All students to get financial aid debit cards
By Chris Lusk, Staff Writer
This fall, all OCCC students who enrolled in a credit class in 2008 will get a debit card in the mail that will allow them to accept direct deposits from the college bursar office, said Bursar Brandi Henson.
The cards being sent out are essential for receiving any financial aid or refund, so students should be on the lookout for them, Henson said.
She said the debit cards are partnered with American Express and could appear to some as a credit card offer.
“I assure you, the college is not soliciting credit cards to our students,” she said. “We don’t want students to be confused and throw anything away.
“It is very important for all students to hold on to these cards.”
She said the college will begin transferring financial aid and refunds electronically Oct. 1.
She said, in December 2006, the National Association of Student Financial Aid Administrators performed a standards of excellence review and suggested the college implement direct deposit with electronic refunds.
“We have always been really interested in direct deposit,” Henson said. “But we were not sure how to go about it.”
Henson said some students do not have bank accounts and that posed a roadblock.
The college responded by sending out requests to various companies to provide student bank accounts, she said.
Higher One, a financial service company, responded.
According to their website — www.higherone.com — Higher One provides colleges across the country with an easier method of distributing funds.
Henson said Higher One offered the right solution.
Higher One will team up with a bank and offer an account to every student enrolled at the college — the first school in Oklahoma to do so, she said.
She said the bank accounts will be free to all students and will function like a regular checking account at any bank.
Higher One also will take over all responsibility for distribution of financial aid and refunds for the college, Henson said.
All students will be required to receive their funds through Higher One; however, they will not be required to do their banking through Higher One’s services, she said.
The company will transfer funds through three methods:
• immediate deposit into a student’s Higher One account,
• direct deposit into a student’s existing bank account or,
• by processing and mailing out a paper check.
Henson said regardless of which method students choose to receive their money, going through Higher One would allow students to receive their money faster than the current system of going through the state.
Currently, refunds and financial aid are only given through paper checks, which can take up to four days to process.
With Higher One, paper checks will take one day to process, she said.
Students choosing to have Higher One deposit their funds into their preexisting bank accounts can expect to receive their money in 24 to 48 hours.
All Higher One account users will have immediate access to their funds.
Henson said the college is indifferent about which method students choose to receive their money.
“We have no vested interested in which method they use,” she said.
“Whatever your preference — paper check, preexisting bank account or a Higher One account — it will be quicker for both the student and for us.
“The students just need to set up their preferences with Higher One.”
Whether students choose to bank directly through Higher One or not, all students will need to set up their preferences through the Higher One website in order to receive funds, she said.
That’s where the debit cards come into play, she said.
“These cards will allow students to log in to the OCCC Higher One website and select their preference for how they want to get their money.
Henson said students should expect the cards at the end of September.
“We will have more information at the beginning of the fall semester, letting everyone know what steps they need to take to set their preferences or sign up for an account,” she said.
“It is important for students to understand that all refunds and financial aid will be processed through Higher One starting in October,” Henson said.
“Get your money however you’d like, but make sure to set up your preferences.”
Henson said the debit card will work like any other debit card.
“You can check your balance, make a withdraw or transfer funds for no fee at the Higher One ATMs.
Henson said two Higher One ATMs would be installed on campus for students’ use.
“The cards will work at any other ATM, but you will be charged a convenience fee.”
She said the ATMs would be placed in high traffic areas: one in the Main Building by the Welcome Desk and the other in the foyer of the Library.
Henson is working with Campus Security to have cameras installed to allow monitoring of the machines.
Students who take advantage of Higher One’s accounts will be able to use their account indefinitely, she said.
“There’s no expiration, regardless of student’s enrollment status.”
Henson said she hopes students without bank accounts will take advantage of this program.
“Higher One will give many students the opportunity to build a banking history,” she said.
“That’s an opportunity that might not have been available to them before.”
When informed of the coming changes, students across campus expressed positive thoughts.
Freshman Kim Hahn is one student without a bank account who is excited to learn more about Higher One.
“A company offering free banking to all students? That’s awesome,” Hahn said. “I’m sure many other students will be taking advantage of that.”
Biology major Braden Wallace said although he already has an account elsewhere, being able to receive his financial aid more quickly would be convenient.
“Last year, I had so many issues getting my financial aid check that it took five months longer than expected,” Wallace said. “This will definitely save time.”
Henson said she is excited about the new partnership with Higher One and hopes students will be, too.
“In one way or another, students have been asking for this for years,” she said.
“This is what they’ve been asking for, plus a little more.
“This will be a big savings of time and money for everyone involved.”
For more information about the coming changes, call Henson at 405-682-1611, ext. 7457.
Staff Writer Chris Lusk can be reached at Senior Writer@occc.edu.
