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.

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. This is the date you will see in MySPC; however, this is not the date of your refund.

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: https://bankmobiledisbursements.com/refundchoices/

Reiew our institution's contract with BankMobile, 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.