NEW HAVEN, Conn., April 5, 2011 /PRNewswire/ -- Higher One, a technology and payment company focused on higher education, announced plans today to significantly enhance the Company's OneDisburse® Refund Management® funds disbursement service, further distinguishing it from other refund disbursement services. Colleges and universities now have access to the enhanced version of the proven refund distribution service used by more than 330 campuses across the country. A partial list of enhancements includes:
- OneImport(SM) data transfer – enables a campus to seamlessly transition from internally managed direct deposit refund program to OneDisburse Refund Management
- OneReview(SM) compliance service – an extension of Higher One's Title IV compliance assurance
- OneDisburse PLUS(SM) refund disbursement – eliminates need for campus business office to print checks for parent PLUS Loans
- ERP integration options allow campus to more easily implement
"When we founded Higher One as undergraduates, we relied on the ideas and feedback of campus business officers to build an attractive refund disbursement service," explained Miles Lasater, Higher One founder and chief operations officer. "Eleven years later, our focus on obtaining and incorporating feedback from administrators, students, and parents has enabled us to build a refund disbursement service that enhances the effectiveness and service provided by our industry leading OneDisburse Refund Management solution. We view this as OneDisburse 2.0."
The enhanced OneDisburse Refund Management funds disbursement solution includes a number of new features, offered exclusively to Higher One clients.
As an increasing number of campuses turn to electronic refund delivery, they achieve some cost savings, but often shoulder the burden of supporting two distribution methods (electronic deposit and paper check), fielding all customer service inquiries, ensuring Title IV compliance, handling exceptions, and reconciling payments.
Dissatisfied with the strain electronic refund distribution puts on the campus business office, but reluctant to put students through more change, administrators had few options. Now, campuses can benefit from OneImport(SM) data transfer, a new feature of the OneDisburse funds disbursement service that enables the campus to honor past refund preferences, allowing for a more seamless transition to a new, more efficient refund disbursement solution.
Higher One's Refund Management service has always handled compliance with the Department of Education's regulations pertaining to the distribution of Title IV funds. OneReview(SM) compliance service is a new feature of OneDisburse that provides a campus with even more support for compliance through a dedicated Higher One resource prepared to provide any assistance necessary regarding disbursement of Title IV funds through Higher One's OneDisburse during an ED Review.
To help campuses achieve greater efficiency and cost savings, the OneDisburse service includes the OneDisburse PLUS(SM) refund disbursement service; a Parent PLUS Loan distribution service.
"Our clients told us they wanted a service to distribute Parent PLUS Loans, but that there were few options to help them eliminate printing of paper checks for PLUS Loans," said Casey McGuane, chief services officer at Higher One. "Higher One has always been focused on greater service and cost savings, and by handling the distribution of all refunds on campus, including PLUS Loans, we can help our clients maximize both."
Higher One's OneDisburse Refund Management funds disbursement solution also more effectively promotes choice amongst students during the activation process. Students have the ability to electronically deposit their refunds into any bank account in the United States, electronically deposit their refunds into an optional no monthly fee, no minimum balance, FDIC insured checking account provided by Higher One, or receive a paper check in the mail. Students always receive their refunds for free and can change their refund preference anytime, as many times as they would like for no charge. Administrators, concerned about their students' debt burden, feel secure knowing that student refunds are not a step towards additional loan or credit card offers.
For more information regarding the new features of OneDisburse Refund Management funds disbursement solution, please visit www.higherone.com.
About Higher One:
Founded in 2000, Higher One, Inc., a subsidiary of Higher One Holdings, Inc. (NYSE: ONE), is a leading company focused on helping college business offices manage operations and provide enhanced service to students. Through a full array of services from refunds, payments, electronic billing, payment plans and more, Higher One works closely with colleges and universities to ensure students receive Financial Aid refunds quickly, can pay tuition and bills online, make on-campus and community purchases, and learn the basics of financial management.
Higher One provides its services to distinguished public and private higher education institutions throughout the country to approximately 5.3 million students. More information about Higher One can be found at HigherOne.com
SOURCE Higher One Holdings, Inc.