Financial Aid

Financial aid awards are based on the annual completion of the Free Application for Federal Student Aid (FAFSA).  The student’s Student Aid Index (SAI) is determined by the U. S. Department of Education after submitting the Free Application for Federal Student Aid (FAFSA). The SAI is used to determine a student’s eligibility for need-based federal student aid.

The student’s estimated cost of attendance (COA) is determined by Great Lakes Boat Building School is determined annually, based on actual and average costs of attendance for the period.   Students cannot exceed their COA when receiving any awards (scholarships, grants, loans, work study) from any source.

How Need-Based Aid Eligibility is Determined:
A student’s financial need is determined by the following formulas:

Student’s estimated Cost of Attendance (COA) minus Student Aid Index (SAI) minus Other Financial Assistance equals Need.  COA-SAI-OFA=Need.

Need-based financial aid is available to students who demonstrate a need for additional resources to help pay their college costs. Need-based aid includes the Federal Pell Grant, scholarships, Federal Work Study, and Federal Direct Subsidized Loans.  Students are awarded need-based aid first, followed by federal student loans and parent loans, if applicable.

Students may be chosen for a process called verification by the federal processor and/or the school. Students who are selected for verification must complete the verification process to become eligible for federal funds. Awards such as the Federal Pell Grant, Federal Direct Loan and/or other selected awards will be unavailable until the verification process is complete. After completion of the verification process, estimated awards may be reduced because of a change in the Student Aid Index (SAI), which is determined by the FAFSA information submitted to the U. S. Department of Education.

Students with unusual or special circumstances may request a review of their FAFSA information by the financial aid office. The FAFSA uses information from income that occurred two years prior to starting school and it may not accurately reflect a student’s current ability to finance their education. If the family has experienced a financial hardship, a death of a parent, a divorce, or an unusual medical expense, the student is encouraged to request a review of their circumstances.

Dependent students (under age 24 and unmarried) can complete their request by filling out the Dependent Special Circumstance Review form and submitting it with all required documentation.

Independent students (24 or older) can complete their request by filling out the Independent Special Circumstance Review form and submitting it with all required documentation.

Dependent students who are unable to obtain parental data to complete the FAFSA or who are in a unique situation (e.g., human trafficking, refugee or asylee status, parental abandonment, incarceration), may contact the Financial Aid Office by emailing financialaid@glbbs.edu or calling 906-484-1081 for direct assistance.

Federal financial aid is available at only one institution during an enrollment period. If you plan to attend another institution concurrently, you must notify GLBBS prior to enrollment. Students cannot receive federal funds, such as a Pell Grant, from more than one institution during the same enrollment period. Students who are awarded funds at two institutions during the same enrollment period, semester or term, may be required to return funds awarded to them.

You are required to notify the GLBBS Operations Office in writing of any financial aid award you will receive during the academic year.  All awards must be reported to the Operations Office and Financial Aid. The Additional Aid Report is a useful tool for reporting this information. If a student is receiving a Direct to Consumer Loan (alternative or private loans that are disbursed directly to the student), federal law requires that loan must be reported to our office. Since federal loans have a lower interest rate, students should always consider those first.

In the event of federal or state reductions in funding, awards may be reduced and you may be billed for the amount of the reduction.  The primary responsibility for paying for college costs rests with the student and his or her family.

Awards may be canceled or reduced if you become eligible for additional scholarships and financial aid or if you default on a student loan.

You will be required to reimburse GLBBS if you receive federal, state, or institutional financial aid under the following situations: 1) providing fraudulent information, 2) failing to maintain Satisfactory Academic Progress in prior periods, 3) dropping classes with a complete refund, and/or 4) not completing the minimum number of hours for eligibility.

There are two main types of financial aid – Gift aid and Self-Help aid.  Gift aid includes scholarship and grant awards that do not need to be paid back. They are based on either merit or financial need. Self-help aid is money borrowed (loans) or payment for hours worked (such as federal work study).  Each form of financial aid has specific requirements, outlined below.

