Registration for the 2009 Fall semester started last week and student traffic in the financial aid office is beginning to increase. We have seen a huge increase (already 34%!!) in the number of FAFSA applications that are sent to our office and we anticipate that this will equate to an increase in the number of students who receive financial aid in the next academic year. Since many of you have already applied for financial aid and many of you have already received an award letter from us, I wanted to tackle the topic of: “What to do now?”
You submit your FAFSA early; you complete your verification; you receive your award letter back in the mail; you accept all of your financial aid and complete your promissory note and entrance loan counseling so you will be able to borrow a student loan; you register for your classes; you are now done with all of your necessary steps and cannot wait to begin your classes……but what do you do next?
Many students decide to use a book voucher which allows them to purchase their textbooks using an advance on their financial aid awards. If you have completed your financial aid you should have a book voucher available to you when they begin on August 12 at 10:30 AM immediately after Convocation.
Many students who receive financial aid rely solely on financial aid to cover their tuition bill. If you have registered for classes for the Fall 2009 semester you have already received a billing statement from our Business Office. This statement serves to inform students that 1.) They have an outstanding tuition bill because they registered for classes and 2.) If students do not have confirmed financial aid then they will need to make plans to pay for their tuition by the dates specified on the billing statement. If you have submitted an award letter back into financial aid accepting your awards, this means you have confirmed financial aid. We will transfer financial aid awards to the Business Office in the beginning of September and pay off your tuition bill if you have sufficient financial aid to cover your tuition bill.
So, if you have completed all of these steps then a “Congratulations!” is in order. You can now sit back, relax, and prepare your mind for your Fall classes.
Posts
Pell Grant
ReplyDeleteI am attending this fall and my Pell grant exceeds the tuition amount. What happens to the remaining balance? Can I use the remaining balance to cover other educational costs such as books or transportation? If the remaining balance is available how would I have access to the funds?
If you have been awarded an overage from the Pell grant, you may use these funds through the book voucher process. Book vouchers begin on August 12 at 10:30 am. You may print one out via Campus Cruiser or a campus bookstore. If you have funds remaining after your tuition and books have been paid for, then we can issue these funds through a refund check that is administered by our Business Office.
ReplyDeleteThank you for your question!
Thank you for the reply. I just want to make sure I understand. If I purchase my books used and pay for them out of pocket the remaining balance of the Pell Grant will made available to me via check through the business dept. I would rather spend less money on used books than new. Also this would preserve some of the funds for the summer semester. I guess I'm just confirming that the remaining balance will be made available for further educational use.
ReplyDeleteYou are correct. If you decide not to use a book voucher, then all of your over-awarded funds will be sent back to you via a refund check from our Business Office.
ReplyDeleteThank you again for your question!
I will be a returning student in the fall. Do I need to do the entrance counseling again? I also have a pell grant for the fall and student loans. Do I have to do anything else? I mailed my award letter for the fall back to GTC. I am new at this so any information will be appreciated. Thank you.
ReplyDeleteI noticed a recent update on my FA Awards letter (Lottery funds were added). Do I need to print and sign the letter each time changes are made?
ReplyDeleteI intend to use a portion of my financial aid to pay for student housing. Will you send the funds directly to them (GTC) or will I be issued a refund check and have to pay them directly?
ReplyDeleteI was told that I am getting Lottery money to help cover my tuition and book costs, but when I long on to Campus Cruiser it only shows my student loan amount which is only enough to cover my tuition. When I received my award letter the Lottery funds were not on there. When will the Lottery money post to my account?
ReplyDeleteMy son has registered for the Fall. We have visited the Financial aid office (prior to registering) and where told that he is eligible for a Stafford Loan, but did not recieve any letter. He has completed the online conseling and we have printed out the MPN forms. Do we complete these and take them to the financial aid office in order to get the student loan money?
ReplyDeleteIf you have completed entrance loan counseling at GTC within the last 10 years, you will not need to complete an additional session. Also make sure you have completed a Master Promissory Note with your chosen lender. This will allow us to process your student loan. That should be everything you need to do to complete your financial aid for the Fall semester.
ReplyDeleteThank you for your question!
You will need to sign and return every additional award letter that you receive. This will guarantee that you accept any additional awards that are awarded after your preliminary award letter has been mailed.
ReplyDeleteIf you have signed a Housing deferral form with GTC Housing, then our business office will send those funds directly to housing once they credit your account.
ReplyDeleteThank you for your question!
We have already awarded Lottery Tuition Assistance for the 2009 Fall semester. If you do not see these funds on your award letter, simply come into our office and we can decipher if you are eligible for these funds.
ReplyDeleteThank you for your question!
Hi Ms. Ballaro,
ReplyDeleteYou may certainly bring in verification of completing your MPN and entrance loan counseling. We should be able to print out an award letter for your son when he gets into our office, or we can let him know what steps would need to be taken before we can receive his award letter.
Thank you for your question!
Thank you for your responses. How do we choose a lender? I don't have any information about that. Thanks!
ReplyDeleteHi Ms. Ballaro,
ReplyDeleteWe have a lender comparison list on our website which you can access here:
http://www.gvltec.edu/display.aspx?id=4377
This gives a lender comparison list where you can view the differences betwen our 4 preferred lenders. Once you select the best lender for you, simply go to their website and complete an electronic application which will then prompt you to sign the Master Promissory Note. Once the MPN is complete, your lender will be able to release the loan funds back to us on the scheduled disbursement date.
Thank you for your question!
