Specifications include, but are not limited to: The University invites you to submit a proposal to provide services for a highly cost efficient (both in terms of cost to the System and students) and timely delivery of financial aid refunds, monthly stipends, tuition and fee refunds, and other types of payments (collectively “student refunds”) to University of Houston students. While certain specifics are included in this request for proposal, the System is interested in other ideas and concepts from those participating in the process that would enable the System to offer state of the art and premier services to its students at the least amount of cost. The System envisions a transparent process where students can choose how they wish to receive their refund. The process will use the latest technology in order to provide timely access for the students. Should students elect to receive a check, the refund processor will issue within the appropriate timeframe as established by the Department of Education Title IV refund regulations.