GLBBS Scholarship

Students who applied and are awarded GLBBS scholarships must meet minimum renewal requirements to receive the award for the full period of award (usually three semesters).  Students who are receiving scholarships must pass at least 90% of the credits attempted each semester to receive their scholarship for the next period. A student’s progress will be reviewed after the first semester. Students must also meet the Grade Point Average (GPA) requirement of their scholarship at the end of each semester in order to obtain their scholarship for the next semester.

There is no probationary period for GLBBS scholarships. If a student has lost their scholarship due to not meeting the requirements, a student can appeal to the President if they have special circumstances. Students must submit a letter stating their circumstance(s) and/or supporting documentation to appeal the loss of their scholarship.

Students who drop their courses after the refund period will be responsible for all charges, which may cause a balance owing to the school. Please see the Operations Office before dropping courses or withdrawing to determine the effect the drop will have on the GLBBS Scholarship.

At any time during the academic year, the GLBBS scholarship award may be reduced/canceled if a student receives other awards (free money/gift aid). GLBBS reserves the right to correct any errors.

Federal Pell Grant

The Federal Pell Grant is a grant for undergraduate students with financial need that does not have to be repaid, unless a student withdraws from courses or owes a refund. To be eligible for the Pell Grant, the student must be an undergraduate student with demonstrated financial need (determined by filing the FAFSA) who has not yet earned a bachelor’s degree.

In addition to all Federal regulations, to receive a Federal Pell Grant at GLBBS you must:

1) Be enrolled as a degree-seeking student, pursuing an approved program;
2) Be in good standing under Satisfactory Academic Progress; and
3) Have a completed Financial Aid file for the academic year.

Awards range from $740 – $7,395 for the 2024-25 award year, based upon financial need. Awards are limited to three (3) full-time awards each academic year, additional criteria does apply for the third semester of eligibility*.  Award amount may be increased or reduced to reflect enrollment status. A student may only receive a Pell Grant at one school at a time.  The lifetime maximum Federal Pell Grant Awards is limited to no more than 6 years.

*The Consolidated Appropriations Act of 2017 allows students to potentially utilize more than 100% of a Federal Pell Grant award in an academic year. That means, even if you attended full-time for two semesters, you may be eligible for Federal Pell Grant funds during the next semester. This program is commonly referred to as “Year-Round Pell.”  Per the published eligibility requirements for Year-Round Pell, you must be at least half-time to be eligible for this award for a third period if you were awarded two full time Federal Pell Grant awards during the first two periods.

It is important to note that if a student is utilizing the Year-Round Pell Award (beyond 100%) the student MUST have begun attendance in all courses and be half-time at the latest FA Census Date that applies to the student.

Keep in mind, you can receive the Federal Pell Grant for no more than six years, a 600% maximum. You will receive a notice if you are getting close to your limit. Any additional Pell Grant funds awarded for the third semester will be reflected in your 600% maximum Pell Lifetime Eligibility Used (LEU). You may review your current Pell LEU, and the complete history of all Direct Federal Loans, at https://nslds.ed.gov.

Federal Direct Loans 

You must be enrolled at least half-time and meet all eligibility requirements to receive a Direct Subsidized and/or a Direct Unsubsidized loan. During the time of disbursement of the Federal Direct Loan, students must be enrolled at least half-time to receive funds on their account. If a student drops a course during the semester and falls below half-time at the point of disbursement, the student will become ineligible for the loan for that semester. This may cause a balance owing to the school. If you enrolled full-time or three quarter-time and drop a course before the disbursement of a loan, your loan may be adjusted based on the enrollment status change. This may also cause a balance owing to the school.

