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 Session, your financial aid will be refunded at the end of the fourth week of that term. It is your responsibility to understand the attendance policies of all courses you 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, Book Line of Credit and First Day Book Program charges. This is the date you will see in MySPC; however, this is not the date of your refund.
Loans
If your loan is for fall and spring, it will be disbursed in two payments, one during the fourth week of your fall enrollment and one during the fourth week of your spring enrollment. If your loan is for one term only, the entire loan will disburse in one payment during the fourth week of your enrollment for that term.
Financial Aid Refunds to BankMobile Disbursements
Financial aid refunds occur when the amount of the disbursements received on your behalf is greater than the amount owed for tuition, fees, the Book Line of Credit and First Day Book Program charges. 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. SPC delivers your refund with BankMobile Disbursements, a technology solution, powered by BMTX, Inc. Visit this link for more information: https://bankmobiledisbursements.com/refundchoices/.
Reiew our institution's contract with BankMobile Disbursements, a Division of Customer Bank.
Example Refund Calculation
Actual amounts will vary
| Financial Aid Disbursed | |
|---|---|
| Pell Grant: |
$1,388.00
|
| Scholarship: |
$500.00
|
| Loans: |
$2,228.00
|
| Total Financial Aid Disbursed: |
$4,116.00
|
| Amount Due to SPC | |
|---|---|
| 12 credit hours plus lab fees: |
$1,420.50
|
| BLOC used at campus bookstore: |
$654.00
|
| Amount due to SPC: |
$2,074.50
|
| Refund Calculation | |
|---|---|
| Total Financial Aid: |
$4,116.00
|
| Amount due to college: |
$2,074.50
|
| 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.