What's New with Refund Regulations

Are you worried about staying in compliance with all of the changing regulations surrounding student aid disbursements?

 

Heartland ECSI has your back! We have been closely engaged in the reports, meetings, and hearings.  Why?  To make sure we keep schools in compliance with any new or changing regulations. We will continue to ensure that we are providing the best refund solution, with the lowest fees, while keeping your school in compliance.

 

Heartland ECSI’s RefundSelectSM Solution was designed with student choice, transparency, and low fees in mind. Here is how our solution will allow schools to remain in compliance with changing regulations –

 

  ●   RefundSelect offers your students a true, unbiased choice for their refund – ACH, or Paper Check

  ●   There is never a fee to your students for an ACH or Paper Check

  ●   Our contracts with our campus partners are completely transparent; we never pay a fee for the number of prepaid

       debit card accounts opened so the school’s neutrality will not be impacted

LATEST UPDATE

 

May 18, 2015

 

ACTION:

Notice Of Proposed Rulemaking

 

 

SUMMARY:  

The Secretary proposes to amend the cash management regulations under subpart K and other sections of the Student Assistance General Provisions regulations issued under the Higher Education Act of 1965, as amended (HEA). These proposed regulations are intended to ensure that students have convenient access to their title IV, HEA program funds, do not incur unreasonable and uncommon financial account fees on their title IV funds, and are not led to believe they must open a particular financial account to receive their Federal student aid. In addition, these proposed regulations update other provisions in the cash management regulations under subpart K and otherwise amend the Student Assistance General Provisions. We also propose to clarify how previously passed coursework is treated for title IV eligibility purposes and streamline the requirements for converting clock hours to credit hours.

 

To view the document in the Federal Register, click here.

 

 

 

To view more information, click on one of the following links.

 

Consumer Reports:  Campus Banking Products

 

Full GAO Report

 

US PIRG Report:  The Campus Debit Card Trap

 

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Heartland Payment Systems Inc. is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, CA, and The Bankcorp Bank, Philadelphia, PA.

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