Disbursements and Refunds
The U.S Department of Education requires institutions of Higher Education to institute Cash Management requirements for Title IV programs. These requirements affect the crediting and disbursement of financial aid funds. Highlights of these regulations are as follows:
The College cannot disburse financial aid funds to a student's account until the student is enrolled in classes for the semester for which the funds are intended.
The earliest the College may begin crediting a student's account with financial aid funds is 10 days before the first day of the payment period.
The College can only credit student accounts for allowable charges; i.e., tuition, fees, room and board if on campus. Any discretionary charges on an account may only be credited by financial aid funds if the student authorizes it through a signed statement. This authorization may be rescinded at any time by contacting the Financial Aid Office.
The College must provide a way for a Federal Pell Grant eligible student to obtain or purchase, by the seventh day of a payment period, the books and supplies required for the payment period if: 10 days before the beginning of the payment period the institution could disburse funds for which the student is eligible, the student would end up with a credit balance and the amount the college determines is needed for books and supplies is less than the credit balance.
After all allowable and authorized expenses are paid and a refund is owed the student by EAC, it will be paid within 14 days. After tuition, EAC approved fees and other student/parent authorized charges are paid, and a balance remains, the balance will be transferred to the student's BankMobile account unless the student has arranged with the FISCAL Control Office for a payment by check.
BankMobile Refund Process
Every newly registered Eastern Arizona College student will receive a letter from BankMobile through US Postal Services. This letter will provide an access code for EAC students to enroll in BankMobile and choose a method for the delivery of their refunds. Upon receiving this letter and access code, visit RefundSelection.com to choose your refund preference. If you do not receive this letter in the mail, please contact the Fiscal Control Office at (928) 428-8221.
Choices for Receiving Refund
Through BankMobile, Eastern Arizona College offers two innovative choices for refund delivery. When activating your BankMobile account you may choose from one of the following methods to receive your refund.
Deposit to an Existing Account — Money is transferred to an existing account 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.
BankMobile Refund Notification Process
Students will receive an email at the address registered with BankMobile once a refund method has been selected confirming the selection method. If the BankMobile Vibe Account method is selected the account can be viewed at: RefundSelection.com — Mobile Alerts — account notifications will be sent right to a mobile phone if requested.
Failure to Select a Refund Preference
Without a refund preference, Eastern Arizona College will be unable to disburse refunds. Regardless of whether or not a refund is anticipated, it is important to select a refund preference as soon as the letter with secure code is received. If you would prefer a paper check issued by EAC, please notify the Fiscal Office.
To view our institution's contract with BankMobile, a Division of Customer Bank, click here.
For more information visit RefundSelection.com or call the EAC Fiscal Control Office at (928) 428-8221.