Requires a postsecondary institution to comply with certain requirements in this act, if the institution disburses a student's federal or state financial aid balance by means other than directly depositing the student's balance into the student's existing account or issuing a check directly from the institution.

Requires the student achievement council's rules or requirements for institutions to participate in state financial aid programs to assure that contracts between postsecondary institutions participating in state financial aid programs and financial institutions or third-party servicers for the disbursement of student financial aid: (1) Ensure that state aid to students is available;

(2) Are in the best financial interest of the students;

(3) Ensure that the student is easily able to access his or her disbursement;

(4) Give the student a choice regarding the method by which the student receives his or her disbursement;

(5) Provide for an effective process for reviewing complaints filed by students; and

(6) Require that the institution does not have a revenue-sharing agreement with the third-party servicer or financial institution.