Financial Aid Refunds

Financial Aid Refund Process

Students may receive a financial aid refund for a number of reasons, including:

  • Dropping or canceling a class
  • Receiving a scholarship or financial aid in excess of tuition costs

BankMobile logo When these refunds occur, SPSCC is committed to providing clear choices and great service to students. We have partnered with BankMobile to provide our students with electronic financial aid disbursements. Students who have a completed financial aid file will receive communication from BankMobile via mail and email on how to choose a refund preference. Here's what to expect:

You receive a green envelope in the mail

It is important that when you receive your green envelope in the mail, you go to the BankMobile website and set up your refund preference. Even if you are not sure you will receive a refund, it is important to make sure that you select your preference. Not selecting a preference will delay receiving your refund.

Refund preference options

  • ACH deposit: If you already have a bank account, this option will allow you to have your financial aid refund sent directly to your bank. ACH deposits typically post within 1 to 3 business days from the date of disbursement.
  • BankMobile VIBE Checking Account: All students are eligible to open a free VIBE account, regardless of banking history. Students will receive a debit card and access to funds through no fee ATMs. VIBE account deposits typically post the same day disbursement occurs.
  • Paper Check: A physical check is typically mailed within one business day of the disbursement date. It is subject to standard postal times of 5-7 business days. If you receive a refund, but do not select a preference, a paper check is mailed after 14 days.

Have a code and need to make a selection? Visit their website:
www.refundselection.com

Eligibility to receive a refund

To be eligible to receive a refund, students must meet the following conditions:

  • Be enrolled in the appropriate number of credits based on their financial aid award.
  • Have paid tuition in full.
  • Be awarded funds beyond the cost of tuition.

Requirements for receiving funds

When you receive funds through ACH deposit, deposit to VIBE account, or a paper check mailed to you, you are certifying that:

  • You are attending, or will attend, all of your classes.
  • If you withdraw from a class, you acknowledge you are REQUIRED to submit proof of attendance using the Attendance Verification Form prior to withdrawing.
  • If at the end of the quarter you have not completed the required credits based on the level of financial aid you received you may owe a repayment. In addition, you may be placed on financial aid warning or suspension.

When funds are disbursed

  • Financial aid is generally disbursed during the week prior to the start of the quarter.
  • Due to federal fiscal regulations, Summer Quarter disbursements are made the first business day after July 1, regardless of the first day of Summer Quarter start.
  • For more important dates, see the Academic Calendar.