The change in the way students are now receiving their financial aid refunds has created quite a bit of frustration around campus.
Higher One, a company that provides students with financial aid refunds, teamed up with the University of Wyoming for the upcoming year. What this means is that all refunds will no longer go through the University, but rather through Higher One.
Prior to the agreement, UW would write checks to students or deposit funds into students’ personal accounts.
After dealing with the annoyance and difficulty caused by the Higher One “Cowboy Card”, I find myself wondering why the University would choose to be paid off instead of worrying about students’ convenience and welfare. Without the happiness and well-being of the students, the University would cease to move forward and succeed.
Furthermore, I am curious as to why the University feels it can dictate and make loopholes in regulations regarding students’ refund money. Last time I checked, as long as all fees were paid to the school, the money belonged to students and not to the college.
Anyone who has tried to receive a refund but did not put the money directly on the Cowboy Card probably shares the same irritation.
Not only does it take two to three business days to transfer the money to another account, but students also must fax or mail forms, which also add an additional few days. When students are in a bind to purchase books and pay rent, waiting a few extra days is not an option.
It is the same process to have a check mailed to your current place of residence. It can take days before it finally arrives.
The “preferred option” is to have the money put directly on the card. Sure, that sounds like a great idea because the money is disbursed to the card the same day the refund is sent out. What they do not say is that there are hidden fees that every student is charged. Fees include a 50-cent charge for every pin-based transaction, and a $2.50 charge for using an out-of-network ATM, several of which have been placed on campus.
There also is a first time insufficient funds fee of $29, subsequent overdraft costs of $38 and finally a $19 per month abandonment account fee for accounts that have been inactive over nine months.
What it boils down to is that Higher One is taking money from the poorest of college students by charging millions of dollars in hidden banking fees. Unfortunately, there is nothing students will be able to do about it because of the benefits the University receives by teaming up with the company. I guess even UW can overlook its standards if given the right profit for it.
