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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTo students’ heavy debt loads, add another burden: heavy fees on cards marketed by colleges
http://www.washingtonpost.com/politics/federal_government/to-students-heavy-debt-loads-add-another-burden-heavy-fees-on-cards-marketed-by-colleges/2012/05/30/gJQA60882U_story.htmlTo students heavy debt loads, add another burden: heavy fees on cards marketed by colleges
By Associated Press,
WASHINGTON As many as 900 colleges are pushing students into using payment cards that carry hefty costs, sometimes even to get to their financial aid money, according to a report released Wednesday by a public interest group.
Colleges and banks rake in millions from the fees, often through secretive deals and sometimes in apparent violation of federal law, according to the report, an early copy of which was obtained by The Associated Press.
More than two out of five U.S. higher-education students more than 9 million people attend schools that have deals with financial companies, says the report, written by the U.S. Public Interest Research Group Higher Education Fund.
For decades, student aid was distributed without fees, said Rich Williams, the reports lead author. Now bank middlemen are making out like bandits using campus cards to siphon off millions of student aid dollars.
...(more at link)
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To students’ heavy debt loads, add another burden: heavy fees on cards marketed by colleges (Original Post)
woo me with science
May 2012
OP
Drale
(7,932 posts)1. Not at my school
all we have is the TCF vampires, who are always trying to get everyone to open an account.
onehandle
(51,122 posts)2. Nationalize Banks Now. nt
woo me with science
(32,139 posts)3. Kick
The vultures always have a new angle.