Rising Star Award and 100% Client Retention Caps Banner Year

NEW HAVEN, CT, February, 2007 - Higher One, a technology based financial services company that provides refund management and banking services to higher education institutions, today announced 2006 as being the company's most successful year to date. Client satisfaction was at an all time high with Higher One retaining every school that was up for renewal in 2006 and increased their total number of partner schools to 66, a 100% increase over the past year.

While experiencing tremendous client growth, Higher One continued to be the leading provider of refund management while delivering superior service to its College and University Customers. In 2006, Higher One managed $846 Million in refund disbursements for its College and University clients. Students at those schools continued to adopt Higher One's optional OneAccount checking account and used their debit cards at extremely high rates. Students made $275 million in Debit MasterCard transactions in 2006 and Higher One ended 2006 with more than 200,000 students actively using the OneAccount. As a business, Higher One continues to expand, recording its second EBITDA profitable year and almost doubling their revenue from 2005. The company's growth has not gone without notice as Higher One was named a Rising Star (#10) in the Deloitte & Touche 2006 Technology Fast 500.

"We are delighted with how steadily we are growing from year to year and are pleased with the ever increasing total of disbursements we have made for our growing client base," said Dean Hatton, President and CEO, Higher One. "We have a particularly unique and valuable program that has successfully helped higher education institutions across the country improve their refund disbursement process making it faster, easier and more efficient for everyone involved."

As online banking becomes the norm for college students, higher education institutions are acknowledging this trend by utilizing Higher One's program to meet the demands of today's students. Upwards of 2.5% of all college students in the United States carry a Higher One card and over 1% of those students, more than 200,000, utilize Higher One as their primary bank.

In 2006, Higher One also announced its first state-wide system contract in Georgia. After noting the trend that an increasing number of institutions were implementing refund management services, the Georgia Board of Regents and Department of Technical and Adult Education awarded Higher One the RFP for preferred refund management solution for all 69 of their schools and more than 300,000 students.

Over the past year, Higher One has announced partnerships with 33 schools, including its largest individual client to date, Miami Dade College (MDC). The largest land based educational institution nationwide with over 100,000 students; Miami Dade was searching for an alternative to writing refund disbursement checks and dealing with the many hassles associated with in-house disbursement programs. Higher One's flexibility, experience and focus were exactly what MDC needed in a partner to manage their refund process. Their decision to go with Higher One was made primarily to eliminate the inefficiencies of paper checks and offer a more efficient and secure refund process to their students.

Higher One continues to be the choice of leading higher education institutions because the company's service is more than just payments; it streamlines the entire disbursement process for both the school and the student. Higher One's OneDisburse Refund Management includes the handling of all disbursements, exception handling, customer service and IT security issues, and eliminates many costs that are associated with refund delivery while providing refunds to students more rapidly.

Higher One's program also enables clients to offer their students a suite of financial services, including a free checking account with unique features designed for students. Students, faculty and staff can use their official ID or Refund Card provided through Higher One for primary bank access, as a MasterCard Debit card, retrieving cash from an on-campus Higher One ATM, making purchases on and off campus, transferring money electronically and monitoring their accounts online 24/7 through their OneAccount University-branded website.

"As schools look to meet the demanding needs of students by providing the latest in technology and convenience, refund management and online banking is continuing to become a necessity on college and university campuses nationwide," added Hatton. "Higher One continues to see an increasing need among schools to provide effective management of the refund disbursement process and improve the student payment experience."

Leading the trend within higher education, New Haven, CT-based Higher One has become the standard of service for American higher education institutions looking for ways to improve the student experience. Higher One's service is the only comprehensive refund management solution available today and features no setup costs, minimum involvement with schools' IT systems, and a unique revenue-sharing benefit for the college. Students may choose any of three options to receive financial aid and other refunds: direct deposit to the free OneAccount checking account, automatic check handling (ACH) for deposit into another bank checking account, or a paper check.

About Higher One

Focused exclusively on higher education, Higher One provides refund management services to higher education institutions and banking services to members of their community through a card based solution. Higher One's integrated solution helps universities reduce administrative costs, streamline business processes, create new revenue streams, increase student customer service and strengthen the campus community. Higher One's refund service, OneDisburse, provides students with more choices and better services for receiving financial refunds. Higher One also offers a suite of banking services called OneFinanceSM, which includes the OneAccount, a no minimum balance, no monthly fee checking account with the OneCard, a Debit MasterCard for ATM withdrawals and purchases, and exclusive features such as "Send Money", Easy RefundSM, and Campus AutoLoad. The OneFinanceSM and OneDisburse solutions can be integrated with the institution's ID card or provided through a separate "refund only" card.

To date, Higher One has disbursed $2 billion dollars in refunds for its university clients. More than 450,000 students, faculty, and staff at distinguished public and private universities use Higher One's services through their ID or refund card.