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Prepaid

Student Refund Management – What to Consider

Students enrolled in academic institutions that receive some type of financial aid, many times end up being owed a refund by the school after their tuition invoice is settled.  The bursar’s office is usually charged with determining what dollars are owed to which students.  Historically, the next step in the process entails manually processing then sending out checks to each qualified student.  Not only is the process slow and cumbersome, it is costly to both the institution and the student.  Industry data suggest that is costs almost $40 to deliver a check to a student.  Once delivered, the student has to find a place to cash the check.  Many times there is considerable fee associated with providing them the cash. 

The solution currently being adopted by many colleges and universities encourages the student to accept some form of electronic payment.  Through an integrated web interface (usually during the enrollment process), the student is prompted to select how they want to receive their refund:

MasterCard/Visa Prepaid Card

  • Student receives a MasterCard/Visa debit card and all refunds are loaded to the card
  • The student can make purchases anywhere MasterCard/Visa debit is accepted in store, online or by phone
  • Deposits are posted to MasterCard/Visa debit card a day after award is disbursed to Student Account
  • No delay while waiting for the mail
  • No bank account required or trip to the bank to cash a check
  • Surcharge-free cash withdrawals at specific ATMs locations (including on campus)  
  • Coverage by the card’s inherent fraud protection feature in the event the card is ever lost or stolen
  • Free online account management 
  • Flexible, convenient and safe access to a student’s funds

Electronic Funds Transfer (EFT)

  • Student receive an electronic funds transfer to their checking or savings account
  • Deposits are posted to checking or savings account a day after award is disbursed to Student Account
  • No delay while waiting for the mail
  • Free online account management 
  • Flexible, convenient and safe access to your funds

The fundamental issue associated with this paradigm shift involves ensuring compliance with Title IV and other legislation that regulates how a refund can be disbursed.  Title IV Funds refers to the federal financial aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs: Unsubsidized Federal Stafford Loan, Subsidized Federal Stafford Loan, Federal Perkins Loan, Federal PLUS Loan, Federal Pell Grant, Federal Academic Competitiveness Grant, Federal SMART Grant, Federal Supplemental Educational Opportunity Grant and Federal TEACH Grant.  The Department of Education’s guidance on this topic suggests that a check must be a method of disbursement made available to the unbanked student (or a student that fails to provide their bank routing/transit information).  If that student does not select a form of payment, the default method of payment must be a check.  In addition, a school must adopt reasonable safeguards and obtain authorization from the student (e-signature is fine) before an electronic payment can be made.   

Other issues associated with moving to an electronic form of payment involve the predatory fees some vendors charge for providing the service.  Along with severely punitive insufficient fund fees, some of this companies charge students incredibly high “abandonment account fees” if the monies remain unused in their assigned account.

The obvious economics suggest that academic institutions must move their refund disbursement process to an electronic form of payment.  That said schools must carefully evaluate all platform options before aligning with a potential provider.   The institution must be certain that the ultimate solution deployed considers what’s best for the school and the matriculating student. 

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Fishing

Fishpond Gore Range Tech Pack or William Joseph Access Chest Pack

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As a relatively new fly fisherman, I have come to appreciate the importance of having the right equipment available to me at the right time.  There are many variables that can dictate your success or failure during your time on the water.  A fisherman must adapt to uncontrollable and challenging conditions that include but are not limited to the weather, the hatch and the water temperature.  Beyond the rod, reel, line, leader, tippet and fly, there is additional gear that can help a fisherman (or woman) achieve success.    

After initially purchasing a basic fly vest from Cabela’s, I quickly realized that a more technical pack would remove some of the complexity and effort related to the sport of fly fishing.   I first purchased the Fishpond Gore Range Tech Pack, then acquired the William Joseph Access Chest Pack for fishing during the warmer months. 

Here is what I think:

  Fishpond Gore Range Tech Pack William Joseph Access Chest Pack
Price $139.00 $69.00
Product Description Lightweight with versatility and expandability. Adjusts to fit all weather conditions. Zip-down fly benches have mesh expansion pockets for tippet spools. Large mesh back pocket with additional horizontal zippered pocket for stowing extra gear.

