Sign up for Direct Deposit!!

The Greenville Tech Business Office has just unveiled their new direct deposit system. Our direct deposit system will work just like any other direct deposit system that you may have in place at your job. The main goal of this new system is to streamline the financial aid refund check process.

Hundreds of students receive financial aid refund checks every semester, and up until now, all of those checks have been printed on paper, and then mailed to those students. This new system will allow student's refund checks to be directly deposited into their bank accounts once the refunds are processed through the Business Office. This will eliminate any checks being lost in the mail and will also decrease the time that it takes for students to receive their financial aid refunds.

We feel that this new system will allow us to provide even better customer service through a decreased wait time in our lobby from students waiting for refund checks. It is our goal to continuously improve our processes and we feel that the new direct deposit system will be a great improvement to our financial aid refund process.

So, hopefully I have convinced you that you should take part in this exciting new opportunity, the next question is: “How do I sign up for direct deposit?” Easy! Simply log onto Campus Cruiser, then click on the Web Advisor tab at the top of your screen. Scroll down to the Financial Aid section on the left hand column and then click on “FA Refund Direct Deposit”. This will bring up a screen that will prompt you to input your bank account numbers and routing numbers and other information. Once this has been submitted, you should receive a confirmation, and everything is set up! Now you can sit back and relax, because your financial aid refund will come directly to your bank account once it has been processed.

As always, if you have any questions about this new direct deposit system or any other financial aid topics, please contact us at financialaid@gvltec.edu or for immediate assistance, 864-250-8128. Thank you!

What Do I Do Next?

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.

The Importance of Financial Aid

It seems like every time we switch on the news all we hear about are more lay-offs, another bad day on the stock market, another swindler stealing billions more of our hard earned money, or another sign that we are spiraling downward, further into a recession. This might not seem like encouraging news, especially first thing in the morning, but with the current state of our economy, financial aid has become more important than ever.

Financial aid may have the reputation of being only for those who do not make any money or for those who only want to take out student loans, but in reality we have a lot more to offer. We do have numerous programs, such as the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant, Federal Work Study and the SC Need Based Grant that are based on a student's financial need. However, we also offer the SC Lottery Tuition Assistance which is not income contingent. In addition to grants we administer hundreds of scholarships every year. Many of these are awarded through the GTC Foundation. Many other scholarships are awarded by organizations from around our community.

If you have sought out all of the grants and scholarships that you are eligible for and still have a need for additional funds, we do offer loans through the Federal Stafford Loan Program. These loans have low interest rates between 6.0%-6.8% and you can defer the payments until 6 months after you graduate.

The most important piece of advice I would offer concerning financial aid is simply to apply! By not applying you virtually erase any chance of receiving any sort of financial aid. You can complete an application at www.fafsa.ed.gov .

If you have any specific questions please refer to other posts on this blog where I have tackled various financial aid programs and offered numerous hints and tips on how to make your financial aid experience the best it can be.

As always, please contact us at financialaid@gvltec.edu with any additional questions!