Repayment on these loans does not begin until 6 months after a student leaves school or falls below half-time enrollment. The subsidized loan is based on financial aid need and interest is not charged until repayment begins. The unsubsidized loan is not based on need and interest is charged from the time the loan is disbursed. Interest rates vary annually, but the rate for the year the funds are borrowed are in effect for the life of that loan. The interest rate for 2023-24 is 5.05%. In accordance with federal regulations, fees of up to 1.057% are deducted from the loans for 2023-24, with the proceeds going to the federal government to help reduce the cost of the loans. The interest rate for 2024-25 is 6.53% and the loan fees for 2024-25 will be 1.057%.

If you are eligible for a Direct Subsidized and/or Direct Unsubsidized Stafford Loan, please follow the instructions on your Offer Letter carefully. Your grade level will change at the end of spring semester if you successfully complete two semesters and you may be eligible for additional Direct Loan. If you received a Direct Loan during the past ten years, you may not need to sign a new promissory note (loan application). Review your Missing Documents to see if a promissory note needs to be completed.

Loans for the academic year are issued in two payments (disbursements). In most cases the first payment will be at the beginning of the first semester and the second payment at the beginning of the second semester. If you have a loan for only one period, it will be disbursed in two payments, with the second payment at the midpoint of the semester.

First year, first time undergraduate students, however, will receive the first payment 30 days after the semester begins. Loan funds must first be used to pay for tuition, fees and other charges, as well as books and other charges. If excess loan funds remain after campus charges for the semester are paid, the student will be refunded the excess within 10 days of disbursement.

Loan disbursements may be reduced or canceled if the enrollment status changes. Federal loan disbursements to a student’s account can only be made if the student is enrolled at least half-time at the time of disbursement.

Under federal regulations, if this is your first loan at GLBBS, you must complete entrance loan counseling before funds can be disbursed. The loan counseling requirement may be fulfilled by reading information and passing an online quiz at https://studentaid.gov. Prior to taking the quiz, you will need to enter your name, social security number, and date of birth. After doing this, it is essential that you go through the procedure of selecting Great Lakes Boat Building School as the school name so that GLBBS can be notified that you have completed the entrance loan counseling. If you prefer, you may also contact the GLBBS Operations Office to set up an appointment to do loan counseling in person. An in-person session may last up to approximately 45 minutes. If loan funds arrive and your loan counseling requirement has not been completed, your loan must be returned to the Direct Loan Program. We encourage you to fulfill the loan counseling requirement prior to the first day of classes.

If you are a dependent student, your parent may apply for a federal parent (PLUS) loan. If your parent is interested in a parent loan, please apply on the Federal Student aid website at https://studentaid.gov. Interest rates vary annually, but the rate for the year the funds are borrowed are in effect for the life of that loan. The interest rate for 2023-24 PLUS loans is 8.05%. In accordance with federal regulations, fees of up to 4.228% are deducted from PLUS loans for 2023-24, with the proceeds going to the federal government to help reduce the cost of the loans. The interest rate for 2024-25 is 9.08%. The loan fees for 2024-25 will be 4.228%.

Students must be aware of their annual and aggregate Direct Loan limits. If for any reason you are over awarded a Direct Loan for the academic year, you will be responsible for paying the over-award immediately. If you receive an offer letter that gives you more than your annual and aggregate limits, you have the responsibility of notifying the Financial Aid Office so that we can adjust your Direct Loan. The annual and aggregate Direct Loan limits for a certificate program are explained below.

The Comprehensive Career Boat Building Program and Marine Service Technology programs are a year in length and is divided into three equal semesters.  In the first two semesters of the program, the annual loan limit is $5,500 for dependent students and $9,500 for independent students.  In the third semester, the maximum is $3,250 for dependent students and $5,250 for independent students. Students who first borrow Federal Direct Subsidized Loan funds in 2013-14 or later are subject to a time limit, based on the length of their program measured in terms, for which they can receive subsidized loans. Once a student’s time in school has exceeded 150% of their academic program length, they will be no longer be eligible for Federal Direct Subsidized Loan funds and they lose the subsidy on existing Federal Direct Subsidized Loans.

