Higher One® Easy Refund℠ FAQ

Higher One® is a technology and payment services company solely focused on higher education. They help schools become more efficient in processing financial aid and other student refunds in order to reduce expense and improve services for students.

They were founded in 2000 on a college campus and remain committed to helping business offices eliminate unnecessary costs while providing all students with the choice for easier access to refunds. Higher One® is headquartered in New Haven, Connecticut and has offices in Oakland, California. They currently serve more than 700 campuses across all 48 states in the continental U.S.

Higher One® helps schools accept any payment, anytime, anyplace, while eliminating waste, delays, and errors in the refund distribution process while giving students a choice in how they receive their refunds.

Higher One®'s proprietary OneDisburse® Refund Management® funds disbursement service handles financial aid disbursements and refunds on behalf of the university administration. For the school, the service cuts down on the time and cost involved in issuing paper checks and allows the Oregon Tech Business Office to focus on other student needs. For the students, this service provides access to faster and more convenient ways to receive a refund - at no cost to the student.

Options begin for the student when they receive a mailing requesting that they choose a refund preference. Preferences include ACH transfer (direct deposit), issued via paper check, or transferred into a OneAccount.

Higher One® believes that students can be financially responsible and, when given the necessary tools, can successfully live within their means. To that end, Higher One® neither offers students a credit card nor are they a student loan company. They are solely focused on higher education.

Higher One® has partnered with more than 700 campuses across the entire country over the last decade. By and large, students adopt the services with no issues. In fact, Higher One® has an A+ rating with the Better Business Bureau. Both Portland State University and Southern Oregon University have been disbursing refunds using Higher One® and Easy Refund℠ since 2005. In some instances, there can be growing pains when a new process is implemented - most of these are "change-related" and a small group can become vocal. Higher One® and Oregon Tech are committed to ensuring the refund process can be as smooth and efficient as possible for students.

No. According to the Department of Education's 2008 regulations regarding the disbursement of Title IV funds, refunds must be disbursed to students free of charge. When schools partner with Higher One®, students are given more cost-free choices than before. Choices may include electing to receive a traditional paper check, ACH transfer (direct deposit) to an existing bank account, or transfer to a OneAccount. The choice is up to the student. The OneAccount assesses no monthly fee, has no minimum balance requirements and students need not be pre-qualified. The core of the account was designed so students could use it for free and many students across the country are using it that way.

Higher One® provides distinct services to higher education.

• Oregon Tech has purchased the OneDisburse® Refund Management® fund disbursement service, which takes the burden of disbursing financial aid refunds off the Oregon Tech Business Office
• Higher One® offers a OneAccount checking account to students (see What is the OneAccount? for additional information)
• The OneAccount was designed to be used for free, but like any bank account, there are costs associated with different transactions

• Higher One® also derives some revenue from merchants through an interchange fee at the point of sale

• CASHNet® services are also provided by Higher One® which includes Oregon Tech's online student payment services where a convenience fee is assessed.

No. Oregon Tech does not receive any monetary benefit from partnering with Higher One® aside for the savings we derive from no longer offering paper checks through the Cashier's Office.

Higher One® was founded on a university campus over a decade ago by student entrepreneurs. Today, the founders are still committed to higher education. Higher One® serves only colleges and universities and provides end-to-end service from the business office to the students. Higher One® believes listening to students is the best way to provide them with valuable services in their fast-moving environment. Higher One®'s products revolve around direct feedback from students from several channels including social media, focus groups, surveys and their Student Advisory Board. Higher One® believes that students can be financially responsible and, when given the necessary tools, can successfully live within their means. To that end, they do not offer instruments of credit (loans or credit cards). Annually, Higher One®'s One Scholarship awards tuition money directly to students at Higher One® partner colleges and universities (see Higher One®'s One Scholarship webpage for more information).

Yes. Members of ASOIT were consulted as part of the implementation process, and were included on the implementation team when Oregon Tech first decided to pursue a relationship with Higher One®.

All student refunds will be processed through Easy Refund℠

• Students who pay with a check will have at least a 2 week wait while the check deposit is verified by our bank

• Students who pay with an ePayment will have about a 6 day wait while the electronic deposit is verified by our bank

• Students who pay with a credit card will have the amount credited back to the credit card account the same day a credit appears on their student account

• If the refund exceeds the credit card payment the balance will be processed through Easy Refund℠

Oregon Tech currently offers three refund options for students.

