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Higher One debit cards becoming common on college campuses
By Oscar Monfort on Oct 4th, 2010
Many college students heavily rely on education loans to pay for college expenses, such as housing and tuition. Now, loan money is becoming easily accessible to borrowers in the form of debit.
Higher One, a credit card company in partnership with MasterCard, has developed a new card for students to swipe and go. This has made it more convenient for students to purchase necessities, such as meals and textbooks, according to the Washington Post. However, parents and faculty in opposition of the card say the payment method is encouraging fiscal irresponsibility, similar to the use of credit.
"That's really just not the best thing to be doing with our financial aid," college student Shane Gerbert told the Post. "They're siphoning it away little by little."
The Higher One card comes with a number of fees that many students are not willing to pay. However, some schools are making this debit card mandatory for all attendees.
The average college student already graduates with thousands of dollars in loan debt. Borrowers who have trouble making monthly payments are encouraged to consider debt counseling. Working with an expert can help individuals create a viable repayment plan.
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