Look Out! Your University ID Card Can Be a Debit Card!
Whenever students get educational funding, the funds can be received by them in many means. Tuition and room and board might be compensated with their university straight, or the monies might go directly to the learning pupil whom then will pay their university bills. In either case, monies for publications as well as other university expenses have to enter student arms, and colleges that are many doing this by loading their student college ID cards with financial aid funds. Then a student ID becomes a debit card or a pre-paid money card.
These cards could be convenient and do enable students to manage their own educational funding monies, but there is however big catch that a lot of students are not aware of with these cards.
That catch will there be are fees, just like bank charges, connected. The charges consist of costs for maintenance of this card, for overdrafts, as well as for making use of PIN numbers in the place of signatures. This raises the relevant question: Why should your student aid be utilized for bank costs rather than for you education!
Colleges and universities were enabling students to get their financial aid funds on cards which are prepared through their bank lovers, after which the schools get kickbacks. At the time of 2013 852 schools, 11% of most United States colleges and universities, were peddling these card with their students. The agreements they will have with banking institutions are not public, but in 2012 the US Public scholar analysis Group Education Fund unveiled an understanding between Ohio State University and Huntington Bank.