Time for Some Refunding Due Dilligence
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:
Want to learn more? We'd love to show you! Contact us to view a demonstration!
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:
We also offer ad hoc communications tools for administrators within the Administrator Portal, so you can communicate with your refund population at any time!
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!
"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.
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:
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: