|Student Account Holders
|URI will cut the cost and time to process student refunds|
URI is the first Rhode Island institution to partner with Higher One
Kingston, RI - June 30, 2009 - University of Rhode Island students who may be due a refund for any tuition or related expenses during their years at URI will no longer have to wait to receive a check. Instead, URI students will now have the option to choose from multiple electronic methods for receiving their refunds.
The University has partnered with Higher One, a financial services and payment company, to provide a new, cost and time-saving service for its students.
The Higher One service will eliminate the printing, processing and mailing of about 20,000 URI refund checks a year and provide students with quicker access to their funds. While the University has agreed to pay Higher One a small transaction fee, in fact, less than the cost of a stamp, the new service is anticipated to save the University more throughout the year in costs associated with postage, mail, envelopes, and check stock.
The University sought a new way to manage these transactions and the State of Rhode Island issued a request for proposals in October 2008 on its behalf. Six months later, a contract with Higher One, based in New Haven, Conn., was finalized.
Starting with the summer orientation sessions for incoming freshman, and continuing with mailings to all undergraduate and graduate students, all URI students will receive their individualized “URI Refund Card.” The University will then be able to disburse any refund that is due to a student’s account.
The URI Refund Card will allow each student to log onto a secure website to confirm a primary email address and mailing address, and select how they would like to receive a financial aid refund due from the University.
Students are given two electronic methods to choose from for receiving refunds. Refunds can either be direct deposited to their OneAccount, an optional no minimum balance, no monthly fee, FDIC Insured checking account provided by Higher One, or be sent via ACH (automatic clearing house) to a bank account of their choice. Even if they are not expecting a refund, it is recommended that all students register their URI Refund Card when they receive it.
With the Higher One service, students won’t have to wait for a check, they’ll be able to use their funds as needed and will even benefit from other features like a “mobile alert” that will notify them when funds are deposited into their debit account
About Higher One:
Higher One offers a suite of online banking services including the OneAccount, an FDIC Insured checking account, and OneCard, a Debit MasterCard®. To date, Higher One has disbursed over $7.76 billion dollars in refunds for its clients to more than 2 Million students, faculty, and staff at over 310 distinguished public and private higher education institutions throughout the country. Higher One recently ranked # 79 on the 2009 Fast 500 list of the 500 Fastest Growing Technology Companies in the United States. Higher One is based in New Haven, CT.
About University of Rhode Island:
The University takes learning beyond the classroom and welcomes original thinking. URI’s expression, “Think Big. We Do,” reflects the entrepreneurial spirit of the University, the local as well as global impact of the work being done by the people at URI and by the big contributions being made by alumni in all walks of life.