Higher One 8K Holdings, Inc. Reports First Quarter 2015 Financial Results | SEC 7 May 15

©2015 Higher One Holdings, Inc. All Rights Reserved. * This presentation contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Management’s projections and expectations are subject to a number of risks and uncertainties that could cause actual performance to differ materially from that predicted or implied. Forward-looking statements may be identified by the use of words such as “expect,” “anticipate,” “believe,” “estimate,” “potential,” “should” or similar words intended to identify information that is not historical in nature. Forward-looking statements contained herein include, among others, statements concerning bank partners, the regulatory environment, banking fees, litigation, sales, and the expected benefits of acquisitions, and such statements are based on the current beliefs and expectations of Higher One management, as applicable, and are subject to known and unknown risks and uncertainties. There are a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These statements speak only as of the date they are made, and Higher One does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this presentation or to reflect the occurrence of any unanticipated events. The forward-looking statements in this presentation do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof. For further information regarding the risks associated with Higher One’s business, please refer to Higher One’s filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K for the most recent fiscal year end, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-Looking Statements

©2015 Higher One Holdings, Inc. All Rights Reserved. * 2015 Q1 Business Highlights Payments Data Analytics Disbursements Product Line Operating Results Outsourcing Customer Care Center OneAccount Feature Enhancements $4-5 million projected cost savings in 2016 Launching in Fall 2015 Regulatory Update Federal Reserve Bank FDIC

©2015 Higher One Holdings, Inc. All Rights Reserved. * $0.21 compared to $0.25 in the prior year 2015 Q1 Financial Highlights $65.5 million compared to $66.6 million in the prior year Revenue Non-GAAP Adjusted EPS

©2015 Higher One Holdings, Inc. All Rights Reserved. * eBillePaymentCashieringPayment PlanseMarket Recurring Subscriptions Transactions SmartPay convenience feesFull-Service Payment Plan enrollment feesInternational payments Payments revenue up 11.1% YoYSmartPay dollar volume up 22% YoY to nearly $420 million Payments

©2015 Higher One Holdings, Inc. All Rights Reserved. * Recurring Subscriptions Compliance Assist: strategic planning and assessmentBaseline: assist student learning and successCourse Evaluations: elevate teaching and promote tenureBeacon: early detection to increase student retentionCollegiateLink: encourage co-curricular experiencesInsight: analyze and leverage data across the entire campus Data Analytics revenue up 19.7% YoY18 new schools signed in Q1’1550 modules sold Data Analytics

©2015 Higher One Holdings, Inc. All Rights Reserved. * Refund Management Recurring Subscriptions Transactions OneAccount interchangeOneAccount service fees Revenue down 9.1% YoYNon-financial aid refund deposits up 7% Signed 7 new schools / 21,000+ SSE in Q1’15 Disbursements

©2015 Higher One Holdings, Inc. All Rights Reserved. * Disbursements 800+ Schools 5M+ Students Full service productException handlingCheck processingCustomer serviceTitle IV complianceInstant refund code

©2015 Higher One Holdings, Inc. All Rights Reserved. * Enhancing the OneAccount with New Features Online and mobile money management tools (budgeting, spend tracking, ‘safe-to-spend’ balance)Photo Bill PayEnhanced log-in security featuresVirtual CardCard ON/OFF switch provides additional securityMobile check depositFree & instant student-to-student transfersSimple parent-to-student transfers

©2015 Higher One Holdings, Inc. All Rights Reserved. * Q2’14 Gross Margin excluding allowance for restitution: 53.6% *Calculation of organic revenue growth is included in the appendix of this presentation Revenue in $ millions 45.5

©2015 Higher One Holdings, Inc. All Rights Reserved. * Revenue by Line of Business $ in millions Payments – growth from higher transaction volumeData Analytics – continuation of new salesDisbursements – decrease due to lower amounts deposited into and spent from OneAccounts

©2015 Higher One Holdings, Inc. All Rights Reserved. * Total unique recipients: up 6% Average refund size: down 4% Total dollars disbursed: up 2% % of refund dollars going into OneAccounts: down 13% Total dollars disbursed into OneAccounts: down 12% Launched SSE up 7%Unique recipients at 2-year schools: +7%Unique recipients at 4-year schools: +6% Average refund size at 2-year schools: -7%Average refund size at 4-year schools: -2% **Spring Disbursement Cycle includes disbursements processed between the beginning of January and the end of March Non-refund deposits: up 7% Total dollars deposited into OneAccounts: down 10% Total Disbursements

©2015 Higher One Holdings, Inc. All Rights Reserved. * *Includes all schools that processed disbursements through Refund Management disbursement services for the Spring ‘14 and Spring ‘15 semesters**Spring Disbursement Cycle includes disbursements processed between the beginning of January and the end of March Total unique recipients: down 3% Average refund size: down 4% Total dollars disbursed: down 7% % of refund dollars going into OneAccounts: down 10% Total dollars disbursed into OneAccounts (on a same-school basis*): down 16% Unique recipients at 2-year schools: -4%Unique recipients at 4-year schools: -1% Average refund size at 2-year schools: -6%Average refund size at 4-year schools: -3% Same School* Spring Metrics

©2015 Higher One Holdings, Inc. All Rights Reserved. * *Refund Management Signed School Enrollment (SSE) is recorded as the total student enrollment at all schools that are contracted at quarter-end for our Refund Management product as of the date the contract is signed (using the most up-to-date IPEDS data at that point in time). Flat in thousands* -5% Refund Management SSE Refund Management and OneAccount Changes in thousands

©2015 Higher One Holdings, Inc. All Rights Reserved. * Gross Margin by Line of Business $ in millions Disbursements – driven by lower account revenue and higher customer care costsPayments – driven by higher SmartPay payment processing volume, which increased merchant expense costsData Analytics – driven by new sales

©2015 Higher One Holdings, Inc. All Rights Reserved. * Increases in expenses due in part to personnel increasesDepreciation and amortization contributing to increase as well Decreases in technology transition costs related to Campus SolutionsCapitalized costs related to software development Decrease in personnel costs Lower discretionary marketing spend G&A Operating Expenses as a % of gross revenue

©2015 Higher One Holdings, Inc. All Rights Reserved. * $59M outstanding on line of credit as of March 31, 2015Credit facility amended for key terms in February 2015Allows for regulatory restitution and settlement of $75MIncreases maximum leverage ratio to 2.75xPaid down $35 million at close FCF Capital and Liquidity in $ millions

©2015 Higher One Holdings, Inc. All Rights Reserved. * *Organic revenue calculation excludes the entire revenue impact from the current and prior year quarter for all acquisitions made within 15 months of a given quarter’s end Calculation of Organic Gross Revenue*

Higher One Inactive 8-KHigher One Holdings, Inc. Reports First Quarter 2015 Financial Results