Higher One announced two new partners – Anderson University, located in Anderson, Ind. and Holmes Community College of Goodman, Miss. – to electronically distribute Financial Aid and other refund disbursements to their respective students.
Under the new system students will be sent a card in the mail with instructions on how to log onto a secure website and select how they wish to receive their refunds: either a provided OneAccount or an automated transfer to a bank account of the student’s choosing.
Previously, the two institutions disbursed funds to students via paper check. Students were required to wait in long lines at the cashier’s office, and they didn’t pick up their check it was mailed to their current address on file. This required administration to the print, stuff, mail and track checks to student’s address one file. This also meant additional time spent researching bad addresses.
When it comes time for disbursements to be made, a file is sent from each of the school’s to Higher One which includes student names and the total amount of each refund. An accompanying wire is also routed for the amount of the total disbursement. Higher One then distributes the refunds to each student based on which refund option they selected.