Frequently Asked Questions

Question: Is Converting to GEMCOR a difficult process?
Answer: Depending on the condition of your past records, conversion is most often seamless. 
A small checklist of information required is sent to your school.  Upon receipt of that information,
your account can be up and running in our systems within 24 hours, and with the USDE within a
week.

Question: Do I have to be computerized to use GEMCOR?
Answer: Our systems are fully electronic with the Department of Education which allows schools
that are not computerized to meet all federal requirements regarding electronic capability.

Question: Is electronic processing possible between my school and GEMCOR?
Answer: Yes. Our TEAM Software System gives computerized schools the capability to electronically
receive and submit student files between our offices.  Using TEAM, schools can electronically receive
ISIR documents, and submit TitleIV award requests to GEMCOR directly from your computer system.  
This paperless process is the fastest way to administer your federal aid awards.
 
Question: I have had some bad experiences with servicers in the past. How can I be confident that things
will be different using GEMCOR?
Answer: First, the servicer industry has gone through a metamorphosis much like schools have.  Third
party servicers are regulated by the Department as are schools.  Only those committed to proficiency
and accountability have tenure in the industry.  Additionally, unlike other servicers today, GEMCOR does
not lock its clients in to long term, unbreakable contracts. If, for any reason, our services no longer meet
your needs, you may cancel your agreement with just 30 days notice.  We’ve maintained success since
1973 by continually satisfying our family of clients.  Also, we believe that good business is done by
referral.  We encourage you to contact our clients and professional associates for their opinion about our
commitment to service.

Question: My school is a destination point with the Department of Education for electronic ISIR processing.
Does this have to change if I use GEMCOR?
Answer: We recommend that a change be made so our systems are populated on a daily basis with
CPS information for your school, but it is not mandatory.  Schools can continue to perform ISIR
processing with the Department of Education through their existing TG code number.  GEMCOR will
be signed up to transmit COD origination and disbursement records on the school’s behalf.

Question: Will my audit cost increase after using GEMCOR because my auditor has to perform additional
testing on GEMCOR’s operation.  
Answer: No.  GEMCOR has an independent audit performed each year on its compliance with federal
student aid regulations. This audit is provided to you free of charge.  As a matter of fact, your audit
cost may even decrease because work that you previously performed while processing financial aid
in house, is now done by GEMCOR, and audited separately.

Question: Am I charged separately for technical support or consulting?
Answer: Our full service administration includes toll free technical support and regulatory guidance.  
The “attorney clock” is never ticking when you call GEMCOR.  Federal aid administration is so complex,
we don’t want cost to be a deciding factor in whether or not you contact us for support.  Technical
support is so convenient you don’t even have to pay for the phone call.

Question: I have a new financial aid administrator. Does GEMCOR provide any training?
Answer: Yes.  At any time mutually convenient, you can send your staff members to GEMCOR’s offices
for personalized training.  There is no charge to our clients for this training. GEMCOR also conducts
10-12 annual one-day, summer seminars providing group training to clients in a hands-on setting.  

Question: Does GEMCOR have administrative software for school administration?  
Answer: Yes.  Our TRAX® Student Tracking System gives schools a user friendly, Windows based,
environment to handle everything for your student records management needs from prospect and
lead tracking through enrollment, SAP, accounts receivable, placement, and default management.  

Question: Will I have one account representative which will be my contact at GEMCOR?
Answer: No.  Our organization is divided into departments which handle specific areas for all client
schools, i.e., Accounting, Loan Processing, Grant Processing, etc.  The benefit of this approach is that,
unlike an on-campus employee, we never go on vacation or get sick.  GEMCOR’s agents are there
Monday through Friday from 9:00 to 5:00 Central to handle your daily needs.