News Byte: Bursar 鈥楢CEs鈥� Students鈥� Refunds
蘑菇传媒鈥檚聽Office of the Bursar, which oversees the financial details of students鈥� college experience and expenses like tuition, fees, and refunds, has received the 2022 Achieving Campus Efficiency (ACE) Award聽鈥攎arking the third year in a row it has received the award. BankMobile Disbursements presented the award to 201 institutions in 2022.聽
As institutions of higher education begin to benefit from using electronic payment systems, a level of efficiency and security is achieved and recognized by BMTX, Inc., the company behind the electronic services. The ACE Award recognizes institutions that have at least 90 percent of all refunds in a calendar year disbursed electronically and at least 40 percent of an institution鈥檚 students having completed the refund selection process.
In 2022, 蘑菇传媒鈥檚 Bursar processed 11,589 disbursements, with 11,386 of those processed electronically鈥攖hat鈥檚 98 percent. This online handling of higher education finances offers students and their families the peace of mind that a paper check will not become lost in the mail鈥攊t is also quicker and more reliable, notes Senior Director of Student Accounts Patricia Duran. Students may even elect to receive text alerts so they can know the status of their refund at any time.
Funds returned to students include leftover money from financial aid awards, loans, or grants after tuition has been paid, tuition overpayment, and costs associated with a dropped class. These funds may be disbursed as a direct deposit to the student鈥檚 account, a credit card, or a bank account.
鈥淲e鈥檙e continuing to focus on how we improve delivery to students and enhance our services,鈥� says Duran.
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