News Byte: Bursar ‘ACEs’ Students’ Refunds
February 6, 2023
New York Tech’s Office of the Bursar, which oversees the financial details of students’ college experience and expenses like tuition, fees, and refunds, has received the 2022 Achieving Campus Efficiency (ACE) Award—marking the third year in a row it has received the award. BankMobile Disbursements presented the award to 201 institutions in 2022.
As institutions of higher education begin to benefit from using electronic payment systems, a level of efficiency and security is achieved and recognized by BMTX, Inc., the company behind the electronic services. The ACE Award recognizes institutions that have at least 90 percent of all refunds in a calendar year disbursed electronically and at least 40 percent of an institution’s students having completed the refund selection process.
In 2022, New York Tech’s Bursar processed 11,589 disbursements, with 11,386 of those processed electronically—that’s 98 percent. This online handling of higher education finances offers students and their families the peace of mind that a paper check will not become lost in the mail—it is also quicker and more reliable, notes Senior Director of Student Accounts Patricia Duran. Students may even elect to receive text alerts so they can know the status of their refund at any time.
Funds returned to students include leftover money from financial aid awards, loans, or grants after tuition has been paid, tuition overpayment, and costs associated with a dropped class. These funds may be disbursed as a direct deposit to the student’s account, a credit card, or a bank account.
“We’re continuing to focus on how we improve delivery to students and enhance our services,” says Duran.