For example, a student admitted to a one year (three semester) program can only receive Federal Direct Subsidized Loan funds for 4.5 semesters. The time limit is a lifetime limit but only counts periods that subsidized funding is received. So if a student completed a certificate program in three semesters, for which they received Federal Direct Subsidized Loans, and decided to pursue a second certificate program, they would only have one and a half semesters of subsidized eligibility left. This same student could continue on for an associate or bachelor’s degree at another institution, but would be limited to 150% of the highest degree sought for subsidized loans.

Lifetime borrowing limits (i.e. aggregate limits) are based on a student’s dependency status and degree level.

Alternative/Private Loans

If your GLBBS Cost of Attendance is not met with scholarships, grants, federal loans or other aid, you may want to consider a private loan.  Each loan may have different eligibility requirements (i.e. academic progress, minimum enrollment, interest rates (fixed vs. variable) and repayment plans).  You should explore the options to find the loan that works best for you. These private loans do have certain credit, debt to income ratio, and/or employment requirements. A co-signer may be necessary.

You can research private loan options at ELMSelect.

You have the right to choose a private lender that is not listed at ELMSelect. Contact the GLBBS Operations Office for a copy of the Private Education Loan Self-Certification form. A lender must obtain a self-certification form, signed by the applicant, before disbursing a private education loan.

Federal Work Study

On-campus jobs are available for eligible students. Eligible students have completed a FAFSA and demonstrate financial need. Federal Work Study offers will be listed on the student’s Financial Aid Offer. The student must accept the offer of Federal Work Study and complete a Work Study Application form. Students will be interviewed for open positions. If hired, the student will complete any required human resources forms, such as federal and state W-4 forms and the I-9 form. Work study earnings are paid directly to the student, via direct deposit, on a bi-weekly basis. Work Study Application forms may be picked up in the Operations Office.

Third-Party Billing

Third-party billing happens when a company, organization, etc. pays for all or part of a student’s tuition and/or other fees. The company is billed for the amount they have agreed to pay on behalf of the student. A contractual agreement is typically necessary for this interaction and is done through the Operations Office at GLBBS.

When a student provides the required documentation to GLBBS to authorize the school to bill the designated third-party, they are agreeing that:

GLBBS will bill the designated third-party once the registration add/drop period of the semester concludes.  If the designated third-party refuses to pay the amount billed, the balance owed will become the student’s responsibility to pay no matter what the circumstance, and the student understands that a delinquent balance will prevent the student from registering for a future period.

State Aid

Michigan residents who graduated from high school in Michigan with a diploma or certificate of completion or achieved a high school equivalency certificate in 2023 or after, and who have not yet earned an associate or bachelor’s degree, may be eligible for the Michigan Achievement Skills Scholarship. The Michigan Achievement Skills Scholarships provides eligible students with up to $2,000, per year, for up to 2 years. Funds are applied to student accounts in one lump sum. The student must be in attendance for three weeks before the funds will be applied. More information is available here. Students must apply on the MI Student Aid website.

The Michigan Department of Lifelong Education, Advancement, and Potential is not affiliated with National Merit Scholarship Corporation or its registered trademarks National Achievement®, Achievement Scholarship®, or Achievement Scholar®.

Private Outside Scholarships

Students who have earned a private scholarship from high school, an employer or another source must report the scholarship to the Operations Office, as explained in the Terms and Conditions agreement.  Outside scholarship funds will not be posted on a student’s account until they are received.  If the donor does not specify the terms of the award, it will be assumed that the funds are for the full year.  Private scholarships will be divided equally over three semesters.  If the student fails to attend, the unearned scholarship funds will be returned to the donor.

