Sallie Mae — Offering Refund Disbursement Options That Provide Choice, Flexibility and Convenience

Sallie Mae is highly committed to offering students refund options with low fees, student-friendly features and completely transparent account terms.

Refund Disbursement Options

Sallie Mae offers the flexibility of three disbursement options for students to receive their funds:

• MyFlexCard by Sallie MaeSM: a reloadable, prepaid Debit MasterCard® providing students with many account management features as well as same-day access to their funds.
• Direct deposit (ACH): provides students the ability to easily have their funds deposited to an existing bank account within 1-2 days.
• Paper check: checks are mailed to students the next day and delivered via US Mail within 7-10 days.

Newest Refund Disbursement Option

MyFlexCard is the latest addition to our existing suite of student-friendly refund disbursement options. MyFlexCard is powered by Greendot®, a leading provider of prepaid debit cards and requires no credit check, providing students easier access to a card packed with features and benefits1.

The card offers:

• Student Guardrails: students will NEVER be charged overdraft, decline or insufficient funds fees2. Also — there is no charge to use the card for PIN or point of sale transactions.
• Transparency: along with clear pricing and readily accessible account terms, we ensure students understand how to avoid fees and make sound decisions about their funds.
• Fast access: Students receive their funds the same day3 they're disbursed and can even print a temporary card number4 before their physical card arrives5.
• Simple application process: there is no credit check or review of a student's banking history to enroll.
• Easy account management: accounts can be managed online or via mobile apps6 for iPhone®, AndroidTM, and iPad®.
• No-Fee ATM access with locators: access to no-fee withdrawals at 22,000+ MoneyPass® ATMs nationwide, plus mobile4 apps and an online locator to make finding a local in-network ATM easy.

Why choose Sallie Mae?

Sallie Mae wants to help your school disburse financial aid refunds. When you select us as your refund disbursement partner, you save printing, postage, and labor costs while ensuring students have access to choice. Benefits of Sallie Mae Refund Disbursement include:

• Easy Disbursement: We deposit the funds into the student's MyFlexCard account or via ACH to enrolled accounts. Students that don't enroll in an electronic method will receive a paper check.
• Self Service: Students enrolled in a refund method can track their payment status online.
• ACH Returns Management: If an ACH payment is returned, we send those funds electronically to your school's account.
• Stale Checks Management: If a check is not cashed within your school's pre-determined period of time, it is returned to your school account.
• Automatic Re-Enrollment: Once a student has enrolled for electronic refunds, the information stays in our system for as long as the student stays in school. No need for annual re-enrollment.

1MyFlexCard is provided by Green Dot Corporation and is issued by Green Dot Bank, pursuant to a license from MasterCard International Incorporated. Green Dot Corporation is a member service provider for Green Dot Bank. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. Green Dot is a registered trademark of Green Dot Corporation.

2This account charges no overdraft, decline or insufficient funds fees. Other fees may apply. Complete terms and conditions will be presented to applicants prior to enrollment. Use of debit/PIN transactions at point of sale are available at US Merchants only.

3For students who have enrolled to have refunds deposited into MyFlexCard, monies are deposited same-day when Sallie Mae receives a Payment File from the school prior to 2:00 p.m. ET.

4After enrolling for the MyFlexCard, students have a one-time opportunity to print their temporary card number, expiration date, and security code while they wait for their personalized debit card to arrive in the mail. The temporary card number can be used for online transactions except where a PIN is required or with merchants or websites outside the U.S.

5Student will receive card in 7-10 business days.

6We do not charge students for mobile apps or to receive text messages. However, the student's mobile provider's standard rates for sending and receiving text messages still apply. Student can set up text alerts to remind them when their account balance is getting low.