BACK TO SCHOOL COSTS TOP MOST STUDENTS' LIST OF CONCERNS AS THEY RETURN TO COLLEGE

New Haven, – CT August 20, 2007 - The results of a recent survey conducted by Higher One, show that an overwhelming majority of college students are thinking about their back to school costs as they arrive on campus for the start of the 2007-2008 school year.

The online survey, taken by almost 1,300 students at colleges and universities throughout the country showed that "Paying for College" was the second most important thing on students' minds at the beginning of the school year. 29% of students who took the survey said they were most concerned with paying for school. Performance in the classroom, with 52.8% of those surveyed, was the only thing that captured more attention than the tuition bill.

When asked how they were planning to pay the rising costs of tuition, 56.4% of students said that they were relying on FAFSA loans to pay for the bulk of their tuition.

Students accumulate money over the course of the school year through various means. 63.5% of the students polled noted that they received financial aid refunds from their school. 41.9% have acquired a part-time job when attending school while 38.6% preferred to rely on a personal loan to pay for expenses.

"As students continue to face higher tuition costs, they become more dependent on their financial aid refunds to pay for their back to school costs," said Sean Glass, Founder and CMO of Higher One, Inc. "The results of this survey convey how important it is to distribute refunds quickly to students."

An overwhelming 80% of those who took the survey said that they were expecting to pay for other items with the refund from their loan or scholarship. These back to school costs included textbooks (80.2%), school supplies (76.5%), and rent and utilities (61%).

"It's important to me to receive my refund because I utilize the money that's left over to pay for books (if I've used money out of my budget to purchase my books and need it to replace to pay my household bills) I also utilize it to pay for supplies such as paper or ink for my printers or even purchase a new computer," said Tammla Price, a student at Troy University.

80.8% of those who took the survey said that they would not be able to cover back to school costs on their own should their financial aid refund be delayed. It is more than just the traditional college student who relies on the financial aid refund. Students who attend school while juggling a family and a job are even more reliant on these payments.

"Going to college proved to be more difficult than I ever anticipated, especially now that I have a 6 year old son to care for. It's hard for me to keep up with my expenses and the expense of College," explained Eveliz Rivera, a student at Mount Wachusett Community College in Gardner, MA. "I only work part-time so what I make is just enough to pay rent, my car insurance, utilities and feed my son. There are nights when I lay awake thinking of ways to make extra money so that I can afford a used text book for my next class. It's always a relief when I finally get that refund, usually that's the night I can count on getting a good nights rest."

The desire of the students to receive their refunds quickly is not lost on the institutions of higher learning. The Department of Education is continuously working to revise their regulations to ensure the speedy delivery of these payments. Colleges and Universities understand how important these payments are to their students.

"UT Tyler has always tried to get students their excess financial aid as soon as possible knowing that many of the students use the money to buy books and pay rent," said Sherry Powell, Director of Student Business Services at The University of Texas at Tyler. "Higher One has helped us to increase our electronic deposits from 37% to 84% in the first semester of our implementation which in turn has delivered the funds to the students faster.

For more information about this survey, please contact Higher One.