Watch Out! Your University ID Card Might Be a Debit Card!
Whenever students get financial aid, they can have the funds in many methods. Tuition and space and board could be compensated to their college straight, or the monies might go to the pupil whom then will pay their college bills. Either way, monies for books and other university expenses do have to enter student arms, and colleges that are many doing so by loading their pupil college ID cards with school funding funds. Then the pupil ID turns into a debit card or a cash card that is pre-paid.
These cards is convenient and do allow students to handle unique educational funding monies, but there is however big catch that many pupils do not know with these cards.
That catch is there are charges, similar to bank costs, connected. The costs include charges for maintenance associated with the card, for overdrafts, as well as for making use of PIN numbers as opposed to signatures. This raises the concern: Why when your student aid be used for bank costs and not for you education!
Colleges and universities were students that are allowing get their school funding funds on cards which are prepared through their bank partners, then the schools get kickbacks. At the time of 2013 852 schools, 11% of most US colleges and universities, were peddling these card with their students. The contracts they have with banks are not general public, but in 2012 the united states Public Student analysis Group Education Fund unveiled an agreement between Ohio State University and Huntington Bank. […]