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In addition, the Department of Education has regulated the types of fees that Tier 1 providers can charge on accounts offered within the selection process.Regulations require a clear, fact-based and neutral selection process that students must go through to select a refund preference.Tier 2 service providers and any other non-Tier 1 relationships are not subject to this provision, so your students may not be protected against being targeted for potentially high-interest credit products.In other words, with a Tier 1 service provider, there is no risk that your students will receive unsolicited offers for credit products such as credit cards. Tier 1 service providers are precluded from offering credit products to your students.Protection from potentially high-interest credit products:.We believe the main advantages of Tier 1 relationships include: What are the differences between Tier 1 and Tier 2 providers? All communications to students, including but not limited to refund preference selection, direct payment notification, exception handling and reporting.Full-service call centers for both students and administrators, moving most (if not all) of the operational and service burden off of the institution.Our Refund Management ® Service was built to provide:

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In many cases, the in-house processes of printing checks, reporting, and student service along with exception handling (like managing returned mail) can be very costly and add up to much more than the full cost of our solution. That is, some students may not or cannot deposit their refund electronically and will require a paper check.

Also consider that it would be very difficult for an institution to achieve 100% ACH participation.

You may want to consult your IT department about the cost and risk to your institution of protecting this data so you can factor this into the evaluation. By building your own program, your institution may take on the considerable security risk of housing banking information and PII (Personally Identifiable Information) on internal servers. While it is true that the act of initiating ACH transactions is inexpensive, there is much more to consider when running a refund program, including non-ACH refunds and student communications and service.