Financial Aid (grants, federal student loans, and scholarships) will be used to reduce any debt you owe Sierra College such as enrollment fees, health fees, nonresident tuition, and Residence Hall fees. If your financial aid is more than the amount owed, you will be paid the remaining balance. To receive the balance, sign up on-line for a disbursement method with Sallie Mae Business Solutions. Your disbursement choices are: (1) direct deposit, (2) Sallie Mae debit Mastercard®, or (3) paper check. Read the following information about the three options before you sign up at the eDisbursement Link below.
Direct Deposit
If you select direct deposit, your financial aid will automatically be deposited into your bank account. We encourage students to sign up for Direct Deposit which is the fastest way to receive funds. Important – if you close your bank account, you must go to the eDisbursement Link and provide updated information.
Sallie Mae Debit Mastercard®
If you sign up for the Sallie Mae Debit MasterCard® you can:
- Transfer your balance into a bank account of your choice from the Sallie Mae website.
- Invite a parent and/or third-party to re-load this debit card on-line with their credit card.
- Make purchases anywhere that MasterCard is accepted.
- Withdraw money at no charge at any Allpoint ATM machine.
Go to http://www.allpointnetwork.com/ and enter your zip code to find the surcharge-free ATM closest to you!
The debit card will be mailed to the address you reported to Admissions & Records, so keep your mailing address current by updating your information on mySierra. Important – it’s a good idea to clear the funds off your debit card in about 60 days. You can do that by transferring the funds into a bank account, withdrawing the money at an ATM, or using the debit card to make purchases. Any time you are due another financial aid disbursement, your new financial aid will be loaded onto your debit card, so remember to KEEP THE DEBIT CARD.
As with any debit card, you must be aware of some of the hidden fees, so be sure to read Terms and Conditions. For more information about the Sallie Mae Debit MasterCard®, go to Sallie Mae FAQs.
Paper Check
If you do not sign up for direct deposit or a debit card, you will receive paper checks in the mail. Paper checks will take an additional 7 to 10 days after your financial aid has been ordered. All checks are mailed to the student by Sallie Mae Business Solutions and will be sent to the address you reported to Admissions & Records. Be sure to keep your mailing address current by updating your information on mySierra. Important - please cash your check immediately. If you don’t cash it, the check will be cancelled 60 days after the date on the check.
How Do I Sign Up?
Click eDisbursement Link and follow the steps to choose direct deposit, Sallie Mae debit Mastercard®, or paper check . Once you have made a selection and have an account, you can:
- View the status of your financial aid disbursement (debit card, direct deposit, or paper check)
- View and manage your debit card balance