The University Health Sciences Center at Texas Tech University in Lubbock will be utilizing the electronic financial aid refund services of Connecticut-based Higher One to distribute money to students. The move comes after a student survey showed that students wanted electronic refunding options to give them quicker access to their money.
The health center currently distributes refunds to students by mailing them paper checks, a labor intensive and expensive process.
The University evaluated competing services, settling on Higher One due to the positive marks it has received from the 30 Texas institutions it already serves.
With Higher One’s OneDisburse Refund Management service, health center students will be sent a card in the mail with instructions on how to log on to a secure website. Here they will be asked to update their addresses (email and home), and select how they would like to receive their refunds from the University. Students will be given multiple electronic options including: direct deposit to the OneAccount, a no minimum balance, no monthly fee, FDIC-Insured checking account provided by Higher One and an ACH transfer to another bank account. Students can also choose to be notified via a text message to their mobile phone when they have received a refund.
OneAccount holders can also check their account balances from the phone anytime and help keep track of budgeting with the help of Quicken Online.
The University will begin issuing Higher One-managed refunds later this fall.