HESC can be the single point of contact for all disbursements ─ FFEL loans, alternative loans, and New York's 529 College Savings Program funds ─ for all lenders and other guarantors, to any number of bank accounts.

EFT Express and Escrow EFT

HESC has two loan disbursement options ─ HESC EFT Express and Escrow EFT. No matter which option the school chooses, they'll still use the same loan origination and guarantee process and they can participate in both processes.

With Escrow EFT, the lender initiates disbursement through HESC based on the school's disbursement date.

With EFT Express, schools have more control over the timing of FFEL disbursements and their processing is simplified. By using EFT Express, schools determine which loans should be disbursed each day, inform HESC of their choices, and receive funds the following morning. Learn more about HESC EFT Express by visiting HESC Products & Services.

Electronic Fund Refunds (EFR)

Refunds are processed automatically through our electronic Financial Aid Network (EFAN), proprietary layouts, or through our Web-based refund process, Electronic Funds Refund (EFR). EFR is the simplest, fastest way for funds to be returned because it allows schools to return funds through a single, secure source. Instead of making multiple refunds to multiple lenders, they can send a single transaction to HESC and we'll return the funds to each lender.

Blanket Guarantee

Blanket Guarantee is an agreement between the lender and HESC which allows the lender to disburse FFEL Stafford and PLUS loans before the lender receives a notice of guarantee. The lender disburses the loan based on information from the school and then reports the loan to HESC. Under the blanket guarantee process, the loan is guaranteed when the lender disburses the funds.