Disbursement Procedures
Disbursement
Financial Aid Services begins the disbursement process the day after the Financial Aid Census date each semester. Financial Aid, including Federal Direct Student Loan and Federal Direct PLUS Loan funds, is usually applied to the student’s tuition and fees charges within 2 weeks after the census date. Students must have submitted all required financial aid documents to be included in the disbursement process.
Any financial aid funds over and above tuition, fees, and bookstore charges will be refunded to the student. All registered students will be contacted to select a preferred refund option. The options are direct deposit to the banking institution of choice or deposit to BankMobile Vibe checking account. Refer to the refund section for more information.
Any Federal Direct PLUS Loans over and above tuition, fees, and bookstore charges are refunded to the parent or student depending on the parent’s refund preference as indicated on their loan application.
Loan disbursements are received by Electronic Fund Transfer (EFT) and do not require any additional signatures/endorsements. The student/parent will receive written notification of the loan disbursement and the student/parent’s right to cancel. If the student/parent would like to cancel their loan, they must do so within 14 days of the date on the notification.
HCC does not apply college work-study earnings to the student’s account. Students participating in the college work-study program will be paid semi-monthly based on the hours worked during that pay period.
Credit Balance
Howard Community College (HCC) begins disbursement of financial aid after the financial aid census date. At this time, eligible awarded financial aid, including student loans, are credited to the student’s HCC account. Before refunding students, disbursed aid will first pay for outstanding tuition and fees for the semester and may pay for charges in the previous semester (if within the same academic year) After all charges have been paid, any excess aid will be a credit balance on the student’s account. Students with a credit balance may use these excess aid funds to pay for course materials through the Campus Store. The college will deduct charges incurred at the Campus Store from the excess aid credit balance.
If the student has a credit balance after all outstanding obligations are met, including course material charges, the college will issue a refund in direct deposit or a mailed check within 14 days from the date the credit balance is posted to the student’s account. The college has partnered with BankMobile Disbursements, a technology solution powered by BMTX, Inc, to provide electronic refund services to students. Financial aid and tuition refunds are disbursed to credit students via the refund choice selected by the student. Students should visit
www.refundselection.com to choose their preferred method of refund delivery. This electronic refund service gives students faster access to their refunds and more control over how and where their refunds are delivered. Balances paid by credit card through myHCC or directly to the cashier's office are refunded to the respective credit card. For more information on this refund service, visit:
www.refundselection.com or email HCCRefund@howardcc.edu. For more information on refunds, please visit
Refunds.
Financial aid awards may increase or decrease if a student’s enrollment changes before the financial aid census date. Under some circumstances, the amount of financial aid awarded may not be enough to pay the total charges on a student’s account. Students who do not receive enough aid to cover their total charges may consider signing up for the tuition payment plan and/or requesting a Federal Direct Loan. Students are responsible for all charges not covered by financial aid.