Financial services company Sallie Mae has launched a new prepaid debit MasterCard to its choices that help schools disburse financial aid refunds. The new debit card features student protections and same-day refunds.

Called the My Flex Card, it is provided through a partnership with Green Dot Corp. and is available to all eligible students, including those who do not have access to a traditional bank account.

Student protections include no insufficient funds or penalty fees. Students have access to account information anytime anywhere with mobile banking. Access to funds is available at no cost at more than 22,000 surcharge-free ATMs nationwide. In addition, students have the ability to reload the card online or at more than 60,000 Green Dot retailer locations nationwide.

In addition to the My Flex Card option, Sallie Mae also offers schools and students the choice of receiving refunds via electronic deposit to an account specified by the student, a no-fee checking account option or by check. The company’s tuition refund process enables higher education institutions to disburse refunds to students the same day and students to gain near-immediate access to refunds.