  • “One-size-fits-most” adjustable shoulder and waist strap design
  • Signature, zip down fly bench with replaceable foam
  • Lightweight, waterproof and breathable fabric
  • 17 exterior and interior pockets
  • Mesh backing for ventilation and warm weather comfort
  • Vertical chest pockets hold large and medium boxes
  • Mesh pockets on fly bench for tippet spools
  • Gear attachment tabs, cord loops, and D-ring net lash
  • Hemostat keeper
 William Joseph’s Access Pack is ideal when packing light for a fishing trip to a remote creek is more important than packing every single piece of tackle you own. The Access Pack’s compact design offers a surprising amount of storage space, and it’s outfitted with a built-in retractor, zip-down workstation and tippet control system. The lightweight, less is more design of the Access Pack ensures easy access to accessories and comfortable fishing.

  • A built-in retractor and zip down workstation
  • Docks to the William Joseph Drifter and the Exodus Backpacks
  • Loads of pockets, dividers and compartments to keep even the biggest gadget-junkie organized
  • New TCS (Tippet Control System), keeps your tippet organized and neatly tucked out of the way
  • Fully adjustable for a “one-size-fits-most” pack
Durability The Gore Range Tech Pack is built to last.  Zippers and stitching are high quality. I have worn this vest under extreme weather conditions, and it has performed well.  I will update this blog in 12 months and tell you how the product has held up. The Access Chest Pack is light but solid in construction.  Zippers and stitching are high quality.  I will update this blog in 12 months, and tell you how the product has held up.
Functionality The Gore Range Tech Pack has a lot of pockets and access points.  Truthfully there are so many choices, I end up forgetting what I have put in each pocket.  The zip down fly bench is fantastic.  I am able to easily get at flies without fumbling  through pockets looking for the right fly box.  Unfortunately, the 360 degree swivel retractors comes separately (and are expensive – $18.00 per unit).   The Access Chest Pack is simple yet so efficient.  The pockets are accessible and easy to utilize.   Just like with the Gore Range Tech Pack, the workstation is a wonderful convenience that has allowed me to remove the fly box from my arsenal.  The Tippet Control system is my favorite feature as it saves me time and energy when changing rigs.  It would be helpful if William Joseph adds one more built-in retractor to this pack in the future. 
Fit Very comfortable (I am 6 foot, 190 pounds).  Easily adjusted and very comfortable (I am 6 foot, 190 pounds). 
Customer Service Months back, I needed to purchase additional foam inserts for the fly bench (they are replaceable and attach via Velcro).  I phoned the store where I purchased the vest and they could not help me.  I emailed Fishpond and they never got back to me.  I called Fishpond and they recommended I call some stores that carry their product.  After calling three Fishpond merchants, one eventually took my order and mailed me the inserts six weeks later.  Truthfully, not a great  customer experience.  Recently, I needed to purchase additional foam inserts for the Access workstation (they are replaceable and attach via Velcro).  I emailed the company, and got a personal response in less than 24 hours.  The product was mailed to me within days my inquiry.  Kind of makes me want to buy more William Joseph products in the future. 
Would I Buy it Again Probably.  The Gore Range Tech Pack is a quality technical vest that any fly fisherman would appreciate.  Yes.  The Access Chest Pack gives me everything I need to be successful at a good price point.  I consider the Access Chest Pack to be a better overall value. 

 

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Business, Prepaid

Create Behavior Changing Impact

Through innovative and targeted campaigns, professional marketers create immediate demand from their intended audience.    Appropriate and timely messaging, in conjunction with some type motivator (rebate), can turn apathetic prospects into energetic buyers. 

Many times however, there is an unavoidable lag between the demand creation and the actionable next step….the purchase.  Through the utilization of a defined online strategy, marketers are able to minimize the time between consumer interest and execution.  

