Financial Aid Disbursement

Disbursement Options

When it comes to deciding how to get your money, you deserve choices. Your choices include:

• Electronic Deposit to your Bank Account
  Money is transferred to your bank account the same business day BMTX, Inc. receives funds from your school. Typically, it takes 1-2 business days for the receiving bank to credit the money to your account.
• Electronic Deposit to a BMTX, Inc. Vibe Account
  If you open a BMTX, Inc. Vibe account (upon identity verification), money is deposited the same business day BMTX, Inc. receives funds from your school.
• Check
  If you decide not to have your funds deposited electronically, you will receive a check in the mail.

Students with pending financial aid or scholarship refunds will receive a personal code in the mail via a green envelope or in an email from BMTX, Inc. Students may also request a personal code directly through the BMTX, Inc. site. The personal code allows you to sign up for one of two electronic options to deposit your money - either direct deposit to your existing bank account or to a BMTX, Inc. VIBE Checking Account.

Terms of Agreement

For additional information, view our third-party servicer contract for refund management.

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Disbursement Process

All financial aid funds are disbursed on scheduled dates each term.The enrollment status of students for financial aid awarding and disbursement purposes is finalized at the census date of the semester, noted on the college’s academic calendar. At that time, the actual amount of federal and state grants is determined per student. Courses added after census are not counted.

As long as students are enrolled in an eligible program and their financial aid file is complete, students will receive two disbursements of Federal Grant aid each semester, based on their enrollment level at census date (date varies by semester) and classes actively in session. If students are enrolled in a late start class, it will be paid when their attendance begins. Students enrolled in late start classes may initially receive less funds than their enrolled units but will receive additional disbursements as the late start class begins.

• Federal Grant Aid includes Pell Grant and Supplemental Educational Opportunity Grant
• Federal Direct Loans are also disbursed in two payments based on the approved loan period
  • Direct Loans are not disbursed for late-start classes until the student is enrolled and attending at least six units of coursework required for their program of study.
• Cal Grant and Student Success Completion Grant (SSCG) funds are one disbursement after census.

Deduction of Fees

All disbursed financial aid such as grants, federal student loans and scholarships will be first applied towards current institutional fees. These are fees owed to Cañada College, College of San Mateo or Skyline College such as enrollment fees, health fees and non-resident tuition. Once all institutional fees are paid, the remaining eligible balance will be disbursed to the student.

Student Refunds

The San Mateo County Community College District (SMCCCD) delivers your financial aid and scholarship refund with BankMobile Disbursements, a technology solution, powered by BMTX, Inc. Consider your Refund Choices.

Please Note: Students who have selected to deposit their refund into an exisiting bank account or into a Vibe bank account should expect to see their refund 7 -10 days after the disbursement amount moves from the "Expected Amount" to the "Paid To Date" column. Other refund methods may be delayed an additional 2-3 weeks.

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