The Business Office oversees the distribution of a student’s financial aid refund.
Central Lakes College delivers your refund and provides you with your official School ID card with BankMobile Disbursements, a technology solution, powered by BMTX, Inc. For more information about BankMobile Disbursements, visit this link: http://bankmobiledisbursements.com/refundchoicesid/. For more information, please visit our Information Specialists in person or call at 1.218.855.8000. Click here to view the MyCLCPlus card information.
Here is how it works
When your financial aid is disbursed, the computer system determines your number of registered credits and adjusts accordingly any grant eligibility you may have. Your financial aid (i.e. grants, scholarships or loans) will transfer electronically to your student account. If there is more than enough financial aid to pay your tuition, fees and any other charges owed to the college a refund for the difference will be distributed to you by the Business Office according to the refund preference you selected with BankMobile Disbursements.
The initial disbursement dates for each semester are on the “Important Dates” page at the left.
Students may be required to return a portion of their financial aid (Title IV) due to not completing all their classes in a semester. CLC processes “Return to Title IV” calculations within 30 days of the date it is determined that the student withdrew or stopped attending. CLC returns funds back to the Title IV programs within 45 days of that date.
Here are a couple of examples when financial aid needs to be paid back.
* A student’s financial aid award will be recalculated for any class in which the student never showed attendance. As a result, you may owe tuition and fees after financial aid funds are recalculated. Federal regulations require that a student must show attendance in each class for which financial aid was received.
* A student who receives Federal financial aid (Title IV) and then withdraws from all classes, whether officially or un-officially (just stops attending without telling the CLC Records office) on or before the 60% date of each semester will be required to repay a portion of their financial aid.