Tulsa Community College in Oklahoma has teamed with Higher One to make the switch from paper check refunds to electronically distribute Financial Aid and other refund disbursements to students.
Previously, refunds to Tulsa Community College students have been exclusively disbursed as paper checks. With the new electronic system in place, TCC hopes to decrease the use of paper and become a more environment-friendly campus. The new system should also reduce student’s wait time for refunds, and cut administrative costs of processing refunds all together. No more time spent printing, stuffing, mailing and tracking checks.
The refund program will give students new options to choose from including direct deposit to a provided OneAccount – an optional, no minimum balance, no monthly fee, FDIC Insured checking account, or students may have funds automatically transferred to a bank account of their choosing.
When it comes time for disbursements to be made, a flat file is sent from Tulsa Community College to Higher One which includes student names and the total amount of each refund. An accompanying wire is also routed for the amount of the total disbursement. Higher One then disburses the refunds to each student based on how he or she chose to receive it.