Marketers who employ an effective eCurrency (a virtual prepaid Visa or MasterCard) strategy are able to:

  • Immediately and seamlessly reward the consumer for following the indented buying behavior. 
  • Steer the audience to a predefined purchase. 
  • Strengthen brand equity at the consumer and product level.
  • Manage costs by moving to an electronic form of payment (eliminating paper and plastic).

In addition to these business benefits, the consumer experience has evolved at the transaction level.  The recipient is now able to add dollars (via a credit card) to their virtual Visa/MasterCard so they can perform online purchases with ease.  The economics and empirical data suggest that professional marketers should consider adding an eCurrency option to their available toolkit.

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Fishing

Callibaetis = Filet Mignon for a Colorado Rainbow Trout

English: Rainbow trout
English: Rainbow trout (Photo credit: Wikipedia)

Callibaetis mayflies, among the largest in the Baetidae family, reside only in slow or still water. The most important species is Callibaetis ferrugineus, which is found across the country but produces its best hatches in the West.

On July 28th, I found out first hand and up close what a callibaetis hatch means to a Colorado rainbow trout – bon appétit.

After a prolonged hike through mosquito infested marsh land, my buddies and I arrived at a section of Spinney Mountain Reservoir that I had never fished.  The early morning cloud cover had burned off, and the temperature rose to an uncomfortable 85 degrees.   The air was still (rare for Spinney) so the water was like glass.  As we waded to the weed-line, backs of large rainbow trout began to emerge from the depths of the lake.  My heart was racing as we fanned out in order to cover the most water.  Waiting for any movement within casting distance, I began to strip fly line in anticipation of additional trout slurping.   My impatience forced me to cast my #12 grey flashback hare’s ear toward the middle of the lake.  Two slight twitches, then BANG, a 20 inch bow hit the fly and took instant air.  Three jumps later he sped laterally, stripping my fly line down to the backing.  The fight continued for about 10 minutes, ending in the netting of the fantastic fish.

The callibaetis hatch lasted over 2 hours, and the trout disappeared as fast as they arrived.  Between the three of us, we landed over 20 fish, all between 18 and 22 inches long.  What an amazing day in Colorado.

http://youtu.be/2b1UogBOZF0

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Business

Loyalty in Business: A Paradox by Definition

I will persevere in my course of loyalty, though the conflict be sore between that and my blood.  William Shakespeare >  King Lear >   ACT III. Scene V. 

At 42, I have been privileged to have made amazing friends in my life.  These are genuine people who actually care about my wellbeing.  I feel an intense obligation to demonstrate lifelong reciprocity with these individuals, because they have supported me through good times and bad.  These relationships are earned and refined over time. Click Bad Credit Long Term Loan

Unfortunately, transferring these attributes into corporate life is unrealistic, and might ultimately be disappointing.  As a manager of people, you have an obligation to help them optimize their performance in order to attain company objectives.  You develop a devotion to your team when they work ungodly hours and exceed expectations.  A manager admires an unbridled work ethic, determined focus and an enduring commitment to the cause.  A manager returns the excellence of their team by ensuring that these individuals attain their personal goals, whether it is money, power or title.  As these associations evolve, it becomes difficult to separate the various emotions associated with friendship inside a business structure. 

Dan Gilbert, the now infamous Cleveland Cavaliers owner, obviously found it difficult to separate his passion to win an NBA championship for the state of Ohio, with the reality of NBA free agency.  By leaving for the bright lights of South Beach, LeBron James betrayed the city that had embraced him since his youth.  That being said, the love that the Cavaliers fans had for LeBron was not shared by the player (despite his pre-game chalk-tossing ritual).  LeBron views the NBA as a business – he wants the best chance to make millions while rewriting the league’s record books.  While I find his leaving Cleveland cowardly, the only loyalty he had to demonstrate was to the LeBron James’ family.

The phrase “it’s only business”, is an appropriate summarization of how one should view relationships developed inside a corporate environment.  Business associates should expect honesty, respect and ethical treatment of one another.  Anything further should be embraced, as fidelity is a rare trait today.

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