Sallie Mae to Offer Checking Accounts Linked to Student-Aid Balances

Higher One, a rapidly growing company that has made millions in fees on debit cards students can use to access their federal-student-aid refunds, is about to get some competition from student-loan industry giant Sallie Mae.

Starting in June, Sallie Mae will begin offering a checking account with lower fees than Higher One's. Students who sign up to have their leftover aid deposited in the accounts will be able to access their money for free at 35,000 ATM's, compared