• ACH Transfer (Direct Deposit)

• Automatically deposits your student refund into your existing bank account

• Paper Check

• Automatically issues a check sent to your current mailing address on file with Higher One® or Oregon Tech

• OneAccount

• Automatically deposits your student refund into your OneAccount checking account

How long it takes to receive your refund depends on which refund preference you choose using your Easy Refund℠ card.

• ACH Transfer (have the funds directly deposited in your checking or savings account) - takes 2-3 days from the day Oregon Tech disburses the funds to Higher One®

• Paper Check (receive a paper check directly from Higher One®) - takes 5-7 days from the day Oregon Tech disburses the funds to Higher One®

• OneAccount Checking Account (open a checking account with Higher One®, and have the funds deposited directly into that account) - same day Oregon Tech disburses the funds to Higher One®

No Financial Aid refunds will be given before the term starts.

When you pay with a credit card and Financial Aid pays off the remaining balance you may have a credit on your account and are eligible for a refund. Your refund will then be credited back to your credit card account up to the amount you paid with the credit card. If there is any remaining amount it will be sent to Higher One® and processed through Easy Refund℠.

• Easy Refund℠ is different than the process Oregon Tech has had in place for previous terms

• Oregon Tech has contracted with Higher One® to provide more refund options to students using the Easy Refund℠ program

• You will need to select a refund preference using your Easy Refund℠ card

• ACH Transfer (have the funds directly deposited in your checking or savings account) - takes 2-3 days from the day Oregon Tech disburses the funds to Higher One®

• Paper Check (receive a paper check directly from Higher One®) - takes 5-7 days from the day Oregon Tech disburses the funds to Higher One®

• OneAccount Checking Account (open a checking account with Higher One®, and have the funds deposited directly into that account) - same day Oregon Tech disburses the funds to Higher One®

• For additional information about Easy Refund℠ visit: https://www.oit.edu/easyrefund

If you decide not to choose a refund preference a default check will be issued to you by Higher One®, however the default check will not be issued until 21 days have passed since Oregon Tech disbursed the funds to Higher One®. Once the check has been mailed it will take an additional 7-10 days to arrive at your address by mail. The total amount of time that elapses between disbursement and your receiving the check in the mail could be as much as 31 days if you do not choose a refund preference using your Easy Refund℠ card.

The Easy Refund℠ Card is a unique way of securely identifying students between Oregon Tech and Higher One® to quickly and accurately process student refunds. Use the Easy Refund℠ Card with Oregon Tech's Higher One® Portal to select a refund preference. If you select the OneAccount (see OneAccount Information for additional details) your Easy Refund℠ Card can be used as a MasterCard debit card.

Sometimes students receive refunds unrelated to financial aid, such as for dropped courses. Students will still need to select a refund preference in the event that Oregon Tech issues a refund in the future. Just because a student is not expecting a refund from financial aid, it does not mean they will not receive a refund from Oregon Tech sometime during their college career.

Yes, and no.

• Yes, you do have to use the Easy Refund℠ Card to select a refund preference

• No, you do not have to open a OneAccount checking account through Higher One®

• Call Higher One® Customer Care at 1-877-EASY515 (327-9515).

1. After dialing the number you will hear a recorded message
2. Press the number 4 to go to the Assistance with Activation menu
3. You will be given an approximate wait time to speak with a Customer Care representative

4. You will be asked a series of questions to verify your identity with the Higher One® Customer Care representative

• Once Higher One® has verified your identity, you will be able to update your address, speak with them about refunds or refund options, or any inquire about any other aspects of your account you may have questions on.

• Please note that wait times are generally longer at the start of terms.

It is recommended that students maintain possession of their Easy Refund℠ Card even if they have decided not to open a OneAccount. The reason Oregon Tech and Higher One® make this recommendation, is because you may still need your card number to access some services offered by Higher One® (like Customer Care). Also, if a student decides they would like to open a OneAccount at some point later in their college career and no longer has their Easy Refund℠ Card, there is a replacement fee that will be assessed to the student to order a new card.

• The replacement card fee for a student who has not yet selected a refund preference is $10. The replacement card fee for a student who has previously selected a refund preference is $20.

Higher One® only offers banking services to students, many of whom are unbanked or considered unattractive by traditional banks. Higher One® does not offer a credit card, nor does it offer an instruments of credit, loans or other means of placing students into debt. The Easy Refund℠ Card students receive to activate their refund preference is a debit card, and after selection of a refund preference is only active in the event the student chooses to open a OneAccount.