Veterans Educational Benefits

GI Bill® educational benefits may be used by an eligible veteran or other eligible person during their attendance at the school. For information about what types of benefits are available, how to apply for these benefits, how to fill out a Veterans online application, and to view payment rates, go to:

• va.gov/education
• benefits.va.gov/gibill
• https://www.ebenefits.va.gov
• Or Call 1-888-GIBILL1 (442-4551) with any questions.

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government web site at https://www.benefits.va.gov/gibill.

By accepting/signing the terms and conditions of your offer letter, you certify that you will use federal, state, institutional, and all other funds to pay for educational costs only while attending GLBBS.

Financial aid awards may be based on the annual completion of the FAFSA. Some awards may not be renewable.

Students must be accepted to an eligible degree program to be eligible to receive federal aid.

Changes a student makes to their Free Application for Federal Student Aid (FAFSA) may result in a different Student Aid Index (SAI), which may cause a reduction in awards such as the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Subsidized Loans and/or other awards. If a student’s SAI changes, the school has the right at any time during the academic year to make an adjustment on any necessary awards. This adjustment may cause a student to owe money to the school. Federal financial aid (Pell Grant, Direct Loans, PLUS loans, and other grants) is available at only one institution during an enrollment period. Students attending another institution concurrently must notify the Operations Office immediately.

In the event of federal or state reductions in funding, awards may be reduced and the student may be billed for the amount of the reduction.

If federal, state and institutional funds are disbursed and refunded to the student before the start of the payment period and the student does not attend class, funds will be reduced or canceled which will cause a balance owing.

Students may not exceed their GLBBS Cost of Attendance (COA) or financial need (COA minus SAI). Receipt of external and internal scholarships and financial aid may affect a student’s award package in the following order:

• Federal Parent Loans
• Federal Stafford Direct Student Loans
• Institutional Private Scholarships

GLBBS reserves the right to correct any clerical errors.

If the award includes employment and students are placed in a position, they will be paid biweekly for work performed. Employment awards are not included when offsetting school charges. Outside sources of financial aid (for example: employer, scholarships obtained through a community or high school) must be reported to the Operations Office and Financial Aid. The Additional Aid Report is a useful tool for reporting this information. Funds must be received by GLBBS in order for funds to be applied to the student’s account. If a student receives an award from an GLBBS private donor, a copy of the student’s transcript and general student information may be provided to the donor. The student will be instructed to write a thank-you note that will be forwarded to the donor. Failure to do this may result in the award being removed and the student being billed for the awarded amount. If a student receives any grant, scholarship, or loan under the following situations, the student must reimburse GLBBS:

• If the student obtained financial aid after providing fraudulent information.
• If the student did not maintain Satisfactory Academic Progress in prior periods.
• If the student dropped classes with a complete refund or did not carry the minimum number of hours required for eligibility.

The awards listed on the Financial Aid Offer Letter are based upon the assumption that a student is maintaining Satisfactory Academic Progress, and these awards will be canceled if the student does not maintain Satisfactory Academic Progress. Awards may be canceled or reduced if the student becomes eligible for different forms of aid. Awards may be made under the assumption that a past award may be renewed. If an award is not renewed, the student’s package may be revised.

You can apply for a loan after the semester begins, but you still must adhere to all payment deadlines.  You must be enrolled at least half time to be eligible for a Federal loan. You must be attending at least half-time before your funds to be disbursed. If you need to change your intended enrollment status, please contact the Operations Office.  A change in enrollment status often results in a change to your financial aid awards.

Great Lakes Boat Building School (GLBBS) will credit financial aid funds to your student account to pay tuition, fees and other campus expenses. Your signature on the Offer Letter authorizes GLBBS to retain funds on account to cover other charges such as books, late fees, and fines. Carefully review the Terms and Conditions before accepting your financial aid.  This authorization may be canceled or modified in writing by you (or your parent in the case of a parent PLUS loan) and submitted to the GLBBS Operations Office. A cancellation or modification is not retroactive. Disbursements will occur after the Census date (third day of each semester) for aid that has been finalized or after 30 days for first-time borrowers of federal loans. Excess funds after charges are paid will be refunded, in the form of a check, to the student within 10 days of disbursement.

