The Consumer Financial Protection Bureau wants to know how college students access money, and whether they think it’s reasonable.
With credit cards, financial companies have to publicly disclose these types of agreements with schools. However, we know less about these arrangements when it comes to other things, like debit cards to access your student loan funds and student checking accounts. We’ve heard from students that sometimes these arrangements are a convenience, while other times we’ve heard that they didn’t feel they had a choice. We want to see if students are getting a good deal and what schools can do to help them through the process.
They’re seeking comments from students, of course, but also from their parents, schools, alumni associations, financial aid workers, and banks. If there’s something that bugs you about how products are marketed to students, what access they have to accounts, what fees students pay, what financial options are available to them, and so on – it’s time to speak up.
You can email [email protected] directly until March 18. They ask you leave out personal information like your account details or Social Security number because they won’t be editing anybody’s submissions and these will become public records.
You can view over 40 specific questions CFPB wants to answer in their official request.
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