Card system vendors look to extend offerings to include refund and aid disbursement services
Disbursing financial aid is time consuming, labor intensive and costly for colleges and universities. The traditional check cutting process creates significant lag between aid receipt and ultimate delivery, which leads to customer service issues and student frustration.
Tapping into these funds can be huge for schools, banks, financial aid delivery providers and campus card programs. In 2010 the U.S. Department of Education is expected to deliver $116 billion to colleges and universities. Some 27% of student receive some type of financial aid, on average about $6,600 per student per year.
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