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Disbursement of Funds

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What is a Disbursement?

This is when Financial Aid orders funds for eligible students. The following picture depicts the entire process that must take place before your refund is actually created.

Selecting a Disbursement Method

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 BankMobile at http://bankmobiledisbursements.com/

Your disbursement choices are: (1) direct deposit, (2) paper check, or (3) BankMobile VIBE Account. Read the following information about the three options before you sign up at the eDisbursement link below.

If you sign up for the BankMobile VIBE Account you can:

  • Transfer your balance into a bank account of your choice from the BankMobile 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 the cartronics ATM machines on campus.

To find the closet community Cardtronic ATM visit www.cardtronics.com/about/atm-locator.asp.

The debit card for the BankMobile VIBE account will be mailed to the address you reported to Admissions & Records, so keep your mailing address current by updating your information in mySierra.

Any time you are due another financial aid disbursement, your new financial aid will be deposited to the BankMobile VIBE account, 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 the Terms and Conditions.

BankMobile Contract

Recent changes require that each college and university publish any 3rd party contracts that is used to refund federal financial aid by July 1, 2016. Sierra College entered into contract to process all refunds to include refunds as a result federal financial aid credit balances. You may view the BankMobile contact here.

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.

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 14 days after your financial aid has been ordered. All checks are mailed to the student by BankMobile 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 90 days after the date on the check.

How Do I Sign Up?

Click the BankMobile Link and follow the steps to choose direct deposit, BankMobile VIBE account which is a debit Mastercard®, or paper check . Once you have made a selection and have an account, you can:

When Will I Receive My Financial Aid?

The first disbursement and refund of financial aid (grants, federal student loans, and scholarships) to eligible students will be one week after the add/drop deadline. For students who apply or complete their files after the add/drop deadline, financial aid is usually ordered once a week. Orders are done early Monday morning and direct deposit is usually completed by Thursday evening of that week. Debit cards are generally loaded or reloaded with your refund by Thursday of the refund week. Paper checks will take much longer since they must be mailed to the students by BankMobile.

Pell Grants are paid based on the units you are enrolled in at the end of the add/drop period for the semester. Check the academic calendar for the add/drop deadline. You cannot be paid for any units you add after the deadline.

Federal Direct Student Loans are issued in two disbursements. If your loan covers Fall and Spring, your second disbursement will be available the third week of the Spring Semester as long as you are eligible and are enrolled in 6 or more units. If your loan covers only one semester, your second disbursement will be available after the withdraw deadline has passed as long as you are still enrolled in 6 or more units. Check the academic calendar for the withdraw deadline.

If you are a first-time, first-year borrower, Federal regulations require that you wait until 30 days after the semester has begun to receive your first disbursement. For information about the second disbursement, read the previous paragraph.

Scholarships are issued in two disbursements – half for Fall and half for Spring.

If you are attending Sierra College and are enrolled in the number of units required for your scholarship, sign up for direct deposit, BankMobile VIBE debit card, or paper check.

If you are attending a four-year college/university, you must send an enrollment verification form to the Sierra College Financial Aid Office. Enrollment verifications are required for the Fall semester/quarter and the Spring semester/quarter. After we receive your enrollment verification, a scholarship check made out to you will be sent to your college.

High schools and organizations such as Rotary Clubs and Foundations usually send scholarship checks that are made payable to the Sierra College Financial Aid Office. If you are enrolled at Sierra in the number of units required for your scholarship and you meet all other criteria set by your donor, sign up for direct deposit, BankMobile VIBE debit card, or paper check.

Cal Grants and Chafee Grants are disbursed after Sierra College receives the money from the State of California.

Fall, Spring and Summer financial aid order dates are listed below. These are the dates Sierra College orders financial aid money – NOT the dates you will receive it. If you have already signed up for direct deposit or have been issued a BankMobile VIBE Debit MasterCard®, your money should be available by the end of the week that it was ordered. Paper checks will take much longer since they must be mailed to you by BankMobile.

Disbursement Schedule

Summer 2016 disbursement dates

June 20, 2016

June 27, 2016

July 11, 2016

July 18, 2016 – final refund for the 2015-16 year  

Fall 2016 disbursement dates

September 6, first fall disbursement

September 12

September 20 (Tuesday)

September 26

October 3

October 10

October 17

October 24

October 31

November 14

November 28

December 5 Financial disbursement for fall until grades are posted

Spring 2017 disbursement dates

February 7, 2017 first spring disbursement

February 13, 2017

February 27, 2017

March 6, 2017

March 13, 2017

March 20, 2017

March 27, 2017

April 3, 2017

April 17, 2017

May 1, 2017

May 15, 2017 – final disbursement for spring until grades are posted

Summer 2017 disbursement dates

June 19, 2017

June 26, 2017

July 10, 2017

July 24, 2017 – the final disbursement for 16-17 

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