New regulations for how federal student aid or title IV funds are distributed to students effective July 1,2016. Notable changes include access to surcharge-free ATM's, transparency on account options where student may receive funds and obtaining consent before opening account with third party servicers such as debit and pre-paid cards.
The amendments "are intended to ensure that students have convenient access to their title IV, HEA program funds, do not incur unreasonable and uncommon financial account fees on their title IV funds, and are not led to believe they must open a particular financial account to receive their Federal student aid."
Click this link to read the Federal Register announcing the changes.
Amended Regulations for Federal Student Aid Distribution
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Jul 11, 2016
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