Financial services provider Higher One, New Haven, Conn., has added another school to its portfolio of higher education institutions utilizing the company’s financial aid refund distribution service. Two-year Rose State College, Midwest City, Okla. will begin distributing refunds to students electronically beginning in March 2009.
The move means fewer checks the college will have to issue, reduces the time it takes students to receive their refunds, eliminates the need to mail refunds and cuts down on long lines.
With this new service students will be sent a co-branded card in the mail. Students can then log in to a secure Web site to confirm their primary email and mailing address. Next, students select how to receive their financial aid refunds from the three available options: direct deposit to the OneAccount, a no minimum balance, no monthly fee, FDIC-Insured checking account provided by Higher One; an ACH transfer to another bank account of the student’s choice; or a paper check mailed to the address the student confirmed earlier in the process.
Higher One will train Rose State staff on how to use the new service, markets the program to students, collects and maintains banking information and refund preferences, distributes refunds, handles bounced ACH payments and returned checks, fields refund-related customer service inquiries from students and staff and provides Rose staff with access to real-time online reporting.
Since 2002, Higher One has distributed more than $5.76 Billion to over two million students.