Disbursements and Refunds
The U.S Department of Education requires institutions of Higher Education to institute Cash Management requirements for Title IV programs. These requirements affect the crediting and disbursement of financial aid funds. Highlights of these regulations are as follows:
The College cannot disburse financial aid funds to a student's account until the student is enrolled in classes for the semester for which the funds are intended.
The earliest the College may begin crediting a student's account with financial aid funds is 10 days before the first day of the payment period.
The College can only credit student accounts for allowable charges; i.e., tuition, fees, room and board if on campus. Any discretionary charges on an account may only be credited by financial aid funds if the student authorizes it through a signed statement. This authorization may be rescinded at any time by contacting the Financial Aid Office.
The College must provide a way for a Federal Pell Grant eligible student to obtain or purchase, by the seventh day of a payment period, the books and supplies required for the payment period if: 10 days before the beginning of the payment period the institution could disburse funds for which the student is eligible, the student would end up with a credit balance and the amount the college determines is needed for books and supplies is less than the credit balance.
After all allowable and authorized expenses are paid and a refund is owed the student by EAC, it will be paid within 14 days. After tuition, EAC approved fees and other student/parent authorized charges are paid, and a balance remains, the balance will be transferred to the student's selected refund preference with BankMobile unless the student has arranged with the FISCAL Control Office for a payment by check.
BankMobile Refund Process
Eastern Arizona College has partnered with BankMobile to deliver your financial aid refund. For more information about BankMobile, visit this link: http://bankmobiledisbursements.com/refundchoices/.
To view our institution's contract with BankMobile, a Division of Customer Bank, click here.
For more information, call the EAC Fiscal Control Office at (928) 428-8221.