Texas Tech University, Lubbock, has tapped Higher One to distribute financial aid refunds electronically to its students. The new service will begin later this year.
With Higher One’s service, students will be mailed an EasyRefund card along with instructions on how to log in to a secure website. Once on the site they confirm their email and mailing address and select how they would like to receive their refunds. Students will have two choices: direct deposit to the OneAccount, a no minimum balance, no monthly fee, FDIC-Insured checking account provided by Higher One, or an ACH transfer to a bank account of the student’s choice.
“We wanted to reduce overall costs in the refund process; including the printing of physical checks to students, maintaining ACH documentation, stop payments, reconciliation and escheatment processes,” said the university’s Becky Hyde, managing director of Student Business Services. “We wanted to reduce the number of checks.”
If students select an EasyRefund to the OneAccont, they have the ability to be notified via text message when they have received their money. OneAccount holders can also check their account balances from a cell phone and track budgeting with the help of Quicken Online.
Texas Tech is one of 30 Institutions in Texas that distribute refunds through Higher One.