Checking the List, Checking it Twice
You may offer students ACH disbursements, a TMS Discover Prepaid Card, or check disbursements, as well as choice of banking institution for those selecting ACH.
TMS enables your school to disburse funds easily and effectively- from financial aid to work study payments, Title IV tuition refunds and more, all while staying compliant with all industry guidelines and DOE regulations.
Our solution requires minimal resources on behalf of your school, is combined with intuitive 24/7 online resources for school and student, and is backed by expert customer service.
Our refunding solution is aligned with DOE regulations as well as the best practices as suggested by NACUBO’s, “Student Refunds and Personal Banking at Colleges and Universities”, October 2012 Study and the U.S. PIRG Education Fund, as cited in “The Campus Debit Card Trap – Are Bank Partnerships Fair to Students”, May 2012. These practices include:
TMS offers a customized, purposefully built, school-branded refund management solution to meet the needs specific to the education industry.
In fact, our product was purpose built to accomodate the naunces and unique requirements of this industry and reflects this right down to its intuitive design, simple, secure exception processing, comprehensive reporting and compliance to all DOE requirements.
Many of the features and enhancements our solution offers were suggestions from your peer institutions, and from the students you service.
"We will be utilizing this robust tool to disburse refunds and more all while offering our students more choices, flexibility and convenience. As always, service has been unmatched."
Yes. Our solution helps to ensure your school will be compliant in meeting all Title IV delivery regulations. We also communicate with your students during every step of the process, reducing the number of refund related calls to your school.
Administrators will have access to our secure 24/7 administrator portal which supports a wide variety of functions including reporting, file processing, exception managment, disbursement research and ad hoc messaging tools.
PLUS Loan refund disbursements are easily and securely handled by our Refund Solution. They are handled in a very similar manner as student refunds, with disbursement methods decided by the school, based on your business rules. We are also able to process work-study disbursements, payroll disbursements, and more.
Exceptions (including incorrect address, incorrect disbursement amount, reissuing of disbursements, etc.) are easily managed through the Administrative Portal with point and click navigation, which is fully supported by your dedicated TMS support team.
As with all of our products, TMS does the heavy lifting for implementation of our Refund Solution, ensuring that very little is required in the way of resources from the school or your IT team.
We disburse funds on the same day the school releases the funds to TMS.1 How quickly a student will have access to their funds depends on the disbursement method they chose:
ACH: between 1-3 business days, dependent on the business rules of the receiving bank
1for all disbursements received by TMS by 1PM ET.
The prepaid card is one of three disbursement methods (ACH, prepaid card and check), offered by TMS. The prepaid card is attached to a banking relationship, and offers many features, including:
There are several ways for students to access the full balance of their refund from the prepaid card, including: