Hatrack River Forum: Did any other students get a Financial Aid credit card?

This is topic Did any other students get a Financial Aid credit card? in forum Books, Films, Food and Culture at Hatrack River Forum.

To visit this topic, use this URL:
http://www.hatrack.com/ubb/main/ultimatebb.php?ubb=get_topic;f=2;t=054605

Posted by Danlo the Wild (Member # 5378) on :

I attend the University of North Texas.

This year they switched to the "CapitolOne Financial Aid Higher Learning" credit card.

So instead of getting your financial aid check in the mail, you now get it put on a credit card, which has more fees and charges than the average credit card.

So If our government is primarily concerned with making as much money as possible, and our churches are primarily concerned with making as much money as possible, and our public universities are primarily concerned with making as much money as possible, won't the whole world catch on fire and die?

Me thinks so.

Posted by Kwea (Member # 2199) on :

Yep. I think it is a great idea, and it really shortens the wait to receive your balances. MY card has no charges at all, and works for me. Then again, my card isn't a credit card, it's a debit card usable anywhere Visa is accepted.

Nothing says you have to KEEP the money there, you know.

Posted by rivka (Member # 4859) on :

It's not a credit card. It's a debit card. Many schools are offering them. It makes it easier to get refunds -- you don't have to go in and sign for a check.

And as Kwea points out, you can take all the money out of the account if you prefer.

Posted by Kwea (Member # 2199) on :

It also takes a LOT of the time out of the equation. My understanding is that it use to take weeks to process the paper refunds. Now the student gets their cash faster, and it costs less to do so so the college saves money.

Posted by rivka (Member # 4859) on :

quote:
Originally posted by Kwea:
It also takes a LOT of the time out of the equation. My understanding is that it use to take weeks to process the paper refunds. Now the student gets their cash faster, and it costs less to do so so the college saves money.

Most of the savings in time and money occur because the school gets EFTs from (most) lenders. We don't do the debit card thing, and our students still benefit from the current sped-up process.

Posted by Speed (Member # 5162) on :

quote:
Originally posted by Danlo the Wild:
So If our government is primarily concerned with making as much money as possible...

Wait, the government is giving you money, and you're accusing them of trying to rip you off? If you were accusing them of ripping off the taxpayers that financed your card I'd be able to follow the argument, but this makes no sense even by your standards.

If you really wanted to foil their dastardly schemes, you could always not apply for financial aid. That'd show 'em.

Posted by Puffy Treat (Member # 7210) on :

I get financial aid via direct deposit. A card would be even more convenient.

Poor, persecuted you. [Smile]

Posted by Katarain (Member # 6659) on :

I had the option of using the card, but I declined. Getting the money direct deposited only takes an extra two or three days. For some students, especially if they don't have their own bank account, the card offers a lot of benefits. If I did put my loan money on the card, I could only use $500 a day, and I couldn't do something like pay my rent with it, which requires a check.

Posted by Baron Samedi (Member # 9175) on :

I just intercepted a letter Danlo sent to his grandma.

quote:
Hey, I just got your $10 birthday check. What the f***? You know that if I cash it at the liquor store, they're going to keep half of it for the transaction fee. Why are you trying to screw me out of my birthday money?

I've had enough of your billion dollar corporate army crypto-fascist bullcrap, grandma. I hope you know that everything bad that's happening in the world is your fault.

Thanks for nothing.

Posted by Danlo the Wild (Member # 5378) on :

Wow Baron. I'd respond in kind, but i'd get in troubs.

My grandmothers are all dead.

Posted by Kwea (Member # 2199) on :

quote:
Originally posted by Katarain:
I had the option of using the card, but I declined. Getting the money direct deposited only takes an extra two or three days. For some students, especially if they don't have their own bank account, the card offers a lot of benefits. If I did put my loan money on the card, I could only use $500 a day, and I couldn't do something like pay my rent with it, which requires a check.

With mine, we had the option of setting up a free checking account as well. [Big Grin]

And I think the cash withdrawal limit is $500, but the transaction limit is higher.