To receive federal student aid, you must meet certain requirements. You must:
- Be a U.S. citizen or eligible non-citizen.
- Have a valid social security number (unless you’re from the Republic of the Marshall Islands, the Federated States of Micronesia or the Republic of Palau).
- If you’re male and 18 to 25 years of age, you must be registered with Selective Service.
- Have a high school diploma, General Education Development (GED) Certificate or pass an exam approved by the U.S. Department of Education.
- Be enrolled or accepted for enrollment as a regular student working toward a degree in an eligible program at a school participating in the federal student aid program.
- Not have a drug conviction for an offense that occurred while you were receiving federal student aid (such as grants, loans or work-study).
- Make satisfactory academic progress toward a degree.
- You must not owe a refund on a federal grant or be in default on a federal student loan.
- You must demonstrate financial need (except for unsubsidized direct loans).
The most common type of money BankMobile disburses to students are funds left over from financial aid awards, loans or grants after tuition has been paid. Students receiving these funds have usually requested this additional support to help with books and living expenses. Other types of money may include reimbursement for tuition overpayment or a dropped class. BankMobile uses the term “refund” but SAU may have another name for these funds, such as a disbursement, residual or a stipend.
Delivery of refund money is a multi-step process. First, SAU draws funds from the respective loan and/or grant provider and applies it to your student account. Once this information is verified, it is sent to BankMobile. Once the specific refund information is received, it is processed and disbursed according to your selection.
Yes. Just log in to refundselection.com and select Refund Preferences from the Refunds menu option. Once on the page, make your new selection and click the Update Preference button to complete the process. Be aware that your new selection will only affect future money you receive from SAU.
BankMobile will send you an email to the address you entered during setup or you can view the status of your refund online at RefundSelection.com.
You can also sign up for mobile alerts. An alert will be sent each time the status of your refund changes. These alerts are sent real-time to provide you with the most up-to-the-minute information regarding your refunds. To sign up, select Mobile Alerts from the User Profile menu option.