Letter from Financial Aid Director
WOW, we made it through another fall rush.
Thanks to all who were patient and understanding through the first few weeks of the semester. This is the first opportunity I have had to share some thoughts with you as Director of Financial Aid, so I am going to use this opportunity to reflect back on the last three weeks and end with some advice. The first week of fall term brings constant telephone calls, continual emails, and steady student traffic in both financial aid offices & this year was no exception. The second week was a carbon copy of the first, and the third week ended with disbursement day. There were a number of disappointed students because overage checks were not as large as expected, or they did not receive one. There are a number of reasons that cause these situations to occur and I would like to take the time to explain some reasons.
One of the main reasons that we found this fall was that student loan/s were not given to students that did not complete the Entrance Loan Counseling (ELC) and Master Promissory Notes (MPN). Students may complete their ELC and MPNs online using the instructions sent with award letters. Both new and returning students need to complete all or part of the process in order for their loans to be released. Another reason was due to outside funding or agency funding that came in a day or two prior to disbursement day. This short timeframe of receipt does not allow enough time for processing.
Another odd occurrence that happened this fall was due to computer glitches at one of the servicers. Great Lakes experienced computer problems prior to the beginning of the semester, and for some students who completed ELC and the MPNs on their website, they did not go through. Please check with the financial office on your campus if you have not received the loan/s you were expecting.
I would like to end with some advice to students. Complete your financial aid paperwork as early as possible because the earlier students apply, acquire necessary signatures, and return necessary paperwork, etc, the easier it is to help students plan their finances while in college.
Please read all of your documentation that you receive from the financial aid office and send back requested documentation, and above all, if you have questions or do not understand a process, please ask one of the staff members and they will be able to clarify the process. The process is regulated and at times very confusing - we want to help you through that process.
Getting your FAFSA done early in the spring is the key to having everything in order. When the FAFSA is done early, the award letter is also processed early, giving you a lot of time to read the enclosures and to follow the instructions for loan processing. There is a much longer turnaround time for paperwork that is turned in during the first three weeks of school, so we encourage students to complete it early.
In a couple more weeks we should be caught up and have all the loose ends tied up so that everyone will have their financial aid disbursed. Again, thanks to those who were patient and understanding through the rush. I wish you all the best for the remainder of the year at NCTC and hope it is an enjoyable experience.
Donna Quam
Financial Aid Director
