All students will receive their refunds according to the refund preference option they select using their Refund Selection Kit sent by BankMobile.
How do I know if I am getting a Financial Aid refund?
If the total of your grants and loans is less than your tuition and fee charges, you are not eligible for a refund and must pay the outstanding balance by the tuition due date to avoid problems.
If the total of your grants and loans is greater than your tuition and fee charges, you will receive a Financial Aid refund for any Financial Aid funds that remain after your tuition and fees are paid. ***Please be advised that you must complete additional steps in order to receive loan funds.
How do I get my Financial Aid refund?
At the time you complete your financial aid file (by submitting the FAFSA and all required forms), or when funds are awarded to you, you should receive a Refund Selection Kit in the mail from BankMobile. Once you receive your refund selection kit, you should go online to www.RefundSelection.com and select your refund preference. Refunds are disbursed according to the preference you select.
When are refunds disbursed?
Each quarter, the first batch of financial aid and scholarship refunds will be released to BankMobile no later than the first business day of the quarter. Depending on your refund preference selection, funds will be available as early as the first day of the quarter; after the first batch of refunds is processed each quarter, subsequent batches may take up to 3 business days to be processed and sent to BankMobile. If you delay in making your refund preference selection, you will experience a delay in receiving your funds. To ensure that your refund is sent in the first batch, please refer to the “How to Avoid Problems and Delays” question below.
How do I avoid problems and delays receiving my refund?
- Register for classes well before the quarter starts, preferably prior to the tuition deadline for that quarter.
- Do not make last-minute changes to your schedule, such as adding or dropping classes. Wait-listed classes do NOT count as courses you are enrolled in for Financial Aid.
- Register for 12 or more eligible credits (full-time) if you would like to receive your full award. In order to give our office enough processing time, we strongly recommend you complete all registration activity prior to the tuition deadline for that quarter.
- If you are enrolled in less than 12 credits, check the Financial Aid tile in your ctcLink student portal to make sure your award has been adjusted prior to the start of the quarter. Note that some classes are not considered “financial-aid-eligible” and cannot be funded by Financial Aid.
- Meet all Satisfactory Academic Progress requirements the prior quarter.
- Meet all Financial Aid Office priority deadlines.
- Read all online materials provided by the Financial Aid Office to ensure you know and understand the financial aid process.
- Inform Pirate Central of changes to your physical and/or email address.
- Be sure you do not owe a debt to the college from prior quarters’ fees, etc. This includes math lab fees, unresolved testing, childcare, book rentals, or other fees, as well as unpaid tuition from previous quarters. Also, make sure to pay tuition and fees for any non-credit or special interest class you may be currently enrolled in. (These types of classes are not eligible for financial aid and we cannot pay for them with financial aid funds.)
- After you receive your Refund Selection Kit (in the bright green envelope from BankMobile), go online to www.RefundSelection.com to select how you want to receive your financial aid refund.
For more information regarding refunds, please visit http://pencol.edu/financial/financial-aid-refunds.