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.