What is a financial aid refund?
If you have financial aid funds that exceed the charges on your student account at the time of disbursement, you will receive a refund, which may be used for other educationally related expenses. (Note that if subsequent charges are applied to your account, you will be responsible for paying them). You can view your student account at any time by logging in to LoLA.
When are refunds available?
Financial aid refunds generally become available by the 5th week of a Fall or Spring semester or the 3rd week of a Summer semester.
How can a student access their refund?
SOWELA has contracted with BankMobile, a financial services company, to deliver refunds to our students. For more information about BankMobile, visit this link: http://bankmobiledisbursements.com/refundchoicessso/ (opens new window). Once a student schedules classes at SOWELA, they will receive a refund selection kit with a personal code in the mail from BankMobile. You will also receive a Personal Code by email which will be sent to the email address on record with the school. It is important to follow the instructions within the kit where you will go online to select a refund preference. Your choices include:
- DEPOSIT TO AN EXISTING ACCOUNT – Money is transferred to an existing account on the same business day BankMobile receives funds from your school. Typically, it takes 1-2 business days for the receiving bank to credit the money to your account.
- DEPOSIT TO A BANKMOBILE VIBE ACCOUNT – If you open a BankMobile Vibe checking account (upon identity verification), money is deposited the same business day BankMobile receives funds from your school.
- PAPER CHECK DELIVERED BY USPS – A check is mailed the same business day BankMobile receives funds from your school, provided receipt is within daily cutoff times. Typically, it takes 5-7 business days for the check to arrive, depending on USPS First-Class® delivery timeframes.
If you have not received or have misplaced your refund selection kit, please email us at email@example.com.