How you receive your Financial Aid funds

You will begin receiving your financial aid refunds at the end of the fourth week of classes of the earliest term you are enrolled in. If you are enrolled only in Express or Second 8-week Mod classes, your financial aid will be refunded at the end of the fourth week of that term. It is the student's responsibility to understand the attendance policies of all courses they are enrolled in. See financial aid refund dates for each term.

Please note: This is not the same as receiving a refund for tuition you have paid if you decide to drop. Please see more information about tuition and fee refunds here.

Tuition and fees

SPC deducts tuition and fees from your financial aid award directly. If your award is less than the cost of tuition and fees, you must pay the difference by the tuition due date.

If you attend less than full-time during any term, your Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid.

Book Line of Credit

If your financial aid exceeds your tuition and fee charges, you may charge up to $800 in books and supplies using the Book Line of Credit, a short-term, interest-free loan, at campus bookstores.

Disbursements

Disbursements occur when SPC receives federal, state, or other funds on your behalf. These funds are applied to your student account to cover your tuition, fees, and Book Line of Credit charges. This is the date you will see in MySPC; however, this is not the date your excess funds are refunded to your refund option choice.

Loan disbursements
All loans are disbursed in two payments, even if the loan is for one term. If your loan is for fall and spring, you will receive one half of the loan during the fourth week of classes of each term. If your loan is for one term only, you will receive two payments within that term, the first during the fourth week of your classes and the second at the halfway point of the term.First-time, first-year Stafford borrowers will not receive their first loan disbursement until 30 calendar days after the first day of classes, according to federal regulations.

Financial Aid Refunds to BankMobile

Financial aid refunds occur when the amount of the disbursements received on your behalf is greater than the amount owed for tuition, fees, and the Book Line of Credit. The excess funds will be refunded to your selected refund preference through BankMobile Disbursements. Refunds begin at the end of the fourth week of your classes. For more information about BankMobile, visit this link: http://bankmobiledisbursements.com/refundchoicessso/

Reiew our institution's contract with BankMobile, a Division of Customer Bank.

Example Refund Calculation

Actual amounts will vary

Financial aid disbursed
Pell Grant:
$1388.00
Scholarship:
$500.00
Loans:
$2228.00
Total Financial aid:  
$4,116.00
 

Charges
12 credit hours plus lab fees:
$1,420.50
BLOC used at campus bookstore:
$654.00
Amount due to college: 
$1,998.50 
Refund to student: 
$2,041.50
 

Student employment pay

Students working through student employment programs of Federal Work Study, America Reads, America Counts, or Student Assistants will receive their paychecks bi-weekly through their supervisor or directly deposited into their bank accounts.