Disbursement of Funds

Financial aid disbursements vary depending on the type of aid awarded, amount of the aid, and the date the aid is awarded. Please note the following:

Grants

Once the FAFSA application and all requested documentation is submitted, an award notification indicating the award type and amount of Title IV funds (Pell and SEOG) will be issued to the student. Funds are disbursed to the student’s account to pay for tuition and bookstore charges incurred.  

Pell Grants refunds occur after the 3rd week of the semester. Any credit balances will be processed upon attendance verification in all enrolled courses. Any unused funds will be mailed to the current address on file. Students can also set up direct deposit in Ocelot Access.

Loans

Loan disbursements will be disbursed to the student’s account once received electronically by the Department of Education. Per federal regulations Schoolcraft College is now required to begin disbursing all federal student loans in two equal disbursements. Any outstanding tuition and bookstore charges will be deducted.

If you are eligible for a loan refund, you won’t be getting the full amount until the middle of the semester. Please visit our Loans web page for these disbursement dates. Refund checks will be processed upon attendance verification.

Please Note: You MUST be enrolled for a minimum of six (6) credit hours to be eligible to receive loan funding. 

Scholarships

Scholarship funds will be disbursed to students depending on the specific scholarship criteria. Any unused funds that are allowed to be disbursed to the student will be issued via BankMobile Disbursements. We encourage you to make a refund selection with BankMobile Disbursements to receive funds owed to you in a fast and secure manner. Visit our BankMobile web page for more information on the refund process.

Students with external scholarships should submit  a copy of their award letter along with their check to the Office of Financial Aid. 

Please Note: Refund checks expire 90 days from the date issued. Any unclaimed Financial Aid refunds will be returned to the federal government. Other unclaimed refunds will be sent to the State of Michigan.

Financial Aid Refund Dates

Semester	Beginning Release Date
Fall 2024	October 4
Winter 2025	February 14
Spring/Summer 2025	June 13