Penn College Students to Benefit From Innovative Refund Service
Published 04.16.2007
Beginning in late summer, Pennsylvania College of Technology students will have the opportunity to receive their financial-aid and tuition refunds earlier than in previous years, and without having to wait in line.
Robert M. Fisher, vice president for business affairs, says Penn College is particularly pleased to be the first college in Pennsylvania (and 71st in the nation) to partner with Higher One, a financial services company, to bring a new method of refund disbursement to campus.
"This initiative gives us the ability to help our students meet their financial obligations earlier and avoid the typical wait for their refunds, so they can focus on what's truly important: their education," Fisher says. The new process requires no visit to campus. Every registered Penn College student will receive in the mail a PCT OneCard, which is a MasterCard debit card (not a credit card). Students wishing to take full advantage of the timesaving aspects of this program can open a Higher One bank account by activating their Higher One account and choosing "Easy Refund to the OneAccount." The refund will be direct-deposited to their new account.
Direct deposit into a Higher One account allows students to have access to their refunds as soon as the money has been released, rather than waiting in a long line for a refund check. Once the funds have been transferred, the student can use his or her PCT OneCard to make an in-store debit purchase, withdraw funds at an ATM or write a check.
Any student who does not wish to open a Higher One account has two other options. The student can choose to have the refunds transmitted electronically to another bank account of his or her choice (this will take longer than direct deposit into a Higher One account), or can choose to receive a refund check in the mail (this will take the longest of the three refund options).
Regardless of which method students choose, refunds will be issued as soon as legally permitted.
To learn more about Higher One, go online. Students will receive detailed information about their choices and instructions for implementing the one right for them in the coming weeks.