New Scorecard to Aid Colleges in Assessing Students’ Banking Options
With growing concerns on tuition, room and board, and other necessary expenses, how can future college students keep a handle on all of their financial matters?
Students may be glad to know that throughout January, the Consumer Financial Protection Bureau (CFPB) has worked on a Safe Student Account Scorecard. The scorecard is intended for colleges to use to get a clear picture of the most student-friendly banking accounts.
Some colleges allow certain banks to market credit or debit cards towards their student population. Thus, it is extremely important for those colleges to know if a student’s account with a bank will carry any surprising fees or confusing processes before allowing such marketing. The UC President Janet Napolitano also made a statement approving CFPB’s work on the scorecard.
(Source: Consumer Financial Protection Bureau)
