jessica thomas
New member
For those navigating college finances, Higher One was once a major player in the world of student refunds and financial aid disbursements. Partnering with colleges, Higher One provided students with specialized accounts (like the OneAccount) designed to receive leftover financial aid after tuition, fees, and other charges were paid. These leftover funds—often referred to as refunds—could be used for education-related expenses like books, housing, or even day-to-day needs.
Higher One's appeal was its simplicity: instead of waiting for a paper check or dealing with multiple bank transfers, students could access their funds quickly and conveniently. The company offered debit cards linked to these accounts, making it easy for students to make purchases or withdraw cash.
However, the system wasn't without its controversies. Many students and families were unaware of the fees tied to these accounts, which included ATM fees, inactivity fees, and overdraft charges. These costs, combined with regulatory scrutiny, eventually led to the decline of Higher One's services. By 2016, the company had divested much of its operations, and its legacy now serves as a lesson in transparency and financial literacy for student-focused banking.
If you’re a current student or helping someone manage their financial aid, remember to:
1. Know Your Refund Options: Direct deposit to your personal bank account is often the most cost-effective choice.
2. Read the Fine Print: Whether using a school-partnered account or another service, always understand the fees involved.
3. Ask Questions: Your school’s financial aid office is there to help—don’t hesitate to reach out!
Higher One's appeal was its simplicity: instead of waiting for a paper check or dealing with multiple bank transfers, students could access their funds quickly and conveniently. The company offered debit cards linked to these accounts, making it easy for students to make purchases or withdraw cash.
However, the system wasn't without its controversies. Many students and families were unaware of the fees tied to these accounts, which included ATM fees, inactivity fees, and overdraft charges. These costs, combined with regulatory scrutiny, eventually led to the decline of Higher One's services. By 2016, the company had divested much of its operations, and its legacy now serves as a lesson in transparency and financial literacy for student-focused banking.
If you’re a current student or helping someone manage their financial aid, remember to:
1. Know Your Refund Options: Direct deposit to your personal bank account is often the most cost-effective choice.
2. Read the Fine Print: Whether using a school-partnered account or another service, always understand the fees involved.
3. Ask Questions: Your school’s financial aid office is there to help—don’t hesitate to reach out!