Fall 2012
Committee:
Higher One Ad Hoc
Whereas, Higher One is a banking company which colleges may elect to use to disburse financial aid to students and is commonly opted for by students because of the shorter wait for deposits;
Whereas, In the last few months, the company has been sued for unfair and deceptive practices, including opening bank accounts for students without their authorization, and charging high fees for use of the account (McFall v. Higher One Holdings et al. and Price v. Higher One Holdings et al.);
Whereas, Students are often not made aware of the Higher One debit card fees associated with the account until they are well into the process of approving the account; and
Whereas, Private corporations such as Higher One are taking advantage of public funds that are needed by students in order to help them in their pursuit of higher education;
Resolved, That the Student Senate for California Community Colleges work with local associated students organizations to look at the full impact of Higher One, identify which districts use it, and present a report by the Fall 2013 General Assembly.
Resolved, That the Student Senate for California Community Colleges urge districts to fully investigate banking companies such as Higher One, including their fees, disclosures, and legal history, prior to contracting them, and that district ensure all students receiving financial aid be given information up front prior to allowing students to opt into the program (including fees, accessibility of ATMs, and the pros and cons of all financial aid disbursement options);
Resolved, That the Student Senate for California community Colleges advocate that college districts only use trusted companies; and
Resolved, That the Student Senate for California Community Colleges research into alternative businesses in order disburse financial aid through
debit cards with the possibility of no fees on students.
Whereas, In the last few months, the company has been sued for unfair and deceptive practices, including opening bank accounts for students without their authorization, and charging high fees for use of the account (McFall v. Higher One Holdings et al. and Price v. Higher One Holdings et al.);
Whereas, Students are often not made aware of the Higher One debit card fees associated with the account until they are well into the process of approving the account; and
Whereas, Private corporations such as Higher One are taking advantage of public funds that are needed by students in order to help them in their pursuit of higher education;
Resolved, That the Student Senate for California Community Colleges work with local associated students organizations to look at the full impact of Higher One, identify which districts use it, and present a report by the Fall 2013 General Assembly.
Resolved, That the Student Senate for California Community Colleges urge districts to fully investigate banking companies such as Higher One, including their fees, disclosures, and legal history, prior to contracting them, and that district ensure all students receiving financial aid be given information up front prior to allowing students to opt into the program (including fees, accessibility of ATMs, and the pros and cons of all financial aid disbursement options);
Resolved, That the Student Senate for California community Colleges advocate that college districts only use trusted companies; and
Resolved, That the Student Senate for California Community Colleges research into alternative businesses in order disburse financial aid through
debit cards with the possibility of no fees on students.