Financial Aid eDisbursement
Financial Aid (grants, federal student loans, and scholarships) will be first be used to reduce current institutional debt you owe, College of San Mateo, Cañada College or Skyline College such as enrollment fees, health fees and nonresident tuition. If your financial aid is more than the amount owed, you will be paid the remaining balance. To receive the balance, sign up on-line for a disbursement method with Sallie Mae Business Solutions. Your disbursement choices are: (1) direct deposit, or (2) Sallie Mae debit Mastercard. If you do not sign up for one of these two disbursement options, the default will be that you are issued a paper check. Please note, due to processing and mailing time, receipt of your paper checks may be delayed up to two weeks. Read the following information about the two options before you sign up at the eDisbursement Link below.
Direct Deposit
If you select direct deposit, your financial aid will automatically be deposited into your bank account. We encourage students to sign up for Direct Deposit which is the fastest way to receive funds. Important – if you close your bank account, you must go to the eDisbursement Link and provide updated information.
Sallie Mae Debit MasterCard®
If you sign up for the Sallie Mae Debit MasterCard® you can:
- Transfer your balance into a bank account of your choice from the Sallie Mae website
- Invite a parent and/or third-party to re-load this debit card online with their credit card
- Make purchases anywhere that MasterCard is accepted
- Withdraw money at no charge at any Allpoint ATM machine
The debit card will be mailed to the address you reported to Admissions & Records, so keep your mailing address current by updating your information on WebSMART. Important – it’s a good idea to clear the funds off your debit card in about 60 days. You can do that by transferring the funds into a bank account, withdrawing the money at an ATM, or using the debit card to make purchases. Any time you are due another financial aid disbursement, your new financial aid funds will be loaded onto your debit card, so remember to KEEP THE DEBIT CARD AND KEEP IT SAFE.
As with any debit card, you must be aware of some of the hidden fees, so be sure to read Terms and Conditions. For more information about the Sallie Mae Debit MasterCard®, go to Sallie Mae FAQs.
Paper Check
If you do not sign up for direct deposit or a debit card, you will receive paper checks in the mail. Paper checks will take an additional 7 to 10 days after your financial aid payment has been disbursed. All checks are mailed to the student by Sallie Mae Business Solutions and will be sent to the address you reported to Admissions & Records/WebSMART. Be sure to keep your mailing address current by updating your information on WebSMART. Important - please cash your check immediately. If you don’t cash it, the check will be cancelled in 120 days after the date on the check.
How Do I Sign Up?
Click the eDisbursement Linkand follow the steps to choose direct deposit or Sallie Mae debit MasterCard®.Once you have made a selection and have an account, you can:
- View the status of your financial aid disbursement (debit card, direct deposit, or paper check)
- View and manage your debit card balance
