The TMS Refund Solution

 

Purpose built for higher education, our solution is designed to: 

  • reduce costs for the school,
  • provide simplicity by integrating fully with our products and services,
  • reduce workload through robust communications and expert customer service for your students. 

 

 

 

 

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Imagine a refund process that is simple, compliant and easy to use! 

Offering refunds through 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.

Highlights of the TMS Refund Solution include: 

  • Ease of use:
    • For Administrators: it offers powerful administrator tools for exceptions, reporting, research and more
    • For Students: offers clear and transparent refund choices, robust communications, and simple to use online portals
  • Workload reduction:  fully supported by expert refund customer service for every aspect of the process and provides comprehensive communication with students, every step of the way, reducing calls to the school
  • Controls Costs: helps to reduce and control costs through promotion of electronic refund methods (vs. costly paper checks)
  • Improved control of the refund process with an easy to use portal that offers individualized access levels for administrators 
  • Simple to implement: our solution is turnkey, and integrates with all TMS products and services
  • Transparency  and choice for schools and students- multiple refund choices are available 


 Want to learn more? We'd love to show you! Contact us to view a demonstration!

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Communication is Key

We understand that refunds are an integral part of your campus' business process, and it is as equally important to your students!

That's why we designed our Refund Solution to engage the student at every step of the process. We send communications, using your student's preselected choice of text or email, at the following checkpoints: 

  • Alert students to select a refund preference
  • Communication a refund is coming
  • To let them know a refund has been disbursed
  • Alert student to an exception, as needed, for easy and fast correction

We also offer ad hoc communications tools for administrators within the Administrator Portal, so you can communicate with your refund population at any time!

Why TMS?

Customer Service Sets us Apart!

The TMS Refund Solution is backed by  expert customer service for your students, every step of the way. 

Better customer service means less calls to your school, and workload reduction is an important part of what sets our Refund Solution apart. 

Starting with electronic communications to ensure your student knows where their refund is at all times, to online portals that offer disbursement history and more, to live, extended-hour customer service- TMS is here for your students!

What are our valued customers saying?

"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."

- Melissa VanLeiden, Controller, Baker University

You've got questions. We've got answers.

Is the TMS refund solution compliant with Title IV regulations?

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.

What management tools are available for administrators?

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.

How does the Refund Solution work for the PLUS loan?

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. 

 

How are exceptions managed?

TMS offers powerful exception processing for our Refund Solution, which is fully integrated into our TMS Account Center. Exception handling is simple, secure, and follows all industry best practice.

Exception processing includes: 

  • File management in real-time
  • Point and click exception processing
  • Controls for administrations, set for each unique user ID
  • Holding of single items from files allows a full file to be processed while holding just an indivual item for exception
  • Ability to edit without resubmission
  • Robust research tools
  • Auto-resubmit for exceptions
  • Robust notification tools
  • and much more!

 

 

How does implementation work?

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.

How quickly will our students get their funds?

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: 

  • Checks: created within one business day, requires 7-10 days for regular mail
  • Prepaid card: funds available same day (after card is received and activated)
  • ACH: between 1-3 business days, dependent on the business rules of the receiving bank

 1for all disbursements received by TMS by 1PM ET.

How does the card work?

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:

  • Fee-free access to over 50,000 ATMs nationwide
  • No NSF or overdraft fees
  • Fraud protection
  • Loyalty programs
  • Financial management tools
  • And more

How does a student get money off the card or use the card to pay for items?

There are several ways for students to access the full balance of their refund from the prepaid card, including:

  • ATM withdrawal (over 55,000 surcharge free ATMs located nationwide)
  • Use at any vendor which accepts the DiscoverĀ® logo worldwide
  • Card to Card transfer via the cardholder portal
  • Cash access options- such as cashback at more than 1 million participating merchants
  • Access to financial literacy tools offered by Discover
  • Students can easily and securely invite parents or others to load funds to card

Get Started with the TMS Refund & Disbursement Management Solution

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