When students are waiting for financial aid disbursements, they need funds quickly. And fees to check on refunds or to withdraw that money add to their costs.
Students who attend the Dallas County Community College District will be able to use their own bank ATMs for withdrawals or to check balances – which will reduce their transaction fees significantly – thanks to an agreement approved by the DCCCD board of trustees during its regular monthly meeting on Feb. 2. They also will have more choices where they want their funds sent and how they are paid.
“Our goal is to help students cut costs while they attend college,” said DCCCD’s chancellor, Dr. Joe May. “By removing financial barriers and saving students money, we are supporting student success.”
The new contract with TouchNet Information Systems Inc. also will reduce the time that students must wait for their financial aid disbursements.
“The system that TouchNet brings to the district will decrease the time it takes to give students access to their funds and also will decrease the cost of handling fees,” said Stephen McDonald, DCCCD’s director of general and financial aid accounting. McDonald added that full implementation will be ready for the fall 2016 semester. “That’s when most of our students will notice the change,” he said.
The three-year agreement, totaling $394,703, will be used by both credit and continuing education students. District officials stated that DCCCD students collectively would save more than $760,000 on withdrawal or inquiry transaction fees, based on estimates of what they spent last year.
DCCCD’s recommendation and the board’s approval of the new contract were based on a refund process that would: be easier for students to navigate; reduce total processing costs; shorten actual delivery time for refunds and disbursements to students; and more easily facilitate federal compliance.
“This cost-saving measure complements efforts last year that were implemented to cut the cost of new and used textbooks for all students,” added Robertson.
