Changing the Way You Think About Refunds
College students receive refunds whenever money is left over from loans or scholarships, after they drop a class, etc. When this occurs, the school is required by Title IV federal regulations to deliver refunds to students within 14 days at no charge to students.
In the past, the school's only option was to issue paper refund checks to students. It was time consuming for staff, costly for the school and frustrating for students to wait for checks to arrive by mail or to stand in long, frustrating lines to pick them up in person. The refunds process was streamlined by the use of ACH automatic deposits. However, not all students have a bank account for funds to go into, and the amount of administrative work involved for the school to process ACH refunds in-house can be substantial.
Nelnet Student Refunds changes all that with a comprehensive refunds solution featuring the Citi® pre-loaded debit card—just one of three ways schools can disburse funds to students, including ACH and paper check. Our refunds solution helps schools lower costs and increase efficiency by partnering with us in the student refund fulfillment process, while maintaining control of their program.
The pre-loaded debit card is different from other student refund card options because it does not require a student to open a bank account to receive refund dollars. And, because the card is not linked to a traditional bank account, there is no possibility of overdraft charges to the student.
Our solution also offers free, easy access to cash. With Citi’s network of 65,000 ATMs as well as branch locations, students are never far from their money. The pre-loaded debit card is the perfect solution when schools want a fast, efficient way to disburse refunds with fewer potential issues that could complicate a student's personal finances.
Nelnet Student Refunds is an efficient, affordable full-service refund solution for schools that provides a disbursement choice for students to best fit their financial situation. NBS Student Refunds will change the way you think about disbursing account overages to students!