19
Jan
Federal Student Aid Next Gen Payment Card Program Pilot
FSA intends to launch a FSA Payment Card (“FSA Payment Card Program”) to facilitate FSA loan refunds, along with other funds, originated by participating schools. Currently, FSA loan money is received directly by the Institutions of Higher Learning whereby schools apply those funds to student accounts for tuition and fees. The Institutions of Higher Learning then refund the overage to the student which is accomplished in a variety of ways: cards, ACH, manual checks, and even cash disbursements.