Refund Checks
Loan refund checks will begin to be disbursed after Census (end of the add/drop period) or within 10 days of disbursement. If you have a credit that results from your loan disbursement, you should expect a refund. Credits on a student’s account will be refunded according to the school’s refund policy. Excess federal funds are refunded within two weeks of being transmitted to the student account. Excess scholarships, grants and all other aid are disbursed after the 100% refund period (first three days each semester). Note: if you are a first-time student loan borrower, your Fall semester student loans will disburse 30 days after school starts.

If you are unable to purchase your textbooks for fall semester prior to the start of classes and your federal financial aid is in excess of your charges for fall, you may request a cost advance against your pending financial aid. To apply, notify the Financial Aid Office of your need for an early release of excess aid (up to $150), by completing and submitting this form for a review of your potential for funds. Checks will be available for qualifying students during the first week of fall semester within three days of receipt of the written request.

It is your responsibility to pay any balance due by the published deadline dates. Payments can be made online through the Student Portal or at the GLBBS Operations Office.

Your financial aid offer is initially packaged based on full-time enrollment for each semester.

Financial aid awards such as the Federal Pell Grant, Loans, Scholarships and other awards will be adjusted based on the number of credits for which you are enrolled on the Census Date.  The Census Date is the last day to drop with a 100% refund of tuition and fees.  Your attempted and completed credits will be reviewed at the end of each semester and prior to all aid disbursement dates. 

You may be required to repay all or part of the aid received if you drop classes during the refund period. Before you drop any classes, please check with the Operations Office to see how your aid will be affected. Students should notify the Operations Office if they are withdrawing from any course. Students should follow the withdrawal procedures posted on the GLBBS website. Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy. Receiving financial aid for credits you will not complete can impact your future eligibility of institutional, state, federal, and some third-party awards.

Students who are repeating coursework previously taken in a program cannot get federal aid for a class they have passed more than twice with a grade of a “C” or better.  Students are responsible to contact the Operations Office before enrolling in a repeated course they have passed twice with a grade of a “C” or better to have their federal aid adjusted.  After the add/drop period of each period, the Operations Office and Financial Aid will adjust federal aid for a student who has repeated a course more than twice with a grade of a “C” or better.  The adjusted federal aid may cause a student to owe a balance.

Click here to view the Satisfactory Academic Progress policy.

If you receive federal Title IV financial aid and totally withdraw (cease attending all courses) before 60% of the semester is complete, federal regulations require GLBBS to calculate the amount of federal financial aid you did not “earn” and return these funds to the federal government. This is called the Return of Title IV Funds (R2T4) calculation. You are deemed to have “earned” the aid for the period you have attended. Federal Title IV aid includes Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Iraq & Afghanistan Service Grants, Federal Direct Loans (subsidized or unsubsidized), and Federal Direct PLUS Loans. In most cases of complete withdrawal from classes, the student will owe a balance of financial aid funds to GLBBS, the federal government, or both.

The amount of funds that is “unearned” and to be returned to the federal government is determined by a federal calculation. The calculation must be done within 30 days of the determination of the withdrawal, and GLBBS must return the “unearned” funds to the federal government within 45 days. The calculation uses the total number of credits a student has attended divided by the total number of credits in the semester (not including scheduled breaks of five or more days) to determine the percent of the period the student has attended. If it is determined that the student has attended 30% of the period, the student has then earned 30% of his/her federal aid that was disbursed. Any unearned aid will be returned to the federal government. When the school returns the aid, this creates a deficit on the student’s account at GLBBS.  If the student does not have any credit balance on his/her account, this will become a balance owing to GLBBS. Any balance owing will prohibit a student from registering for future periods.

