Student debit cards were the topic du jour at a U.S. Department of Education’s session on March 27.
A proposed new rule would “would make direct deposit the default for distributing student-aid refunds and would ban many college-affiliated debit card fees, reports the Chronicle of Higher Education.
One possible outcome would be to limit, but not eliminate, ATM and overdraft fees, thereby encouraging responsible financial decisions among the students.
Some 850 U.S. institutions reportedly have agreements with banks or other financial companies to provide debit or prepaid card services to students and allow federal student-aid refunds on the cards.
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