Find out what a disbursement is, how you can find out your eligibility and how to select a refund method.
What is a Disbursement
Disbursement is when Financial Aid orders funds for eligible students.
To be eligible, you must:
- Be enrolled in classes
- Have turned in all requested financial aid documents so your file can be verified
- Resolve any problems that we’ve e-mailed you about or that appear on mySierra
Selecting a Refund Method
Financial Aid (grants, federal student loans, and scholarships) will be used to pay for any fees, such as enrollment and health fees. If your financial aid is more than the total amount of fees, you will be refunded the difference. To receive the refund, please select a refund method with BankMobile.
Choose One of These Refund Methods:
- Direct deposit
- BankMobile VIBE Account
If you select direct deposit, your financial aid will be automatically deposited into your personal bank account. This is the fastest and least expensive way to get your refund. Money is transferred to an existing account the same business day BankMobile receives funds from Sierra College. After which it will follow the normal posting from your personal bank. You will need to know your account information before you can select a direct deposit. The easiest way to do that is to have your checkbook in front of you when setting up your direct deposit. All the account numbers are listed at the bottom of your checks.
VIBE Account - Debit Card
The debit card for the BankMobile VIBE account will be mailed to the address you currently have in mySierra.
Anytime you are due for another financial aid disbursement, your new financial aid will be deposited to the BankMobile VIBE account, so remember to keep the debit card.
As with any debit card, you must be aware of some of the hidden fees, so be sure to read the terms and conditions.
NEW February 2019: You must make a $300 monthly deposit to avoid paying a monthly fee of $1.99. Your financial aid does not count as one of your qualifying deposits. To avoid this altogether, consider having your financial aid deposited into your personal account and not open a VIBE. Or you can:
Sign up for the BankMobile VIBE Account which allows you to:
- Transfer your balance into a bank account from the BankMobile website
- Make purchases anywhere MasterCard is accepted
- Withdraw money at no charge from the two Bank Mobile ATMs on campus
Each college and university must publish any third-party contracts. View the BankMobile contract here.