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?
Once the student’s classes begin, attendance will be confirmed, and then awarded funds are requested from the state, U.S. Department of Education, and/or other funding sources. Once funds are received, student charges are paid off, and then remaining funds are sent out as a student refund. During a Fall or Spring semester, the typical timeframe that this occurs is during the 5th week of class. During a Summer semester, this generally occurs during the 3rd week of class.
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).