Gone are the traditional ways of handling financial transactions, involving time-consuming tasks like paper checks and cash payments. Nowadays, student financial management emerges with rapid innovation. Several Organizations are availing financial services for educational institutions.
You might have guessed today’s topic by now. Yes, today, we are going to talk about one such company, Higher One, which helps educational institutions and students with financial aid. Therefore, delve deep into this 2000-founded company, along with the extra information about the same. So, keep scrolling through the blog to gain vital insight.
Overview
Founded by Miles Lasater, the Founding Partner and CEO of Purpose Built Ventures, in the year 2000, Higher One financial aid provides more efficient, convenient, and easy-to-use solutions for conducting financial disbursements directly to the gateway of higher institutions. They cater to student refunds, on-campus & community purchases, payroll & employee expenses, and collections of payments from students, parents, or sponsors.
The first mission of the company was to create an electronic process for getting students their financial aid refunds faster, thus saving them time and money. The sole purpose grows into a broad suite of products and services aimed at enriching lives and promoting the success of more than 13 million students across the country.
The Rise of Higher One: An Inspiring Journey
Initially, the company partnered with Universities across the United States so that students could have a more convenient way of receiving financial aid and refunds. By developing a unique payment card, the company allowed students to access funds through the electronic system, with no requirements for paper checks. Moreover, this innovation brought several benefits for the students, including cutting down on wait timing, greater accessibility to funds, easily managing and tracking aids and refunds.
Key Features Make Higher One Stand Out
| Particulars | Details |
| Acquired by | Blackboard |
| Location | New Haven, Connecticut, United States |
| Number of Employees | 501-1000 |
| Last Funding Type | Venture – Series Unknown |
| IPO Status | Delisted |
| Website | www.higherone.com |
| CB Rank (Company) | 269,923 |
| Industries | Analytics Ed Tech Education Financial Services |
| Closed Date | Nov 4, 2016 |
| Founders | Mark Volchek, Miles Lasater, Sean Glass |
| Stock Symbol | NYSE:ONE |
| Phone Number | (203)776-7776 |
| Headquarters Regions | East Coast, New England, Northeastern US |
| Founded Date | 2000 |
| Operating Status | Closed |
| Legal Name | Higher One, Inc. |
| Company Type | For Profit |
What are the Services Offered by Higher One?
Primarily, the company focuses on simplifying the financial aid and refund process for students, especially in paying tuition and handling other day-to-day banking needs. Some of the major features are mentioned below.
Refund Management
One of the major services offered by Higher One is its refund management services. It’s like – whenever students receive financial aid or any other money, the company facilitates the distribution of those funds. Alternatively, it provides students with an electronic payment card, i.e., a OneAccount card, to access funds directly. What was the benefit for students? This eliminates the need to wait for paper checks, thus simplifying the process.
One Account
A prepaid debit card, allows students to manage their finances with ease. This debit card provided several features, including direct deposits, access to ATMs, and the ability to make online or offline purchases. The advantages of this card included no minimum balance requirements, setting up automatic bill payments, and integration with mobile banking apps. Such features and advantages make OneAccount an appealing choice for students.
Mobile Apps
As smartphones became more prevalent, Higher One acknowledged the need for a mobile solution to help students pay their bills. Thus, the company introduced a mobile application that enabled students to view their balances, check their account activity, and even move money between accounts. This made the app more user-friendly while helping students control their finances more effectively.
Choosing Higher One: A Value-driven Approach for Investors
We have read about the company and how it revolutionized the way financial aid was distributed. It helped students access their refunds quickly and conveniently. Moreover, in doing so, it helped solve some of the longstanding issues.
Some of the benefits of the company are mentioned below.
- Faster access to Funds – The traditional practice involved waiting in a long queue for paper checks or going through a complex process, which was initiated by the company to make funds access easier and smoother.
- Financial Literacy & Empowerment – One of the key goals of the company was to encourage students to take control of their financial matters. Therefore, by introducing tools like debit cards and banking services, the company avails students of basic financial concepts, including financial management.
- Partnership with Educational Institutions – The company also partnered with several educational institutions across the US. Through seamless integration, the company was able to enhance administrative efficiency.
Bottom Line
The transformation of Higher One from a small enterprise that specializes in refund disbursement to a large company providing student financial services demonstrates the truth of innovation in addressing real-life challenges.
We must say that – by simplifying the financial aid process and providing students with the tools to manage their expenses, the company truly enhances the traditional refund management process involving paper checks. Higher One goes one step further in the overall student experience on college campuses. Although it received criticism, nothing could stop the company from making the overall process for students and universities.
