Should the Fed get into the college banking game?
Reported by Education Dive, The U.S. Department of Education is piloting a prepaid debit card program that will allow students to pay for nontuition expenses using their financial aid award.
Purdue University, University of Georgia, Jackson State University and University of California, Riverside are the four institutions involved in this pilot with the goal of providing students with a fee-free payment alternative to local bank options students may feel obligated to utilize due to an institution’s existing marketing partnership.
The takeaway? While this federal pilot is being questioned as overreach, how do we serve as good partners for the broader mission of making sure our students have access to the funds they need to persist and retain in their college dreams.
May you continue to fight the good enrollment growth fight at your institution today, and we’ll see you again tomorrow.
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