- Financial Aid
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Method of Disbursements:
Disbursement dates and deadlines are mandated by Federal, State, District and/or Institutional regulations and policies. Disbursement dates and amounts displayed in the Student Information System (SIS) are estimates until actual disbursements are processed.
Students who are new to the LACCD will receive information by mail and email from BankMobile Disbursements regarding the process to select their refund preference. For more information about BankMobile Disbursements, visit this link: https://bankmobiledisbursements.com/refundschoices/.
AB540 students who currently have an open bank account or are eligible to open an account receive their funds electronically via their selected refund preference with BankMobile Disbursements. All others will receive their refunds by paper check.
It is critical that students update their address on file with the Admissions & Records Office to ensure receipt of their Refund Selection Kit. If you have not received your Refund Selection Kit, contact the Fiscal Office.
Grants and loan are disbursed through BankMobile Disbursements, a technology solution, powered by BMTX, Inc. Federal Work-Study payroll checks are sent by mail to the address on file in the Admissions & Records Office, or are transferred electronically to the student’s bank account, or on rare occasions sent to the College Business Office. It is your responsibility to report address and phone number changes to the Admissions and Financial Aid & Scholarship Offices.
“To view our third-party servicer contract for refund management, click here.”
Loan Disbursement and Cancellation
- If your award includes a Loan and you choose to accept it, you will receive disbursement instructions during the Loan Counseling Session or from your loan award notification.
- Upon receive your loan acceptance letter and prior to the disbursement of the funds, you have the right as a borrower to cancel all or part of your loan within 14 days of receiving your loan acceptance letter and disbursement notice.
- Upon receive your loan disbursement, should you decide to cancel all or portions of your loan within 120 days from the day of the disbursement, you must:
- Submit a written notification indicates that you are requesting to cancel portion or all of your loan to the Financial Aid & Scholarship Office
- Return the funds to the Business Office
- Should you decide to cancel all or portions of your loan after 120 days from the day of the disbursement, you must contact your loan servicer directly for guidance on how to return the funds.
Pell Grant - Disbursements will be adjusted if enrollment status is less than full-time. Supplemental disbursement generates throughout the academic year. Disbursements will be adjusted if enrollment increases or decreases. Payment for late starting classes will not be issued until the class begins. After the second disbursement run date of the Fall and/or Spring semesters, no further award adjustments will be made. The following chart is an example of a financial aid disbursement schedule.
|Award Name||Award Amount||Estimated Disbursement Schedule|
|Pell||$6,895||Fall: Sept.= $,724, Nov.= $1,724|
|Spring: Feb.= $1,724, April= $1,723|
Cal Grant - Student must be enrolled in six or more units to be eligible to receive refunds. Disbursement is once per semester. Eligible amount will be prorated based on actual enrollment status.
- This is to advise you that any outstanding institutional debt will be deducted from your financial aid disbursement.
- New financial aid students will receive yours BankMobile Disbursements Selection Kit upon confirmation of your enrollment through the Admission & Records Office. You must activate your BankMobile Disbursements account by choosing your refund preference through Bank Mobile. All of your financial aid disbursement will be through BankMobile Disbursements.
- If there is an issue that caused your BankMobile Disbursements account becomes inactive, or your financial aid refunds becomes undeliverable, BankMobile Disbursements will return the funds to the district and reissue through the next disbursement process. If your financial aid funds cannot be delivered for a period six (6) months from the date of issue, it will be cancelled. If we are unable to reach you, funds will be returned to the appropriate agency, and you will forfeit/lose your financial aid funds for that award period.
- You may only receive financial aid at one institution at a time.
- Students may not receive federal aid for remedial coursework beyond 30 units.
- In accordance with Federal Refunds & Repayment Regulations, if you completely withdraw from all your classes after receiving your financial aid, you may be required to repay all or a portion of the unearned financial aid refunds you received. Failure to repay these funds will result in the loss of future financial aid at any institution.
- If you decide for whatever reason to audit a class, you are not eligible to receive a California College Promise Grant (Formerly known as Board of Governors Fee Waiver) or any other financial aid for this course. You are solely responsible for the payment of the audited class. No exceptions to this policy can be made.