Higher One has partnered with Tallahassee Community College to help electronically distribute financial aid and other refund disbursements to students.
With the new system, TCC students will be able to log onto a secure Web site and choose from multiple electronic options, including direct deposit to a OneAccount provided by Higher One, or an automated handling transfer to a bank account of their choice.
Traditionally, TCC students had two different refund options: a paper check or an electronic funds transfer program, both of which require a great deal of time and manpower on behalf of the college.
Now, when it comes time for disbursements to be made, a file is sent from TCC to Higher One that includes student names and the total amount of each refund, accompanied by a wire for the amount of the total disbursement. Higher One then disburses the refunds to each student based on how he or she chose to receive it.
Campus officials no longer face addressing, stuffing and mailing paper checks, or verifying electronic transfers and reconciling checks in their bank statements.