I have to give my school my bank information so not sure if that is safe or not.
Do a lot of college students opt for direct deposit on their FInancial aid?
At my daughter’s school, she could pick direct deposit, a debit card, or a check cut to her. Well, it was MY money that was being refunded the first time (I paid for the meal plan but then she joined a sorority so they refunded it). It was great. Her checks have always come to me very quickly, and then I pay her housing bill.
Other daughter gets a check cut. Takes forever.
The debit card has a fee every time it is used.
I say give them the deposit info. I have my paychecks direct deposited and I’ve never had a problem.
My D gets hers direct deposited. She doesn’t use her checking account for it, but a savings account. Since she doesn’t have to include that amount when she reports her assets on the FAFSA because it’s financial aid, it makes it easy to prove that that money was from the school and it is not mixed in with her other money.
This is something your daughter will need to get used to. I have worked for three different employers in the last eight years and all have REQUIRED direct deposit to receive pay.
And yes…it’s safe.
But why isn’t your daughter giving them HER bank account information? If she has something like a work study job, the school very likely will NOT deposit HER pay into someone else’s bank account.
Oh she gets her pay, it’s just the refund from the school twice a year. It’s easier because I pay the housing bill. The year she studied abroad it was a lot easier because I paid her tuition with it after she’d already left the country.
At my Ds school, all aids are posted in her student account directly. If there is any remaining balance after tuition, fees, R&B, etc, she may request a refund in check or direct deposit. For most students with an EFC or living in dorm, it rarely happens.