Education-focused financial services company Sallie Maeannounced Monday that it will begin offering no-fee studentchecking accounts into which colleges and universities can directlydisburse financial aid and tuition refunds owed to students.

The FDIC-insured checking accounts will be offered throughSallie Mae Bank and allow student account holders to withdraw cashsurcharge-free using a Sallie Mae debit MasterCard at one of 35,000ATM locations nationwide. Other account features will include fullonline access, refund disbursement tracking, bill pay, checkwriting, transfers and links to other bank accounts. Minimumaccount balances will not be required and fees will not be chargedfor inactivity, low balances or PIN and signature transactions.

The checking accounts will be available to college anduniversity students beginning in summer 2011. This is Sallie Mae'sfirst checking product, but the company got into retail banking inMarch 2010 with the launch of its high-yield online savingsaccounts and certificates of deposit, Sallie Mae CorporateCommunications Director Debby Hohler said.

“With this product, Sallie Mae offers students the lowest costchecking account in the country, and students have near immediateaccess to their refunds,” Hohler said.

The Sallie Mae no-fee student checking account is part of thecompany's Campus Solutions product suite, which includes studentloans, tuition refund disbursement, tuition payment plans andelectronic billing and payment processing.