SUNY OSWEGO SIGNS ON TO USE HIGHER ONE'S ONEDISBURSE® REFUND MANAGEMENTSM TO IMPROVE STUDENT SERVICES

SUNY Oswego Becomes the First University within the State University System of New York to Work with Higher One

New Haven, CT – June 28 2007 - Higher One, a technology-driven financial services company serving higher education, announced today that the State University of New York at Oswego has signed an agreement to utilize Higher One's OneDisburse^® Refund Management^SM improving the disbursement of refunds to their students. The contract was approved through New York State Attorney General Andrew Cuomo's office. SUNY Oswego will begin using Higher One's services effective in August.

"In doing our research, we found Higher One's OneDisburse Refund Management to be the most reliable, convenient and student-focused service available for the management of refund disbursements to our student body," said Nicholas Lyons, Vice President for Administration at SUNY Oswego. "Using this program, we can efficiently manage this important business process and simultaneously provide improved services and convenience to our students."

"We are extremely pleased to have reached an agreement with SUNY Oswego to implement Higher One's OneDisburse program at the University, making it our third client in New York," said Dean Hatton, President & CEO, Higher One. "As colleges and universities nationwide look to decrease administrative costs and improve student services, the OneDisburse solution will help manage the reimbursement process more efficiently while providing students with more choices."

Higher One's OneDisburse Refund Management streamlines the entire disbursement process in which all disbursements and reconciliation are managed electronically and customer service needs are handled directly by Higher One. As a result, SUNY Oswego will benefit from the elimination of time-consuming functions, paper checks and exceptions while realizing significant cost savings throughout the organization. As part of the service, students will also be able to choose how they receive their refunds including the option to open a Higher One OneAccount^SM, a free FDIC insured checking account linked to a OneCard Debit MasterCard^®.

With this signing, 78 colleges and universities in the U.S. have now signed on to use Higher One's services. Since September 2002, Higher One has managed the disbursement of $2.2 billion for its client institutions totaling more than 1.6 million transactions. In that time period over one million students, faculty, and staff at these institutions have used Higher One's services through their ID or refund card.

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.

About SUNY Oswego

Located on a scenic, 690-acre lakeside campus in Oswego, NY, SUNY Oswego's 8,300 students can choose from over 100 programs of study. SUNY Oswego's learner-centered approach focuses on superior education and stresses the formation of quality relationships between students and faculty.