Campus Cards, College and University Identification and Security

Campus card issuers getting in on financial aid game

Thursday, June 17, 2010

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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A study has revealed a clear need for greater and more differentiated financial literacy education in the K-12 environment.

The “Money Matters On Campus” report, now in its second-year, polled some 65,000 first-year college students across the country. In addition to the need for an early financial understanding, survey results indicate that colleges and universities should provide financial education at the onset of a student’s college experience to better ensure that students will make sound financial decisions later on. The study was conducted by Higher One and education technology specialist EverFi.

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NACCU 2014 gave conference attendees the opportunity to learn more about the proposed Department of Education regulations for campus banking partnerships. Presenters highlighted the clauses that could most acutely affect campus card systems. More than 200 campuses took advantage of the opportunity to learn about the pending rule changes.

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Following the Department of Education’s first draft of proposed regulations on financial aid delivery and campus-issued cards, it is clear that there could be major repercussions should all the demands stand.

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Mt. Whitney High School in Visalia, Calif. is using student IDs and smartphones as a means for students to earn certain privileges.

The program is called Student Scan Identification Card Authorization, or SSSICA. As ABC’s local Visalia affiliate reports, campus administrators greet students by scanning a bar code on the students’ IDs to determine whether they have permission to leave campus for lunch or attend school events such as a football game.

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The Department of Education released an initial draft of proposed changes to the Cash Management portion of the regulation governing title IV financial aid funds. The document includes a series of provisions that would dramatically impact the ways campuses could distribute funds to recipients, so much so, that in essence it would effectively outlaw some common card-based solutions.

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Regulatory action is being proposed in the campus-banking sector, with the U.S. Department of Education releasing its first draft of regulations on campus debit cards that will effectively prohibit certain fees, constrain marketing practices and institute transparency regarding the college-card provider relationship.

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