
happens to my financial aid if I drop out during the semester?
Can
you tell me a little bit about educational loans?
Why
is my financial aid money disbursed so late in the semester?
How
is my bill for tuition and fees paid?
How
do I earn college work-study money?
How
are my books and supplies paid?
Answers to frequently asked questions:
Why am I still considered a dependent student? I'm 21 years old
and haven't lived with my parents for years.
For financial aid purposes, Federal and Massachusetts financial
aid authorities and GCC consider students dependent until they are
24 years old, or are considered independent by marrying, serving
in the military, or having dependents. Students may also be independent
if they have been wards of the court or working on a degree beyond
a four-year degree.
What kinds of information do I need to fill out the FAFSA (Free
Application for Federal Student Aid)?
The FAFSA is one of two documents you must complete to be considered
for financial aid at GCC. (The other is GCC's own Financial Aid
Application (see How To Apply.) You'll need
information about last year's income and taxes, usually from Federal
Income tax and W-2 forms. If you're a dependent student, your parents
will also need to supply their income and tax information. If you've
received untaxed income, such as certain Social Security benefits
or Temporary Assistance for Needy Families, you'll need to include
that information as well. You should not send in any tax
documents to GCC unless you are specifically asked to do so.
What is Verification?
Verification is a process where a GCC financial aid counselor compares
information you provided on your FAFSA with information on tax and
income documents. About 3 of every 10 students applying for financial
aid at the College are selected for Verification by the Federal
Department of Education. If you are selected for Verification, you
will be asked to bring in copies of tax and income documents.
What is "Satisfactory Academic Progress"? How does it affect
my financial aid?
To be eligible for financial aid, Federal and Massachusetts authorities
and official GCC policy require students to be making "Satisfactory
Academic Progress." Each semester the Financial Aid Office
monitors students' GPA, and also reviews the success of financial
aid students in earning credits toward their degrees and certificates.
Students also need to earn their degrees within a certain number
of attempted credits, usually about 90 credits for an Associate
degree.
What happens to my financial aid if I drop out during the semester?
Financial aid is pro-rated for the semester, meaning that aid is
earned at a certain rate and not completely provided at the very
beginning of the semester. After the 60 percent point in the
semester, all financial aid is considered earned. Generally,
earned aid is subtracted from your bill for tuition, fees, and books.
If earned aid is less than your bill, you will have to pay the balance.
Can you tell me a little bit about educational loans?
GCC can offer just about all students a loan to help cover their
educational expenses. Sometimes loans are packaged with a student
award, meaning that they are offered to students as a part of their
financial aid. Most loans used by
GCC students are Stafford loans, which are not packaged with other
awards. This means that students apply separately for these loans,
with forms available in the financial aid office. Students are
eligible
for varied amounts, depending on their dependency status, year
in college, and enrollment, but students must be enrolled for at
least
6 credits to be eligible for loans. Generally, loans range between
$2625 and $7500 for an academic year for a full-time student.
Why is my financial aid money disbursed so late in the semester?
Students earn financial aid--which includes educational loans--over
the course of the semester. After the 60% point of the semester,
all aid is considered earned. By that point all aid usually has
been disbursed and any refund due to students has been placed on
student accounts. GCC's Business Office then cuts refund checks,
which take 2-3 weeks for students to receive by mail.
How is my bill for tuition and fees paid?
If you've received a financial aid award, your tuition and fees
are deducted from it. Any excess funds--after any allowable
charges for books and supplies--come to you as a refund later in
the semester. If your bill isn't covered completely by financial
aid, you will need to make arrangements at the beginning of the
semester to pay the balance of the bill.
How do I earn college work-study money?
The key word here is "earn." Unlike grants, such as Federal Pell
Grants, work-study awards are maximum amounts that can be earned
over the award period through working in approved on- or off-campus
jobs. For more information, go to Kinds
of Aid.
How are my books and supplies paid?
If you've signed the Book Voucher permission section on the GCC
Financial Aid Application, you've given GCC the right to set up
an account for you in the bookstore so you can charge the cost of
your books and supplies to your financial aid award. Note
that you will only have an account set up if you have enough financial
aid after your bill for tuition and fees is deducted from your award.
If you don't have enough excess aid for books and supplies, you
will need to purchase books and supplies with other funds.