[mattdavis11]

I have a really big issue with this. Allow me to explain what the university I attend is doing to aid in causing what could be more financial problems for students.

Students who receive scholarships or financial aid from loans or grants, are now having to pay the full amount of their tuition prior to receiving their money. This is the first semester for this policy. You can not let the payment deadline come and go and have the university automatically disburse the money from your incoming aid account. I guess they got burned, and it's not a big deal, to me at least.

However, this term they also initiated a program whereby students who will receive a refund (because they payed and have aid or scholarships) shall opt to get their money via a debt card. This essentially creates a checking account. As I understand, the reasoning behind the idea was to create a system which enables the student to become financially responsible, ie. have a checking account, etc.. While this could be good for some, it sucks for many b/c they are already capable of managing their finances. The debit card thing is being pushed hard, I mean really hard! I have gotten phone calls almost daily for over three weeks. It's the bank calling to set me up with my new thrifty nifty debit card that I don't want, or need.

So I call the bank up and inquire about interest rates on the account, services charges, etc.. I get nothing but crickets until I ask again. There is not an interest rate for the account. So then I ask about service charges again. Silence. I got nowhere fast, but I kept trying. After 5 minutes or so and no real answers, I thanked them for their time and hung up.

The biggest issue I have is that I can not get a paper check from the university for another 21 days. It's now the 3rd day of school, and if it was any previous semester, I would have already had the check in my account, which accrues interest, and doesn't charge any monthly fees (unless I screw up, and they cover some)

This is where I have a hard time understanding how the university can claim that they were hoping to help students out by creating this debit card refund deal. Yes, I would have had my money by now, but I also would have another account that I don't need. What really gets me is I'm not sure that when I transferred every last red cent out of that account, if would I get hit with some type of closing fee. We all know how banks make money. Fees and charges. Not enough money in there, not keeping it open for 90 days, whatever. Compound that with the aforementioned lack of an interest rate, and it's a no brainer for me. No thanks. However, I bet many do fall into the trap, and it's a damn shame. As if the kids didn't have enough problems with all the credit card companies whoring around campus. It pisses me off, and they pissed off the wrong guy. I will be talking to some people, friends as a matter of fact, who happen to be higher up than the President of the University. She's the one who put this plan into action without any student input, and that's just plain wrong. Making me wait another 21 days, even worse. What started out as a concern, lead to an inquiry. And if I got nowhere, I can't imagine anyone would have.

But this isn't really about me, I'll survive. This is about the other students who signed up for this deal, and who will soon find out that when they don't manage their finances (do they ever?) they will be coughing up more $$ to the banks. Some of the kids probably didn't have much of a choice, they needed the money now. 21 days is an eternity when you are eating ramen noodles 3 times a day. This thread is for them, the ones who don't know wtf just happened, or how much the University profits from the banks when the deal was cut.

I'd really like to hear your opinions.