Rend Lake College Partners with Higher One to Distribute Refunds Electronically to
New Haven, CT – July 1, 2008 – Higher One, a financial services and payment
company focused exclusively on higher education, announced today it will work with
Rend Lake College in Ina, Illinois, to distribute refunds to students.
“The rapid growth of Rend Lake College made it necessary to seek alternative methods
of handling financial aid disbursement and campus refunds,” explained Larry West, Vice
President for Finance and Administration at Rend Lake College. “Our current system of
internal paper checks became antiquated, time consuming, and costly to the college.
While at a conference for all Illinois Community College CFOs, I was fortunate enough
to hear a presentation from Higher One. Intrigued, I then attended a Higher One event in
St. Louis. The rest is history. Higher One officials then met with my staff on campus
and we will institute the program in the fall.”
Higher One OneDisburse Refund Management® streamlines the refund distribution
process by providing students with multiple electronic ways to receive their refunds from
the College including having the funds direct deposited into Higher One’s no minimum
balance, no monthly fee, FDIC-Insured checking account known as the OneAccount.
Numerous institutions of higher education across the country are experiencing significant
enrollment growth. Rend Lake College is no exception to this situation. With a struggling
economy, colleges and universities have reported record numbers of students. At the
same time many of these institutions are also seeing significant reductions to their 2009
budgets. More than 180 campuses across the country have turned to Higher One in an
attempt to keep education affordable for students.
Rend Lake College considered building an internally managed ACH program but
ultimately decided against it.
“We had considered internal ACH, but lacked the cooperation needs from other banking
affiliates,” stated West.
Higher One collects and maintains student banking information, markets the program to
students, educates students and staff on how to use the new service, distributes the
refunds, handles bounced ACH payments and returned checks, and fields any refund
related customer service inquiries.
“In truth, Higher One was the only alternative method we considered,” said West. “Their
services exactly matched what I was looking for in handling student accounts. I hope to
expedite student refunds and to reduce the number of hours my staff needed to process
disbursements and refunds.”
Rend Lake College will begin distributing refunds through Higher One prior to the start
of the fall semester of this year.
About Rend Lake College:
Thanks to an entrepreneurial spirit, the dedication of its board, administration, faculty and
staff, and support from its community, Rend Lake College has experienced record growth
in recent years. Created July 1, 1967, RLC is located in Ina, a small town in Jefferson
County in Southern Illinois, and serves all or parts of eight counties. The college
maintains two satellite campuses, the RLC Market Place in Mt. Vernon just north of the
main campus, and the RLC Murphy-Wall Pinckneyville Campus in the western section of
About Higher One:
Founded in 2000, Higher One provides higher education institutions and their students
with efficient, convenient and easy-to-use solutions to handle financial disbursements.
These include: student refunds, on-campus and community purchases, payroll and
employee expenses, as well as the collection of payments from students, parents, and
Higher One offers a suite of online banking services including the OneAccount, an FDICinsured
checking account, and OneCard, a Debit MasterCard®. To date, Higher One has
disbursed over $4 billion in refunds for its clients to more than 2,000,000 students,
faculty, and staff at distinguished public and private higher education institutions
throughout the country.
Higher One recently ranked 85 on the 2007 Inc. List of the 500 Fastest Growing
Companies in the United States. Higher One is based in New Haven, Conn.
Melissa Kanter/ Kelly Rohrs