Minnesota colleges defend Higher One contracts
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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