Starting this summer, students at Shoreline Community
College will have a new, more convenient way of accessing their financial aid.
“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
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
In addition, Higher One makes it easy for parents, family
and friends to transfer money from their bank accounts to the student’s
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.
Visit myshorelinecard.higheroneaccount.com/ or www.higherone.com to learn more about the program.