While contracts between the Minnesota State Colleges and Universities and financial services provider Higher One are being questioned, local campus leaders and some students say that the company offers a pretty good deal compared with other big-bank options or for those who might not qualify.
Plus, working with the company can save campuses money.
“People are looking for a bad guy,” said Bonnie Meyers, director of finance at Century College. “We’re just trying to improve processes and get students their funds quickly.”
Since the Minnesota colleges system signed a contract with Higher One, 17 of its schools have outsourced their financial aid disbursement to the Connecticut-based company.
A recent report by the U.S. Public Interest Research Group criticized college partnerships with Higher One and banks, arguing that they push students into using debit cards with fees.
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