While Higher One is now serving 109 universities and colleges, which university pushed the financial services provider to the century mark? That distinction rests with 12,000 student strong Davenport University, Grand Rapids, Mich., the company reports.
“Knowing that we are Higher One’s 100th customer, which is a milestone for you, is very exciting,” Michael Volk, Davenport’s executive vice president for finance and CFO, told Higher One. “We look forward to a very successful partnership.”
The agreement between Higher One and Davenport University allows the school to distribute refunds to the Institution’s 12,000 students.
“Eliminating the costs associated with printing checks means savings to the University, while the availability of electronic refunds to students represents an improved level of customer service,” added Volk.
According to Higher One, a growing number of colleges and universities are looking for ways to keep operating costs down in this period of decreased funding from both state and federal governments. One solution is to eliminate paper check financial aid refunds that had either been handed to students at the Business Office on campus or mailed to the student’s address.
“Because disbursement of refunds through mailed paper checks is a slow and inconvenient process for our students, we researched the alternatives,” Volk said. “Higher One emerged as the best solution.”
Under Higher One’s Refund Management system, students are given multiple methods of receiving their financial aid refunds from the institution; including the option to have these funds deposited directly into a no minimum balance, no monthly fee, FDIC-Insured checking account provided by Higher One.
The Institution sends Higher One a flat file with a list of student names and refund amounts for each student along with a wire for the total amount to be disbursed. Higher One then distributes the money in the manner in which the student selected online.
Davenport University is the only West Michigan-based private university specializing in business, technology and health professions through its main campus in Grand Rapids and other locations in Michigan, Indiana and online.
Founded in 2000, Higher One provides higher education institutions and their students with solutions to handle financial disbursements.