Economy

ONE OF THE MOST VALUABLE opportunities created by budget problems is the chance to put in motion some long-awaited changes for your college or university.

Is there a crisis looming in the student loan industry? Are we in the midst of one already? Depending on what you read, the answer is both "yes" and "no."

AS I WRITE THIS, OIL IS AT $135 A BARREL; gas pump prices have topped $4 almost everywhere. Some airlines are charging a $15 fee for the first checked bag-on top of a $25 fee for checking a second bag-to help offset fuel costs.

The worldwide demand for higher education and lifelong learning has never been greater. Colleges and universities around the globe need to scale up their offerings to cater to a mass influx of students, for whom a degree is their passport to the 21st-century workforce. Yet, they must do this in an environment where funding is often constrained and costs continue to spiral upward.

IT'S AN ELECTION YEAR, SO we're hearing a lot about income and wealth inequality in the United States. The rich seem to be getting richer, in part because a few sectors of the economy are creating incredible wealth for those who participate in them. These people want their wealth to have an impact on charities that they support.

For students at Sam Houston State University, a slim wallet-size card is the key to getting financial aid refunds, a paycheck from a campus job, access to the dorm, a good book , a good meal and more.

Student refunds are a major process here. We have campuses all over the United States, and we were issuing all paper checks. It involved a lot of staff time, print costs, postage costs.

We have about 5,000 credit students who are here for their Associates Degree or taking vocational classes. We also have about 5,000 community education students who are just taking classes for enjoyment or personal enrichment.

The decision-makers at Troy University knew that issuing refunds electronically would make the process more efficient, especially for a university with 35,000 students studying at more than 60 campuses. But it also had an unexpected benefit.

Issuing refunds from financial aid and tuition overpayments to students used to be a time-consuming and labor-intensive affair at State College of Florida, Manatee-Sarasota (SCF), just as it is at many colleges and universities. Inefficiency was only part of the problem.