Why do Financial Aid students need to keep an updated address in myLane?
Lane Community College partners with BankMobile for financial aid recipients to receive their financial aid refunds from Lane. When you have a completed Financial Aid award letter, and you have also registered for classes, BankMobile sends you either a debit card or a login code, which you will use to log into their website securely, and choose your option. This is how BankMobile ensures your identity to receive your money.
Lane needs a valid PERMANENT address in order to do this.
In addition, any time your financial aid pays, and there is a refund available, Lane needs to know you have an active address in order for us to send it to BankMobile.
What does this mean to you?
Students have 2 choices in how refunds are received:
Option #1: Direct Deposit (ACH transfer) to 3rd party bank account (Within 1-3 business days after BankMobile receives payment information from Lane)
Option #2: Debit card for a BankMobile Vibe account (Within 1 business day after BankMobile receives payment information from Lane)Direct Deposit (ACH transfer) to 3rd party bank account (Within 1-3 business days after BankMobile receives payment information from Lane)
How does it work?
You will receive a MasterCard branded debit card or an emailed code. Follow the instructions and go to the BankMobile website and sign in according to the instructions you receive. Once there, you will be prompted to choose one of the methods listed above as your preferred way to receive your financial aid refunds. Your financial aid refund will be disbursed to pay off your college account viewable on myLane. BankMobile will then receive the refund amount and process it according to your selection. You may change your refund preference at any time.