DeVos Secretary launches innovative pilot at four universities for students reimbursements access financial aid February 28, 2020 Contact: Press Office, (202) 401-1576, press@ed.gov < li class = "views Views- row row row-1 peak views and views first row last row views">
WASHINGTON - Federal student Aid myFSApay today launched the pilot program for students at the State University Jackson, Purdue University, the University of California-Riverside and the University of Georgia. This innovative pilot will allow students from participating schools to choose to receive their refunds-after financial aid expenses such as tuition, fees, room and board are paid on a prepaid card with linked online account accessible via the myStudentAid application mobile.
Traditionally, when students receive support for more federal student who bill for their institution, they have been able to receive their remaining repayment of financial assistance through direct deposit, check or card prepaid debit. MyFSApay pilot program provides students a convenient alternative. MyFSApay account either redeems or not charge any fees for the most common types of transactions in stores and at ATMs. Students can use the account to pay other educational expenses such as transportation, books, food and supplies, and can, for example, depositing checks from an employer or parent in-to-peer peer account and payments complete.
There is no cost to students or schools to participate in the pilot. The Department has selected the four institutions, in part, based on the participation of schools in the federal student aid programs, large student body, and geographic location. additional schools will be added throughout 2020.
The pilot will initially be implemented by Fiserv and METABANK, which were selected based on the quality of their past market performance campus card, fit for the program, and technical capabilities. In its assessment of the effectiveness of the pilot, the Department will receive data from Fiserv and METABANK, aggregates such as the percentage of students receiving financial aid refunds to sign up for and activate the card; the data will not be provided until a considerable number of students are enrolled in order to protect your privacy. In addition, pilot implementers are not allowed to cross market other services or sharing student information with third parties.
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