University Business - June 2009 - (Page S3)

In just three months, a revolution in distributing financial aid refunds Using Higher One’s OneDisburse® Refund Management® system, Wilmington University responds to student pleas for electronic refunds W ilmington University’s open admissions policy, flexible “We were shocked, because we didn’t think it would be that scheduling and 11 locations in Delaware and New high, but our relationship manager at Higher One told us that Jersey are fundamental to its mission of offering careerwas typical,” Hite stated. oriented undergraduate and graduate degree programs for a diStudents who select the OneAccount option can use their Debit verse range of traditional and nontraditional students. MasterCard® for retail purchases and to withdraw cash at no cost Another essential element in the university’s mission is the abil- at an on-campus ATM maintained by Higher One. ity to respond rapidly to the evolving needs of its 11,700 students. Students with a OneAccount especially like the fact that they So when students pleaded for direct deposit of their tuition refunds, can receive text messages to alert them as soon as their funds Wilmington University administrators listened. Using Higher One’s are available. “That’s powerful,” Hite said. With the old system, OneDisburse Refund Management system, Wilmington University students never knew exactly when a check would arrive in their students received their first electronic refunds in January. mailbox and they worried that checks could be lost or stolen. “A lot of students questioned why we couldn’t electronically Wilmington University officials recognized that by respondtransmit funds into their checking accounts,” said Trudy Hite, direcing to the requests of students for speedy electronic refunds, they tor of student financial services. “Our university administration is would also save costs on printing and postage for the labor-invery proactive in listening to student concerns and reacting to them. tensive process of mailing checks. Before choosing Higher One, We are used to changing on a dime.” however, university administrators checked out the company’s University administrators were astounded at how fast and service record with other schools. The good reviews have been easy it was to transition from its system of mailing 10,000 paper borne out. “They service over two million students, so we knew it checks a year to a more efficient syswas a reputable company,” Hite said. “It went tem of electronic refunds. It took just even better than I expected.” Wilmington University three months from their very first meetings with Higher One • 5,505 undergraduate students to issue the first batch of refunds • 4,304 refunds distributed in 2009 to student bank accounts. • 81% distributed electronically “One of the things that set Higher One apart was that they could deliver this so quickly. We went live in January, and our CFO likes that kind of action,” Hite said. “It was easy because Higher One has done it so many times. If we had done it in-house, it would have taken longer.” Wilmington University administrators were impressed with the company’s easy-to-follow implementation process. “They keep you on track,” she explained. “When you follow Higher One’s schedule, it’s like you just hop on the train and go.” Almost three-quarters of the students who receive tuition refunds opted to open a OneAccount, Higher One’s no minimum balance, no monthly fee, FDIC-insured online checking account. Most of the other students have their refunds direct deposited to other banks. “When you follow their schedule, it’s like you just hop on Higher One sends checks to the the train and go.” few students who didn’t want to switch to the new system. Volume 3-E Streamlined | 3

Table of Contents for the Digital Edition of University Business - June 2009

University Business - June 2009
Editor's Note
College Index
Company Index
Advisory Board
Behind the News
Viewpoint
Financial Aid
Keeping It Green
Joining Forces
From A to V
Independent Outlook
Internet Tech
End Note

University Business - June 2009