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Streamlining Student Refunds: Going Paperless for Efficiency and Savings

Learn how Lone Star College System successfully transitioned to paperless student refunds, increasing efficiency, reducing costs, and improving student satisfaction. Explore direct deposit programs, marketing strategies, and the benefits of partnering with TouchNet for eRefunding.

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Streamlining Student Refunds: Going Paperless for Efficiency and Savings

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  1. TACCBO Conference June 12, 2013 Going Paperless with Student Refunds A win-win for everyone

  2. Your Presenter • Diane Novak, CPA • Associate Vice Chancellor, Accounting • Lone Star College System for 8 years • Responsible for Accounting, General Ledger, Financial Reporting and Student Financial Services. • Previously Internal Audit Director at LSCS

  3. LSCS Fast Facts Lone Star College System • 78,000 credit students, total enrollment of 90,000. • Added 30,000 students in past five years • Six colleges, five centers, two University Centers. • Largest institution of higher education in the greater Houston area. • 2012 – 2013 operating budget $278 Million. • PeopleSoft Student, Finance and HR systems.

  4. Time for a Change • Prior to 2011, we used Datatel Colleague ERP student system. • Student refunds were issued by paper check only. Loan proceeds were issued on stored value cards. • We used the transition to PeopleSoft as an opportunity to streamline and update our processes.

  5. Direct Deposit Program • Direct deposit program began spring 2011. • Marketing Campaign. • Signage and email blasts to students “Receive your money in 3 days vs. 2 weeks”. • Advertised in admissions, business offices and financial aid offices. • Goal by year 3 is 80% participation.

  6. Fall 2010 • 28,000 refunds = $28M • Paper check = 92%, • Stored Value Card = 8% (Loans)

  7. Fall 2011 • 46,590 Refunds = $61M • Paper check = 64% • Direct Deposit = 36%

  8. Fall 2012 • 48,000 Refunds = $71M • Paper check = 34% • Direct deposit = 66%

  9. 2013 to Date • 46,000 Refunds = $68M • Paper check = 29% • Direct deposit = 71%

  10. Third Party Partner • Partnered with TouchNet for eRefunding. • Students can enroll on-line via their myLonestar account. • Banking info is stored on TouchNet’s site not LSCS database. • TouchNet sends students an email letting them know their refund was processed. • Other TouchNet products – cashiering, payment gateway and payment plans.

  11. WIN – WIN ! • Cost savings from fewer printed and mailed checks. (Est. $100k in 2012) • Fewer returned checks in mail due to bad addresses. • Student receives money in 3 business days.

  12. Happy students = Happy business office

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