I have a question about the appeal review board. I hand delivered my appeal for financial aid request on July 23rd it was stamped and I was told I can start counting down from today. I failed to ask how many days I am counting. I want to be able to get an answer before classes begin on the 17th.
ReplyDeleteAppeals are typically heard within 15 business days after submission.
ReplyDeleteThank you for your question!
Thanks for the link to the lenders. I have a few more questions:(1)On that list, wouldn't it make the most sense to choose the lender with the lowest interest rate? (2) my son is still finishing up 2 credits in summer school in order to get his HS diploma. I noticed that the lenders require a diploma or GED before they will approve the application. Should I plan on going ahead and paying Gville Tech, and then just get reimbursed from the lender? (He doesn't finish up summer school until Aug. 12.) Thanks!
ReplyDeleteSo after I send in the paperwork will I receive notification of their decision by mail or do I need to personally appear before the board?
ReplyDeleteThe Financial Aid office will notify you once the board has reached a decision. We will send you a letter in the mail.
ReplyDeleteThank you again for your Question!
Hi Cindy,
ReplyDeleteAll of the lenders who manage the Stafford loan program charge a standard interest rate that is set by the department of education. The main differences between the lenders are the fees they charge as well as the lender perks they offer.
I also would recommend completing a Do Not Purge form with the Business Office, (or paying the entire tuition) which will hold his classes while his financial aid is being finalized.
Thank you for your question!
When should I see my FA amount applied to my account? I have filled out all the paperwork, did the initial counciling, signed my promissory note, signed and turned in the acceptance form, etc. I also thought book vounchers were being issued today (8/10).
ReplyDeleteThanks
If you are just receiving student loans, then your book voucher has to be manually added into the system. Please send an e-mail to financialaid@gvltec.edu and we will take a look at your account and add in a book voucher for you as long as you are eligible.
ReplyDeleteThank you for your question!
I signed up for direct deposit for my refund check. When will those be sent out?
ReplyDeleteHow long does it take to process FA information? I turned in all my paperwork after I filled out the FAFSA. I went to the business office today to make a payment so that my classes are not purged and was told that my FA went through so I didn't need to make a payment, but I do not see it on Campus Cruiser to print my bookstore voucher. How long will this take?
ReplyDeleteWhen are the refund checks available?
ReplyDeleteRefund are typically processed 30-45 days after classes start, so you can expect your refund around the middle of September.
ReplyDeleteThank you for your question!
Processing time for your financial aid depends on what type of awards you receive. Most scholarships and grants are automatically updated once you turn in your award letter. Student loans however, take 4-6 to get certified once you submit an award letter. This hopefully will explain why your loans have not been credited to your award letter.
ReplyDeleteThank you for your question!
I turned in my W-2's and a copy of my tax return along with a yellow form. I took everything to the ARC center rather than mailing it. I still have not received an award letter and cannot print a book voucher. What should I do?
ReplyDeleteThe verification process takes about 3-4 weeks to complete once you turn those documents in. Once your verification is complete we will be able to print an award letter for you. If you would like, we can issue a short term book loan that will allow you to buy your textbooks while your financial aid is being completed. Once your financial aid is complete, we will credit your account and (if you have sufficient financial aid) pay off your tuition and book loan.
ReplyDeleteThank you for your question!
I never received an "official" award letter in the mail, however I printed two online. One without lottery, and one with. I submitted my FASFA a bit late as well, but my SAR was emailed to me within a few days and the award letters were available on campus cruiser. This is not my first semester accepting loans, so I know I don't have to re-sign a MPN. My grant is already in effect, but my loans have not shown up yet. Does this mean my loans are just waiting for processing and then they will be applied? And why have I not received the mailed official award letter? I was told I needed this "official" copy to have the loans approved? I completed the Fasfa at the end of July.
ReplyDeleteYou are correct on all of your points. The Official award letter will only be mailed once your loans have actually been certified and the request has been sent to your lender. This process typically takes 4-6 weeks. It sounds like you have completed all of the necessary steps, it is now in process to be certified.
ReplyDeleteThank you for your question!
I just finished my FAFSA for 2010, and received my SAR. My SAR states that I am eligible for the Pell grant (which I also received this year). However, I do not know if that automatically applies for student loans as well. I want to go to school this summer too, but I know usually my financial aid shows nothing for the summer semester. I went to the SCSL website and applied online for a loan to span from may 2010 until August 2010. Is this the correct thing to do? I'm not sure how that works, as I need student loans for summer and fall.
ReplyDeleteThe current academic year spans Fall 2009, Spring 2010 and Summer 2010. So the FAFSA for 2009-2010 that you have already completed will be used to award you Pell grant and student loans for this summer. As long as you remain eligible, you should receive the Pell grant again in the Summer, and depending on the amount of student loans you have already taken out, you may be eligible for additional loans this summer. The 2010-2011 FAFSA that you just completed will not be used until the Fall 2010 semester.
ReplyDeleteI hope this helps and thank you for your comment!
Is there anything I should do to have all of that show up on my summer records, or will it automatically do it whenever I register for classes?
ReplyDeleteYour financial aid should automatically award based on how many credit hours you are taking. If you have any account specific questions, please contact our office at 864-250-8128.
ReplyDeleteSo are student loans the same? Or do I need to send a request? On the FA forms link in web advisor, if all the things listed on there have a good "status", does that mean my file is complete, or do I need to send these documents in?
ReplyDeleteOur new FA Documents allow students to see the status of their financial aid application and to know if there are any current documents requested. If your status all says complete, then you know that you do not have any documents to return and your file should be completed soon.
ReplyDeleteThank you for your comment!