Funds must be returned by Great Lakes Boat Building School in this order (if applicable):  Unsubsidized Direct Loan, Subsidized Direct Loan, Parent PLUS Loan, Pell Grant, FSEOG, and Iraq and Afghanistan Service Grants.

Official Withdrawal

You are strongly encouraged to contact the Operations Office prior to dropping or withdrawing from any classes. The Operations Office staff can help clarify any questions about withdrawing from courses.

The requirements for Title IV program funds when you withdraw are separate from any refund policy that GLBBS may have. Therefore, you may still owe funds to GLBBS to cover unpaid institutional charges. GLBBS may also charge you for any Title IV program funds that the school was required to return. Please contact GLBBS Operations Office with questions.

Students must notify the Operations Office if they are withdrawing from any course.  The date used in the R2T4 calculation is the date in which you have completed the Official Withdrawal Request form or the date you ceased attendance from all courses, whichever is earlier. This would be the date you attended your last remaining course if you dropped courses on multiple occasions.

Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy. Receiving financial aid for days you will not complete can impact your future eligibility of institutional, state, federal, and some third-party awards.

If you have questions about your Title IV program funds, you can call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available on Student Aid on the Web at www.studentaid.ed.gov.

Unofficial Withdrawal

Students who fail all courses in which they are registered for will be reviewed at the end of each semester.  Students will be reviewed to determine if they earned a failing grade or received failing grade for attendance issues. The student’s last date of attendance or the last date of any academically related activity (exam, paper, quiz, etc.) the student has completed will be reported by the instructor. If it is determined, by these dates, that a student has stopped attending all of the courses that he/she is registered for before the semester is complete; the student will be required to return their “unearned” federal Title IV assistance back to the school so it may be refunded to the federal government. A student has “earned” all or a portion of his/her federal aid if the student attends through the 60% point of the semester. If a student has continued to attend at least one course past 60% point of the semester and given a grade, then the student has “earned” their federal funds. If a student completes the entire semester but earns failing grades, no action is necessary for the current semester, although failed courses may affect eligibility for aid for future semesters.  See the SAP policy for more details.

The date used in the R2T4 calculation for “unofficial withdrawals” is the last date used by an instructor for your academically related activity.

See full details of the Withdrawal Policy

There are times when federal financial aid is not disbursed until after the academic year/loan period (AY/LP) for which the funds were intended has ended. In these cases, federal financial aid earned prior to completing an AY/LP may be disbursed through a late disbursement. In general, a student or parent, who is otherwise eligible, becomes ineligible to receive federal financial aid funds on the date that:

• For Direct Loans, the student is no longer enrolled at the school as at least a half-time student for the period of enrollment (i.e. loan period) for which the loan was intended
• For federal student aid grants, the student is no longer enrolled at the school for the award year

However, if certain conditions are met, students must be considered for a late disbursement of those funds.  You must be considered for a late disbursement – or your parent, in the case of a PLUS loan – if:

• The Department processed a SAR/ISIR with an official SAI before you completed the prior AY/LP; and
• For Direct Loan awards, a Direct Loan was originated for you before you completed the prior LP; and
• For Federal Supplemental Educational Opportunity Grant (FSEOG) awards, the grant was awarded to you before you completed the prior AY/LP.

A late disbursement will be offered to you — or your parent, in the case of a PLUS loan — under these circumstances:

• You are currently enrolled at the school
• You completed a previous academic year/loan period
• You have begun a subsequent AY/LP
• You were eligible to receive federal financial aid loan funds but did not receive them prior to completing the prior AY/LP.

Late disbursements are prohibited if:

• It is a second or subsequent disbursement of loan funds, unless you have graduated or successfully completed the loan period.
• You are a first-year, first-time borrower and withdraw prior to completing 30 days of your degree program.
• It is a disbursement of any type federal financial aid funds and you did not have a valid FAFSA on file prior to the processing deadline.

