USDOE’s New Idea: Student Loan Debit Cards

deutsch29: Mercedes Schneider's Blog

On January 19, 2018, the US Department of Education (USDOE) issued this pre-solicitation notice of a pilot program involving issuing student loan balances via debit card:

This is a PRE-SOLICITATION NOTICE to announce the anticipated release of a solicitation for contractor support for Federal Student Aid (FSA)’s Payment Card Program Pilot on or about February 2, 2018 and to share a draft of the solicitation.

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.

The purpose of the FSA Payment Card…

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