Financial Aid Refund Process
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 financial aid disbursements. Disbursements to accounts set-up through bank mobile generally take 2-5 business days. Students who have a completed financial aid file will receive communication from BankMobile via mail and email on how to choose a refund preference.
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
Financial Aid generally begins disbursing the week prior to the first day of the quarter. To have your aid automatically disbursed you must have:
- been awarded and accepted your aid;
- not have any holds on your aid;
- if you are borrowing federal direct loans, you must have completed the required entrance counseling and signed promissory note(s);
- scheduling changes the week prior to disbursement may result in your financial aid being delayed.
If these conditions are met, aid will disburse first to your student account to pay your tuition and fee charges. If the amount of your aid is greater than the charges on your student account, the difference will be sent to your bank account via BankMobile.
- 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.
- Disbursement information in ctcLink reflects the start of the refund process, not the day funds are sent to BankMobile, please contact financial aid for more information.