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Report Details High Bank Fees Connected to Student Debit Cards

A report released on Wednesday by the U.S. Public Interest Research Group’s Education Fund explores how high fees connected to campus debit cards can contribute to increased student debt. The report identifies 900 card partnerships between financial institutions and colleges enrolling more than nine million students. The report says the charges, including per-swipe fees, inactivity fees, and overdraft fees, can be “steep and frequent.” The U.S. Department of Education called one such fee—charged by Higher One, a company that colleges hire to disburse student-aid payments on debit cards—“unallowable” in recent guidance sent to financial-aid officers, according to the Associated Press.

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