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September 2009

Financial Aid Refund Management Plan

The college has selected Higher One as the firm it will contract with for financial aid disbursements to students beginning Spring semester. Higher One is a financial services and payment company focused exclusively on higher education. LCC issued a Request for Proposal in June 2009 and the RFP was awarded to Higher One in July 2009. The only financial obligation to the college is a 40¢ transaction fee (ACH, check or OneAccount debit card). LCC is the thirty-third institution in Michigan to partner with Higher One.
 
Higher One's OneDisburse® Refund Management® streamlines the disbursement process in which all disbursements and reconciliations are managed electronically and customer service needs are handled directly by Higher One. This will replace our process of printing and mailing checks, as well as reducing student traffic at the Student Finance windows.
 
Through OneDisburse®, LCC students will receive a OneAccount card in the mail which will enable them to log into a secure website and select the method in which they would like to receive refunds from the college. Students will have three choices: (1) Easy Refund option of activating the OneAccount debit card, (2) direct deposit to the OneAccount, an optional, no minimum balance, no monthly fee, FDIC-Insured checking account provided by Higher One, or (3) electronic transfer to a bank account of his or her choice. If the student does not select a refund option, Higher One will call and email the student every few days to notify them of their available refund. If the student does not act, Higher One will mail out a check by the 21st day.


This program will allow the College to serve our students more effectively and efficiently, getting the refund in the students’ hands more quickly. A communication plan is in place for students and employees.

 



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