Texas Tech converted the tuition refund process this semester to a new system using the Easy Refund Card by Higher One Inc. to allow for faster, more efficient processing of student funds.
Becky Hyde, managing director of Student Business Services, said the refund cards also give international students or students with poor credit the ability to have a checking account.
The goal of the new refund system is to provide the best services to students, Hyde said.
The card can be used for free as long as students choose the credit card option on credit card payment machines according to the Higher One Web site.
Students have the option to use the debit card or to have the funds sent by direct deposit into an existing account. Students also can order checks for the account through the Web site.
Students may get cash back from the refund card. ATMs for the cards are located on the Tech campus in West Hall on the first and third floors and an additional ATM soon will be installed in the athletic ticket office.
However, Hyde said, the refund card is not a credit card because students cannot borrow money on the account.
Regardless of which option a student prefers, she said, it still is necessary to confirm the choice online. For students who choose to activate the debit card, funds will be delivered in a matter of hours, but direct deposit into a different account could take a couple of days.
If a student changes his or her mind on which way he or she would like to have money refunded, the selection can be changed online, Hyde said, and students can use the account as long as they want, even after they graduate.
The student's Social Security number is required to activate the debit card and direct deposit will require the desired bank's name and routing number as well as the student's account number. Setting up direct deposit also will require the student to print a form that must be mailed to the company.
Hyde said Higher One is a secure site and has met many banking requirements, including PCI compliance.
In order for Tech to provide these services without the use of Higher One, she said, it would be costly.
New students do not have to worry about contacting Student Business Services to get a refund card, Hyde said. The university sends the student's information to Higher One and a card is sent to the student in about a week.
Once students have activated their cards, they are able to access account information through the Higher One Web site.
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