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. The following depicts the entire process that must take place before your refund is actually issued.
Here is a video on how BankMobile disbursement works.
To be eligible, you must be enrolled in class and you must have turned in all requested financial aid documents so your file can be verified. Also, any problems that we’ve e-mailed you about or that appear on mySierra must be resolved.
All other Fall financial aid (scholarships from high schools and other organizations, Chafee Grants, Cal Grants, etc,) will be available when we receive the money from the State of California or the appropriate agency.
Fall disbursements will be available to eligible continuing students after all Summer grades are posted.
View Fund Disbursement Dates
Selecting a Refund Method
Financial Aid (grants, federal student loans, and scholarships) will be used to pay for any fees, such as enrollment fees, health fees, nonresident tuition, and residence hall 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 a refund method with BankMobile.
Your refund method options are:
- Direct deposit
- Paper check, or
- BankMobile VIBE Account
If you sign up for the BankMobile VIBE Account you can:
- Transfer your balance into a bank account of your choice from the BankMobile website.
- Make purchases anywhere that MasterCard is accepted.
- Withdraw money at no charge at the Cardtronics ATM machines on campus.
The debit card for the BankMobile VIBE account will be mailed to the address you currently have in mySierra.
Any time you are due 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.
Recent changes require that each college and university publish any 3rd party contracts that is used to refund federal financial aid by July 1, 2016. Sierra College entered into contract with BankMobile to process all refunds to include refunds as a result federal financial aid credit balances. You may view the BankMobile contract here.
If you select direct deposit, your financial aid will automatically be deposited into your bank account.
If you do not sign up for direct deposit or a BankMobile VIBE account, you will receive a paper check in the mail. Paper checks will take an additional 14 days after your financial aid has been disbursed. All checks are mailed to the student by BankMobile and will be sent to the address in mySierra. Be sure to keep your mailing address current by updating your information on mySierra. Important — please cash your check immediately. If you don’t cash it, the check will be cancelled 90 days after the date on the check.
You can contact BankMobile customer service at 1(877) 584-5417.