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FAQs about Refund Management® PDF Print E-mail

Q. What is a refund?
Q. How are refunds normally distributed?
Q. Why is there a need for change?
Q. What is Higher One’s approach to refunds and how is it different from what you’ve just described?
Q.
 What is a refund? Top
A.
 A refund is any money a college or university owes a student. Common reasons students receive refunds include: Financial Aid overages from student loans, cancelled/dropped classes or tuition overpayment.
Q.
 How were refunds normally distributed prior to Higher One? Back to top
A.
 Most refunds were distributed in the form of paper checks. Students either stood in line outside of a campus office to pick these checks up or they were mailed. Some schools also offered an ACH (direct deposit) option to students.
Q.
 Why is there a need for change? Back to top
A.
 There are numerous reasons for schools to review how they’re currently distributing refunds. Paper check refund distribution is labor-intensive and time-consuming. Students must wait in line to pick up their refunds or wait for them in the mail. After the wait, they then need to have them cashed.

Direct deposit options are great for students who have established banking relationships, but what about the students who are unbanked? These programs are also arduous for the school. Staff must collect and update student banking information, maintain compliance with various banking and Title IV regulations, market the program to students and provide all customer service.
Q.
 What is Higher One’s approach to refunds and how is it different from what you’ve just described? Back to top
A.
 Higher One’s approach is called Refund Management®. With Higher One’s solution, colleges and universities are relieved of the burden of distributing refunds so staff can concentrate on students, without giving up any control.

The process for issuing refunds does not change significantly for the business office. The business office still determines who receives a refund and the amount. With Higher One’s solution, instead of printing refund checks, the business office simply sends Higher One the file and we will distribute the refunds based on each student’s refund preference.

Higher One will:

  • Protect sensitive student banking information.
  • Maintain compliance with the various banking and other regulations associated with the process.
  • Supply marketing materials to educate students.
  • Field any refund-related customer service inquiries from students and staff.
  • Handle returned checks or bounced ACH payments.
 

Testimonials

EKU now realizes the importance of the card and our office and what an asset we can be. This has helped in gaining the understanding and importance of a good card system. Our roles have been improved and we are always looking to provide better services to our students. This was just the icing on the cake in helping further the card’s role with students.Karen PettitEastern Kentucky University
Higher One affords an institution a complete, compliant, cost effective tool to manage the Financial Aid refund process. No more lines to pick up paper checks, no more lost checks in the mail and lessened demand for book loans at the beginning of the semester. Higher One offers the best of customer service tools—the customer selects how funds are to be delivered.Rob Sheridan University of Houston-Downtown

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