… - Disbursements & Refunds (UC) … Disbursements & Refunds … Disbursements are financial aid funds applied to your student account. Disbursement is a technical term used by the financial aid department. The financial aid department disburses federal and state aid (Pell, Sub, Unsub, PLUS, Cal Grants, etc.) to your student account to pay for your direct educational cost. Once your direct educational cost are paid, the financial aid department … be deposited to your account. Disbursements will be adjusted if enrollment increases or decreases. Disbursement for late-starting classes cannot be issued until the class begins. After the second disbursement date of each semester, no further …