In addition to the above, the school may not make a late disbursement later than 180 days after the date you became ineligible (i.e. the last day of the loan period – for loans, or last day of the award year – for grants).  If you are found to be eligible for a late disbursement of loan funds, the school will contact you prior to making any disbursements. This gives you the opportunity to accept or decline loans and to choose how funds will be applied. If you are eligible, you will be sent a late disbursement letter. This letter must be completed and returned within 30 days for funds to be disbursed. If student loans are declined or the late disbursement letter is not returned, funds will not be disbursed.

If you accept the loan, you can choose to borrow an amount to cover open charges or an additional amount, if eligible. Borrowing only for open charges will result in the disbursement of just enough loan funds to pay any balances due on your account.  Borrowing an additional amount of student loan will result in all funds being disbursed and any amount in excess of the account balance being sent to you as a refund.  Funds are disbursed in accordance with your wishes.

Portions of scholarship and fellowship grants may be considered taxable by the Internal Revenue Service (IRS). Contact your tax preparer or the IRS for further information.  1098Ts are available in January.

Exit Counseling provides important information in preparation to repay Direct Subsidized, Direct Unsubsidized, or Graduate or professional Direct PLUS loans and will help you understand your rights and responsibilities as a borrower. More details regarding Exit Counseling are available here.

Important information regarding the student’s rights and responsibilities is available here.

Click here to view our Code of Conduct and Ethical Standards Policy.

Students who have complaints about financial aid should first work with the Financial Aid Office in the Operations Office to resolve the dispute.

Financial Aid Manager
Kelly Emigh
Phone: (906) 484-1081
Email:  financialaid@glbbs.edu

Director of Administration
Beth Autore
Phone: (906) 484-1081
Email: beth.autore@glbbs.edu

The Director of Administration will review all complaints sent directly to the Financial Aid Manager, Registrar, Director of Operations, President, and all other officials who may receive a complaint regarding issues with financial aid. All complaints are taken seriously, and will be reviewed and responded to promptly.

IF: You believe GLBBS violated its own policy or federal regulations in its administration of the federal student aid programs—for instance, if:

• the school calculated your eligibility for federal student grants, loans, or work-study incorrectly;
• the school disbursed (paid out) your aid or your credit balance incorrectly (in the wrong amount, at the wrong time, or not at all);
• the school doesn’t have a financial aid administrator (yet is participating in the federal student aid programs), doesn’t have policies or procedures for administering the federal student aid programs, or has policies but isn’t following them;
• the school or its representative has made false or misleading statements about the school’s educational programs, financial charges, employability of graduates, etc.; or
• you have tried to work things out with the school but have been unable to.

THEN: You may submit a case to the FSA Feedback Center or call 1-800-433-3243.

If the dispute is not resolved to the student’s satisfaction, there are resources outside of the college that may assist:

• Federal Ombudsman for federal loan disputes
  S. Department of Education
  FSA Ombudsman Group
  830 First Street, NE
  Mail Stop 51444
  Washington, DC 20202-5144
  Phone: (877) 557-2575
  Fax: (202) 275-0549
• Office of Inspector General for suspected fraud or abuse in federal aid programs
  Phone: (800) MIS-USED or (800) 647-8733
• Michigan Attorney General Office of Consumer Protection
  O. Box 30213
  Lansing, MI 48909
  (517) 373-1110
  Toll Free (877) 765-8388
  miag@michigan.gov
• Consumer Financial and Protection Bureau

Great Lake Boat Building School is required by federal law to provide consumer information which includes information on the institution, financial assistance, completion or graduation rates, and information about student’s rights under the Family Education Rights and Privacy Act (FERPA). To obtain a paper copy of all or parts of the consumer information, please contact the Operations Office. Consumer Information can be viewed at https://glbbs.edu/consumer-information.