RFP# 26-005 Student Refund Disbursement Services

Here is a summary of the RFP document: **Introduction** Troy University is seeking a qualified vendor to provide student refund disbursement services for a period of 5 years with an option to renew for an additional 5 years. The university is currently contracted with BankMobile, but the contract expires on June 30, 2026. **Purpose** The purpose of the RFP is to find a vendor that can provide efficient and cost-effective student refund disbursement services, while complying with all cash management guidelines put forth by the U.S. Department of Education. The university wants a full-service contract that includes experience and expertise in the field, excellent customer service, and the ability to deliver funds to students in a timely manner. **Institutional History** Troy University is a public institution that was founded in 1887 and has since grown to become a worldwide leader in distance education. The university has several hundred employees and serves students at its campuses and online. **Current Operations** The university currently contracts with BankMobile to process student refunds. The refund process involves students setting up their refund preferences, which can be done through a website or by mail. The university initiates the refund by sending student information and refund amounts to the financial institution, which then processes the refund. **Service Requirements** The university is seeking a vendor that can provide the following services: * Manage refund disbursement for Troy University students * Provide technology, support, training, and intermediary software/services to manage the disbursement of student refunds * Offer exemplary customer service to all recipients * Comply with all cash management guidelines put forth by the U.S. Department of Education **Proposal Submission** Proposals are due on May 12, 2026, at 2 PM CST. The university reserves the right to modify the RFP and to accept or reject any proposal. **Contract and Award** The contract will be awarded to the vendor that best meets the requirements and specifications outlined in the RFP. The university anticipates providing notice of award to the successful contractor as soon as the decision is made to allow time for transition. The contract will be for a period of 5 years with an option to renew for an additional 5 years.