Title IV Refunds- It's Easy to Do it Right!

Tuition Management Systems is honored to be a second time winner of the 2015 Paybefore Head of the Class Award! This award recognizes the Tuition Management System’s Refund Solution, specifically for the innovative, student friendly use of prepaid cards within the solution.

 

 

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Choice is the foundation of the TMS Refund and Disbursement Management Solution. 

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. 

Click here to learn more about  the changes that need to be made in order to be compliant with the newly released rules published by the DOE regarding Cash Management and Title IV refunding. 


 

 

Best Practice Alignment

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:

  • an unbiased choice for students of where to bank
  • student friendly and clearly disclosed fees
  • unrestricted access to funds
  • strong consumer protections
  • no-push marketing or conflicts of interest.

Custom Built for you

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. 

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?

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.

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 50,000 surcharge free ATMs located nationwide)
  • Use at any vendor which accepts the Discover® logo worldwide
  • Card to Card transfer via the cardholder portal
  • Cash withdrawal at a banking center

Get Started with the TMS Refund & Disbursement Management Solution

Request a Consultation