New debit card for financial aid

The days of waiting for financial aid checks by snail mail are over. American River College students can now access their financial aid the same day it's released by the college.

For the first time this semester over 400 universities and colleges, including the Los Rios Community College District (LRCCD) has partnered with Higher One, a financial services company designed to address the specific financial needs of college students. Whether a financial aid recipient or not, the LRCCD One Card can benefit all students enrolled in higher learning institutions.

The LRCCD One Card is not a credit card, so there is no risk of debt. It is a debit card backed by the purchasing power of the Master Card network. Through this partnership the LRCCD also offers the One Account, a free checking account insured by the Federal Deposit Insurance Corporation (FDIC), with no monthly fees or minimum balance required to keep open.

Early Childhood Education major Maylyn Bradford, who likes the idea of the One Card said, "For those [students] trying to repair their credit and don't have a standard banking account this is a big deal!" Bradford said she feels like the One Card is better than her pre-paid debit card that she currently uses because it offers a free checking account.

Students have one of three options in how financial aid payments or refunds are disbursed. Upon receiving the LRRCD One Card students are instructed to visit www.lrccdonecard.com to begin the activation process. Option one allows students to access disbursements the same day they're released by having the funds posted to their Higher One card. Option two allows payments to be transferred to other bank accounts, and funds are available in 2-3 business days. The third option is the original method in which checks are sent by mail in 5-7 days.

Before activating the LRCCD One Card students are encouraged to read the agreement in its entirety for additional fee-based services. When making purchases with the card, choose credit and sign the sales receipt to avoid pin-based transaction fees. ATM transactions are free if withdrawn from a Higher One machine. The Higher One ATM on campus is located in the Student Services Building, and only accepts the LRRCD One Card.

For more information, additional savings, and rewards associated with the One Account visit the LRCCD One Card website, or www.learnaboutone.com. The LRRCD One Card and Accounts are optional; however, if no choice is made at the time a student is due a refund or financial aid disbursement, option three will be selected automatically.

moorest@imail.losrios.edu