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* New financial aid system helps Shoreline students

Starting this summer, students at Shoreline Community College will have a new, more convenient way of accessing their financial aid.

Myshorelinecard_low.jpg“We are very pleased to offer our students a better, more convenient way to interact with their funds,” said Stuart Trippel, Director of Financial Services at Shoreline.

Beginning July 3, 2012, students receiving financial aid will be able to receive refunds, also known as disbursements, on their My Shoreline Card.  The card is just the most visible part of a new partnership between Shoreline and Higher One, a financial services company focused on higher education.

When financial aid is awarded to a student, much of the money goes directly to the college for tuition and other costs. Oftentimes, however, the total amount of financial aid is above those costs and the remaining amount goes to the student.

“In the past, we’ve had to write checks and put them in the mail,” Trippel said. “Through the services provided by Higher One, students will now have the option of immediately receiving those refunds, or disbursements.”

Trippel said students due a financial aid refund will have three general options, including:

  • Open a no-fee account through Higher One and have the money go directly to the account.
  • Have the money deposited directly into another account of the student’s choice.
  • Have a check mailed.

The quickest access to funds will be through the Higher One account represented by the My Shoreline Card, a Debit MasterCard attached to a no-fee, checking account at Higher One.

“The first day of summer quarter is June 25, and summer quarter refunds will be available at the beginning of the new fiscal year on July 2,” Trippel said. “Students who have received both their financial aid award notification letter and their My Shoreline Card option will have access to their money on July 2, if they choose to have the funds deposited to the Higher One account.” While the card can be used at any automated teller machine (ATM), Higher One has installed a no-fee ATM in the school’s library for ease of access to account information and funds.

Students are beginning to receive their My Shoreline Cards in the mail now. Some students who still have refunds due to them from spring quarter aid may start to experience the Higher One system even before summer quarter, if they already have a My Shoreline Card.

The basic Higher One account includes features such as online bill paying, no minimum balance required, check writing, electronic statements, the MasterCard Zero Liability Policy coverage for credit transactions and no-fee incoming wire transfer from domestic and international sources.

In addition, Higher One makes it easy for parents, family and friends to transfer money from their bank accounts to the student’s account.

While the Higher One account is intended to be free to the student, some services may incur fees. However, Higher One makes available online a clear presentation of potential fees and how they can be avoided by following good personal money management practices. Higher One also offers the “Money 101 - Financial Toolkit” to help educate and build those practices.

Besides making it easier for the student, the new service will streamline processes for the college. The contract with Higher One was negotiated at the state level by staff at the State Board for Community and Technical Colleges. Each of the 34 community and technical colleges in the state can choose to participate. Shoreline is among the first group of colleges to offer the service. 

Have additional questions?

Visit myshorelinecard.higheroneaccount.com/ or www.higherone.com  to learn more about the program.

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