Despite a weakened economy Higher One, a financial services provider focused on higher education, has seen record growth in 2009. The New Haven, Conn. company, which specializes in issuing financial aid refunds electronically saving institutions the cost of issuing a paper check, has added a record 88 colleges and universities in just the first four months of this year.

Since signing its first client in 2002, Higher One now represents more than 300 higher education institutions, distributing refunds to more than two million students. The company was recently ranked No. 79 on the 2009 Fast 500 list of the 500 Fastest Growing Technology Companies in the United States.

“Higher One’s value proposition is extremely appealing to institutions of higher education right now, given the funding hardships many colleges and universities currently face,” said President and CEO Dean Hatton. In seven years, the company has eliminated four million paper checks while distributing more than $7.6 billion to students.