New Financial Aid Refund Choices

Students will have the option of accepting their financial aid refunds as a direct deposit into an account, a paper check delivered to their residence, or in the form of a Higher One Banking Card, starting this summer.

About five years ago, Higher One, a financial services company providing refund management services to colleges, including SUNY Plattsburgh and Oswego, came to Hudson Valley to offer their Services to the college comptroller, Debra Story.

“We didn’t think it was wise to affiliate with a bank due to the bailouts which the country had just been distributing,” said Story. The company offered their services for free this year so the college took their offer into consideration.

“We have [signed] a five year contract with Higher One at no charge to us, so all matriculated students, even those who are not expecting a financial aid refund check, will be sent these Higher One Choice Cards,” Story said.

To accommodate the Higher One cards, the college will introduce new ATM’s to the campus next semester.

“ATMs will be put in the McDonough Sports Complex, the Marvin Library, and the Campus Center. Withdrawals using the Higher One card will be free of charge,” said Story.

“Students should make sure their HVCC WIReD main address is correct. Otherwise, the cards may be sent to the wrong residence after they pay their bill or agree to use their financial aid to pay for it through their WIReD account,” said Story.

“Personally, I feel that it would be a lot more convenient for students to get their refund sent directly…or put on their card, rather than having to stand in line at the cashier’s office between nine and five, especially for online, night, and off-campus students,” said Story.

“The college’s financial aid disbursement calendar is being reconfigured to get students their money earlier,” said Story.

Currently, the first portion of financial aid is distributed right after the withdrawal deadline and the second portion is distributed three weeks after midterm grades are due. This second date will be made two weeks sooner.

Higher One will keep students updated about their account if the student takes advantage of the mobile phone update alert feature offered by the company.

“Though their customer service over the phone is great, the only drawback which I can see is that there is no physical branch which a student can visit,” Said Story.

If a student overdrafts on their account by more than five dollars, the student is given 45 days to correct the problem without any fees.

“[Higher One’s policy] is good compared to some banks, but I insist students take time before they decide to rely on Higher One as their sole bank,” Said Story.

“Once a student’s bill is paid, they will be sent the card with a letter and the sooner they take action in selecting their preference, the better, because students can change their preference as often as they please,” said Story.

If a student selects to receive money in a check, the check should be in the student’s mailbox on the same day that Higher One cards are funded.

However, if a student wishes for money to be directly deposited into another account, it may take a few days.

For more information, visit www.hvcc.edu/cashier/higherone.