PTC has partnered with HigherOne, Inc., a financial services company focused solely on higher education, to offer faster, safer, and more environmentally-friendly delivery of financial aid funds. In the spring, 2012 semester, PTC students voted in favor of the college pursuing the partnership, and now, staff members in PTC's Business Services department are on track for an August, 2012 launch date.
"We've been looking into the partnership since last summer, and after a lot of discussion with students and administrators, it makes good sense in the way of student service to utilize HigherOne," says Janis Wegner, Chief Financial Officer.
Within the Minnesota State Colleges and Universities system, 16 institutions have contracted with and are utilizing the services provided by HigherOne. Additionally, the company serves more than 800 institutions and six million students across the nation.
Currently, PTC disburses financial aid refunds by way of mailing paper checks. Historically, the process has been effective and efficient; however, with enrollment ever-growing, the process is becoming more time-consuming and cumbersome, and the risk of errors increases with growth as well. By partnering with HigherOne, students will have the option of choosing how they receive their refunds: via direct deposit into an existing bank or credit union account; via a new HigherOne OneAccount; or, via the old-fashioned way -- by getting a paper check in the mail.
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