<p>Thank you for the info, swimcat.</p>
<p>I am actually very sympathetic to the challenges of refunding $2.79 (or other minor to major amount) to hundreds of students each term. What a bother! I just don’t see the solution being my student having to give his information to a bank not selected by him. </p>
<p>I’ve read online about some complaints about HigherOne. It can be that a student has a hard time dealing with their customer service. At the very least, I think our local college should have chosen a local bank for this task.</p>
<p>I don’t understand the law at all but isn’t this considered anti-competitive or something?</p>
<p>I guess this is one of the odd times it is lucky to be a full-pay parent. The few times I’ve gotten a refund they just deduct it from the several thousands of dollars I get billed for each month. :-)</p>
<p>Skyhook, you’re not immune if this program comes to your kid’s campus. Apparently each student “must choose a refund preference” before fall term begins. And the process of choosing a preference means giving info to HigherOne. Every student. That bugs me alot.</p>
<p>Apparently that’s a requirement set by your institution, not Higher One. The document linked upthread says that for that school, students who do not elect an option will mailed a check after 21 days.</p>
<p>Why would you think that a bank selected by you or a local bank would be any more likely to protect your personal information than the one chosen by the college?</p>
<p>Well said college query. Most contributors here have little understanding, and less appreciation, about the operational difficulties facing post secondary institutions. Many members of the public want colleges to operate as businesses except they don’t when they do.</p>
<p>Higher One seems very shady and according to this article gets most of their money from students by charging various fees for accessing the refund.</p>
<p>[News:</a> Chasing Higher One - Inside Higher Ed](<a href=“http://www.insidehighered.com/news/2011/09/02/new_entrants_in_financial_aid_refund_business]News:”>http://www.insidehighered.com/news/2011/09/02/new_entrants_in_financial_aid_refund_business)</p>
<p>I’m not sure why this is so awful. The fees are easily avoidable. I’ll bet that the vast majority of fees Higher One collects are out-of-system ATM fees, which many of us pay occasionally because we are lazy. And certainly this debit card is better than having to cash a check for a student who doesn’t have a bank account.</p>
<p>How does a student use a debit card to withdraw an amount like 8.63? No ATM is going to do that.</p>
<p>It seems that some de minimis rule ought to apply – if the refund is less than $25, it stays on the student’s account unless the student requests the refund or the student graduates or ends enrollment.</p>
<p>Do schools that force their students to use Higher One for the refunds get any benefits for that? And are those benefits than used for the greater good for the students?</p>
<p>Did the person asking the original question carefully read the information provided on the application form? Does the college perhaps ‘suggest’ Higher One unless you already have some form of electronic fund account transfer ability??? All banks ask for your SS# when setting up an account since they have to report interest to the govt for use when filing your annual federal income tax. I don’t think that is anything to be paranoid about.</p>
<p>According to the article linked, at some colleges you don’t have to use the debit card, but if you want to have the money deposited in another bank account, you have to do that through Higher One, which manages the whole program. I don’t consider that a big deal, personally.</p>
<p>But I do. Last year S filled out a form with Student Accounts to have his refunds go to his local non profit credit union account. Now he is REQUIRED to provide significant information to an out of state, for profit bank that can (and almost certainly will) sell his information OR make credit cards available to him in the years ahead. </p>
<p>My guy is likely to navigate this ok – but we have another recent college graduate in the house and therefore I am familiar with the multiple credit card offers that come sailing in – either just before Christmas or just before the end of spring term. </p>
<p>It’s kinda like insisting that everyone have a brownie on their bedside table at 10 p.m. Sure, everyone has the option of ignoring the brownie – but if it is there for the taking, too many will indulge – and indulge – and end up sorry that they did so. </p>
<p>I don’t think students should be “Sheeple” forced to give out personal information to private concerns. In fact, the opposite should be the rule of the university. It should be making students aware that personal information should be shared very carefully and that there are ways this information can be misused.</p>
<p>Still don’t see it as that big a deal. If your concern is getting requests to apply for credit cards you don’t want through the mail, handle like you would any other piece of junk mail…toss it in the trash.</p>
<p>There are lots of things going on in the world worth getting really, really upset about. This isn’t one of them.</p>
<p>I’d be very upset about the “21 day wait” for a refund… instead of a more reasonable 7 days. I’m also shocked about money being taken out of the account at any time. More reasonable is simply to put a charge on the account if aid is taken back (for various reasons such as dropping your classes). If the money isn’t paid back (because the student spent it on clothes or something) then put a hold on the account so the student can’t register next semester/quarter or get a transcript or diploma. I can sympathize with schools not wanting to deal with paper checks, but for a minority of students (internationals for example) they may prefer and should have that option.</p>
<p>Time2 it is a really BAD idea to throw credit card applications in the trash. They should be shredded. </p>
<p>If you think I am too sensitive about this, please know I had a friend whose identity was stolen and six years later she still gets calls from collection agencies (who regularly act outside of the law in the time and manner of their calls). </p>
<p>I think you should choose, for yourself, when and where your Social Security and bank account information goes. The college should not do that for you.</p>
<p>So call the college and threathen to pick another school if they don’t back off. You are the customer afterall. I don’t think it is that big a deal to give your information to a reputable bank. I got darn ****ed when the local school district was asking for my 5 yr old’s social security number on a postcard for their census. But a bank - geez that really shouldn’t be a big deal. And if it is talk to the attorney general of the state. Never the less you are the customer and if you raise a stink they will change their policy.</p>