Disbursement Information Steps to Success:
Step 1: Once you receive an award email you should:
If it has a Grant or Loan Award & you are a new student you will receive an email from Bank Mobile with an Access Code & instructions on how to create & set up an account
Follow the steps to activate your Account and select your refund preference
Know you can select between using Bank Mobile's services or direct deposit into your own existing bank account
Step 2: Once you activate your Bank Mobile Account you should:
ensure you set up an alert with Bank Mobile so you will be notified by email or text exactly when financial aid will be disbursed to you
Check your SAP status on your portal to determine your eligibility
Our school delivers your refund with BankMobile Disbursements, a technology solution, powered by BMTX, Inc. to deliver your financial aid refund.
Visit this link for more information: http://bankmobiledisbursements.com/refundchoices/.
*Bankmobile Disbursements uses the word “refund”. Financial Aid uses the word “disbursement.” In either case, this is the financial aid that is due to the student.
To view our contract, click here: https://www.vibeaccount.com/swc/doc/landing/7q72yefn7dgq6ajoik21.
Did you Know? A student may receive federal financial aid from only one school during any given semester.
Please note: Your financial aid award reflects a full time enrollment assumption. If you are not enrolled full time, the amount you will receive will be less and prorated based on your actual enrollment.
Federal Pell Grants are disbursed in two (2) disbursements each semester.
Cal grants are disbursed in two (2) disbursements each semester.
Student Success Completion Grants are disbursed once (1) during each semester (unless units increase).
Federal SEOG Grants are disbursed once (1) during each semester.
Federal Direct Loans are disbursed once (1x) during each semester, unless the loan is a one semester only loan then it is disbursed twice (2x)
VCCCD will disburse financial aid based on attending hours. Therefore, the start date of your classes will dictate how much you will receive in each of your disbursement(s).
If you are registered and meet all financial aid eligibility requirements for your disbursement AND:
- You are registered and ALL of your classes begin on the first day of the semester, your first disbursement is scheduled and the specific date that disbursement begins is available on your portal after all charges are paid.
- Your enrollment includes a combination of classes that start on the first day of the semester AND classes that start later in the semester, you may receive a partial first disbursement* of financial aid, if eligible, the first week of the semester. The remainder of the first disbursement will disburse approximately 4-10 days after your next class(s) begins.
- You are ONLY enrolled in late start classes (meaning those that start after the first day of the semester), your financial aid disbursement(s)* will occur approximately 4-21 days after each late start class begins.
Please note, students must be registered in ALL of their classes, regardless of when they begin, prior to our Pell Recalculation [Freeze] Date in order for those courses to count toward your financial aid enrollment status. The freeze date, in financial aid terms, is the date that the Financial Aid Office will freeze enrollment for all financial aid applicants. On the freeze date, the financial aid system will lock a student's enrollment (units). A student's award will increase or decrease according to their enrollment. Courses registered in after this date cannot be considered for federal financial aid funding. All students should allow 4 to 21 days after payment appears on your MyVCCCD portal account to receive your refund.
*Loan disbursements for students in 6 or more Attending Hours (your classes have begun) will begin disbursing the first week of the semester or once you are attending 6 or more units. Please Note: If you are a first-year, first-time loan borrower, there may be a 30 day delay in your first loan disbursement per federal regulations.
Direct Loans are issued to students in multiple disbursements. Direct Loan borrowers will be charged loan fees which are deducted from the loan proceeds and are used to cover the costs of loan defaults and other administrative costs of the Direct Loan Program. After your loan has been originated, you will receive a Loan Disclosure Statement with pertinent information regarding your loan, including disbursement dates, deducted fees, and net disbursement amounts. Disbursement dates that appear on the Direct Loan Disclosure Statement are approximate dates. Please allow two additional weeks of processing time from the date that appears on your Direct Loan Disclosure Statement.
Half-time enrollment must be maintained and is verified before each loan disbursement.
Federal Work-Study wages are paid twice per month for students who submit online time-sheets by the prescribed deadlines.
Please Note: Cal Grants, Chafee Grants, and Student Success Completion Grants are disbursed as funding becomes available through the state.