Higher One, a New Haven, Conn. financial services and payment company focused on higher education, has partnered with Finger Lakes Community College, Canandaigua, N.Y., to distribute financial aid disbursements to students beginning in September. Prior to this new agreement, the college relied on paper checks that were mailed to each qualifying student.
“After comparing our process of cutting and mailing checks with Higher One’s process of electronic methods, it was determined it was to our benefit to let Higher One distribute refunds to our students,” said Joe Delforte, Finger Lakes controller.
Students will be mailed a co-branded card along with instructions on how to log onto Higher One’s Web site to access their account and verify their email and primary mailing addresses. From this point, the student then has the option to select how he prefers his refund disbursement to be made. These options include two electronic options: direct deposit to the OneAccount, a no minimum balance, no monthly fee, FDIC-Insured checking account provided by Higher One, and an ACH transfer to a bank account of the student’s choice.
In addition, FLCC is also providing students with the option of receiving their refunds via paper check.
The college is one of 11 schools in New York that has partnered with Higher One for refund distributions.