Higher One - Introduces New Version of OneDisburse

Reacting to Success of Higher One Programs at Other Georgia Universities, Group of Smaller Georgia Schools Approach Higher One; Higher One Creates Test Program Called OneDisburse^® Consortium Edition

ATLANTA, GA, February 24, 2005 - Higher One, a leading provider of customized financial services dedicated exclusively to the higher education market, today announced it is working with several smaller schools from the University System of Georgia to test a new version of the Company's proprietary refund disbursement management product, OneDisburse^® Consortium Edition. Reacting to the success of the Higher One programs at several Georgia Universities including Kennesaw State University, The University of West Georgia, Columbus State University, and Georgia Perimeter College, a group of schools including Macon State University, Dalton College and Gordon College are the first institutions to sign up for the new service.

The announcement was made on the campus of Kennesaw State University, which recently won a Best Practices Award along with The University of West Georgia (UWG) for its setup of a new refund disbursement program provided by Higher One. The new OneDisburse^® Consortium Edition is designed specifically to meet the needs of institutions with 5000 or fewer undergraduates. It will enable them to receive all the benefits of the OneDisburse^® service and centers on a new, non-ID card called the Easy Refund^SM Card.

"Higher One was established with a commitment to be dedicated solely to meeting the needs of Higher Education. By listening closely to our clients and the higher education community in general, we realized that there was significant need for and interest in our financial aid refund disbursement services at smaller Colleges and Universities," said Dean Hatton, President and CEO, Higher One. "As a result, we've created a centralized program we are calling OneDisburse^® Consortium Edition that allows any number of schools to plug into and get all the benefits of Higher One's Refund Management disbursement service."

OneDisburse^® Consortium Edition is a refund card program that makes it cost effective for Higher One to provide it to groups of smaller institutions that wish to streamline their refund disbursement management process. The centerpiece of the program is the new generic, non-ID "Easy Refund^SM Card," which allows institutions to provide their students with a powerful suite of financial services including OneAccount checking accounts and a web site for online transactions, account management and customer help. OneDisburse^® Consortium Edition offers institutions everything they need to launch a complete financial aid refund disbursement program including all marketing materials and Higher One services including the management of student refund preferences; collection and archiving of ACH authorization forms; exception handling; refund returns; rerouting of checks; errors and refund reversals; reconciliation and archiving; customer service; regulatory compliance; and online reporting of refund statuses.

"The new OneDisburse^® Consortium Edition offers smaller Georgia institutions the opportunity to take advantage of all the major benefits of Higher One's OneDisburse^® and OneFinance^SM products," said Levy Youmans, VP Fiscal Affairs at Macon State. "Macon State could have signed up for Higher One's traditional OneDisburse^® program individually, but by signing on to work with Higher One to create the new Easy Refund^SM Card, we were able to open the door for other smaller institutions in the University System of Georgia to join us and benefit from these great services."

"We are going to work closely with this group of Georgia schools to implement our new program, and if approached by other groups of schools, we'll consider expanding the offering around the country," added Hatton. "We are confident that within a year we'll be servicing two to three new institutions in Georgia in addition to Macon State, Dalton College and Gordon College."

Higher One's OneDisburse^® is the only comprehensive Refund Management available to colleges and universities. Unlike EFT programs or stored value refund card programs, OneDisburse^® is a patent pending service that offer students three choices to receive their refunds while eliminating many of the costs associated with refund delivery for the university. Refund choices include Easy Refund^SM (an instantly available refund to their OneAccount), ACH to any 3rd party bank, or a paper check. Regardless of the student preference, Higher One handles the delivery of the refund.

Higher One's OneDisburse^® Refund Management disbursement service enables institutions to create significant cost avoidance and increases service in the financial disbursements process compared to disbursing via paper check or ACH direct deposit. OneFinance^SM is a suite of financial services including the OneAccount free checking account, the OneCard, and the OneRewards program that earns points for purchases at participating local merchants. Higher One currently serves 21 public and private university clients and has helped them disburse over half a billion dollars through more than 340,000 individual payments since September 2002.

About Higher One

Founded in 2000, Higher One provides higher education institutions and their students with efficient, convenient and easy-to-use solutions to handle financial disbursements. These include: student refunds, on-campus and community purchases, payroll and employee expenses, as well as the collection of payments from students, parents, and sponsors.

Higher One offers a suite of online banking services including the OneAccount, an FDIC-insured checking account, and OneCard, a Debit MasterCard^®. To date, Higher One has disbursed over $4 billion dollars in refunds for its clients to more than 1,000,000 students, faculty, and staff at distinguished public and private higher education institutions throughout the country.

Higher One recently ranked # 85 on the 2007 Inc. List of the 500 Fastest Growing Companies in the United States. Higher One is based in New Haven, CT.