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 BankCreditNews

Higher One adds Chinese yuan to international payments service offerings

Alex Mitich
June 27, 2014

Higher OneHigher One, which provides financial services and analytics to universities across the country, recently anncounced the addition of the Chinese yuan to its international payments service, which is powered by the company’s partnership with Western Union.

The addition of the yuan comes after other recent additions, including the Korean won earlier this year and the Indian rupee added last year. According to Open Doors, students who use the yuan, won and rupee represent more than 50 percent of all international students in the U.S.

“Our goal is to provide international students and their families with a straightforward and cost effective way to pay their tuition and other school fees in their own currency,” Jonathan Rees, the managing director of Western Union Business Solutions’ North America division, said. “China has the largest international student body in the world and it is crucial that the payment process works for them as well as their chosen place of study. The beauty of our offering is that it gives all parties confidence; education institutions know that they will receive the correct tuition amount in U.S. dollars while students know exactly how much they are paying in yuan, and that their payment will be immediately identified and reconciled against their fees and student IDs.”

Read More Here.

 

 Compliance Week

Higher One Names Chief Compliance Officer

June 19, 2014

Higher One, a financial services and data analytics provider to college and universities, has named Richard Howells as chief compliance officer.

In this role, Howells will focus on directing Higher One's compliance management program in relation to both the banking and higher education industries. He will report directly to the audit committee.

Most recently, Howells served as chief compliance officer and BSA/ CRA Officer at Putnam County Savings Bank in New York. Previously, he served as chief compliance officer at Farmington Bank and Union Savings Bank in Connecticut.

 

 USA Today 2

Obama pitches new student loan rules, blasts GOP

June 9, 2014
By David Jackson

WASHINGTON — President Obama is devoting much of his week to the rising costs of student loans, starting Monday with a package of proposals designed to make re-payments easier.

Flanked by students gathered at the White House, Obama authorized expansion of a program that lets borrowers cap monthly loan re-payments at 10% of income.

The president also criticized congressional Republicans for what he described as backing tax breaks for the wealthy while opposing plans to reduce interest rates on college loans.

"If you're a big oil company, they'll go to bat for you," Obama said. "If you're a student, good luck."

Read More Here.

 

 Huff Post Fin Ed

Having 'The Talk' With Your College-Bound Student

June 2, 2014
By Mary Johnson

With high school graduation ceremonies in full swing, it is easy to overlook some important money lessons for college-bound students. Parents may be experiencing a little trepidation and separation anxiety over their child leaving home, but having the "money talk" is a great way to stay connected and still make a positive difference in their lives. The majority of new college students have had little experience managing money on their own, and parents should not assume they have learned this elsewhere as only 17 states require high school students to take a personal finance course.

How the subject is broached does take a little forethought, as the last thing you want to do is make it sound like yet another lecture. Setting a tone of trust and openness is a sign of your recognition of their growth and independence -- and you might be surprised at how eager they are to learn. Here are some suggestions for getting started:

Start with the basics

Assess how much your child may or may not already know. If you have been managing their finances for them up until now, you'll have to start at the beginning including how to open and manage a bank account, how to write a check and how to get money out of an ATM. Talk about the importance of paying bills on time, keeping track of transactions and spending, and making sure they keep enough in their account so that don't overdraft. Consider having them sit with you while you pay some of your own bills so they can get a better sense of how much things cost and the monthly budget cycle.

Read More Here.

 


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Testimonials

Before Higher One, our students only had one way to get their refunds, and that was by paper check. With Higher One processing refunds for us, it has allowed us to provide more options for our students without having to enter and store student banking information. We also no longer have to handle sorting, stuffing and mailing thousands of checks.Suzanne ClaggettUniversity of West Florida
Higher One’s experience with college students and their focus on serving colleges distinguishes Higher One from all other financial service providers. We really liked the fact that the community college customer base is expanding for Higher One.Carla Chance St. Louis Community College

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