This is in reference to the H.R. 627: Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). This Act pertains to companies marketing instruments of credit to college students, which Higher One® does not do. In fact, Higher One® offers no instruments of credit (no loans or credit cards). In an effort to further educate customers, they have a number of financial literacy resources, including access to their Financial Literacy & Consumer Advocacy expert, available at OneForYourMoney.com.

As part of Higher One®'s OneDisburse® Refund Management® fund disbursement service, Higher One® offers an opportunity for all students to opt to have their disbursements deposited into a OneAccount - an FDIC insured checking account with no monthly fee and no minimum balance they offer through their banking partner. The OneAccount is only active if the student chooses to open a OneAccount and have their refund deposited into that checking account.

The OneAccount is not linked to a credit card or a prepaid debit card, but a debit MasterCard that functions like other debit cards attached to a checking account.

The OneAccount is actually designed to be used for free and many students use it that way. There are no hidden fees - the full fee schedule can be found at: https://www.higheroneaccount.com/info/outfees.jsp. The OneAccount is tailored to the life of the student and evolves based on direct student feedback. With a number of ways to exempt account holders from standard fees, the value of the OneAccount is that it offers students an alternative to the accounts big banks offer.

There is no pre-qualification requirement for a OneAccount, all students are eligible. Higher One®, in cooperation with their partner bank, continually monitors national and local banks and adjusts the fee schedule to remain competitive.

In a continual effort to make sure the OneAccount is a value for students (with features like no minimum balance and no monthly fees) in comparison with larger, traditional banks, Higher One® assesses a PIN-based transaction fee. To avoid this fee, Higher One® encourages students to choose the free signature-based transaction method ("Swipe & Sign"). In addition to being free for students, the "Swipe & Sign" method protects the student's transactions under the MasterCard Zero Liability policy against fraudulent purchases.

Higher One® provides at least one ATM to each college or university using the Easy Refund℠ Card, where students can withdraw cash and check their balance, free of charge. Oregon Tech's Higher One® ATM is located on the north side of the main entrance on the first floor of the College Union (across from the Bistro). The ATM fee for withdrawals from non-Higher One® ATM's is in line with foreign ATM fees assessed by most banks.

There are several ways to deposit to the OneAccount.

• Set up a free direct deposit
• Transfers can easily be made from another OneAccount or from any other bank
• To deposit cash into the OneAccount, put cash on a MoneyPak®

• To deposit a check

• Take a picture of both sides of the check with your smartphone and upload it to the OneAccount using the EasyDeposit℠ Mobile App for iOS, Blackberry or Android
• Scan both sides of the check and upload it to the OneAccount using the EasyDeposit℠ feature on the web

• Mail it via USPS

Yes. If an account holder does not have enough funds in their OneAccount to cover a card purchase, Higher One®'s policy has always been (and still is) to decline that card at the point of sale though.

Account holders will incur an insufficient funds fee with actions such as:

• Setting up recurring payments for which there are insufficient funds

• Writing bad checks

Higher One® understands the importance of having and maintaining functional ATMs on campus. Their ATMs provide free access to cash and balance inquiries on campus. They are committed to providing their account holders with an operating ATM at all times. As a result, they pledge to refund up to $5.00 (two non-Higher One® ATM transactions) per day to cover surcharges or fees incurred due to lack of a functional Higher One® ATM. This pledge applies to campuses where a Higher One® ATM has already been installed. Oregon Tech's ATM is installed in the College Union on the Klamath Falls campus.

The OneAccount is a fully functioning checking account and was designed to grow with the student long after graduation. There are also a range of other options in the OneAccount suite of products, including OneAccount Flex and OneAccount Premier. These offer more advanced features based on the customer's spending and usage patterns, including customized budgeting tools. For additional information visit Higher One®'s OneAccount Suite webpage.

Higher One® is the sole administrator of the OneAccount with banking services and FDIC insurance provided by Urban Trust Bank, and Wright Express Financial Services Corporation.

A bank partner is an important element of Higher One® services and in the past ten years they have had partnerships with several banking institutions. Higher One® has publicly shared that they are focused on expanding their bank partner relationships and they are currently holding productive discussions and negotiations with multiple potential partners for coming academic years. In the past transitions between banking partners, there has been little change for students and administrations and they are working toward that end in this transition.

Higher One® takes security and privacy very seriously. They do not sell or share personal information with any third party vendors or services. Students may choose to opt into receiving messages directly from Higher One® regarding third party products or services that may benefit the student.