Heartland Payment Systems has eliminated three separate fees from its Acceluraid electronic financial aid disbursement solution–a $30 dispute fee, a $1 bill pay fee, and a 50 cent card-to-card transfer fee. The move was made to help reduce increasing student college expenses.
“Since our business model is not based on student fee income, we wanted to further decrease the potential financial burden on students by eliminating these specific fees,” said Bob Carr, Heartland’s chairman and CEO.
“We know that our customers, higher education institution administrators, are feeling pressure about student expenses, so Heartland is helping them and the student by eliminating these fees so both parties have fewer potential expenses to worry about,” said Ron Farmer, Heartland’s executive director of campus solutions.
Whether chosen as a standalone or integrated solution, Acceluraid helps a campus’s refund process by eliminating paper checks while reducing the costs associated with financial aid disbursement.
Students receive a school-branded Discover prepaid debit card issued by Oklahoma-based Central National Bank. Upon activation, students’ financial aid funds are automatically deposited to the card which can be used anywhere Discover is accepted and for free withdrawals from Heartland ATMs placed on campuses.