In a growing trend among college campuses, banks are now introducing more ways to siphon millions of dollars in 'fees' from the already debt-ridden student population.
Students can now streamline a bank account with student aid disbursement, their student ID, ATM and library card, and other services; however, the new 'convenience' comes at a hefty cost. The campus focused banks are charging tricky, exorbitant and excessive amounts of fees from the students once they are engaged in the scheme, the report examines.
The result: students become reliant on private banks to access their student aid funding, while banks increase the amounts of deceptive and excessive fees charged.
"Colleges and banks rake in millions from the fees, often through secretive deals and sometimes in apparent violation of federal law," writes the Associated Press.