Initial financial aid funds are disbursed approximately four weeks after each term begins. Disbursements then occur weekly for any funds that have yet to be disbursed. In addition, first time student loan borrowers are not allowed to receive a loan disbursement until 30 days after their first term begins. The term “disbursement” refers to the earliest date the college may receive financial aid funds and apply them to your account, not the date the student will receive a refund. Students must be reported as attending course(s) in order for a disbursement to occur.
Disbursed financial aid that exceeds your balance owed to the college is considered excess funds. These excess funds create a refund. All refunds are processed through the BankMobile account. All ACTC students are mailed a Refund Selection kit from BankMobile including account activation instructions. Once receiving the kit, you must log into this account at https://www.refundselection.com/refundselection/#/welcome/continue to select a refund preference of 1) Vibe Checking Account, 2) Direct Deposit, or 3) Paper Check.
Instructors are required to report students not attending courses within a specific time-frame each semester. Your financial aid awards(s) may be adjusted if you are reported as not attending. Students who have a question about the No-Show process should contact The Office of Financial Aid.
Students who are first time loan borrowers and students who are on a SAP Appeal with a GPA below a 2.0; your student loan disbursement will be held until midterm. At midterm The Office of Financial Aid will verify your attendance and verify you are meeting Satisfactory Academic Progress. Once this is validated the student loan disbursement will occur. The loan deferral policy will not impede a student from borrowing student loans. The student will be permitted to purchase books, supplies, and attend their courses. The loan deferral policy was approved by The Department of Education as part of ACTC’s default management practices.