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"Secretly Bilking College Students 101"

CJW, June 8, 2010 11:52 AM

credit card.jpg

This just in from The Huffington Post:

"Some of the nation's largest and most elite universities stand to gain millions of dollars from selling the names and addresses of students and alumni to credit card companies while granting the companies special access to school events, the Huffington Post Investigative Fund has found.

The schools and their alumni associations are entitled to receive payments that multiply as students use their cards. Some colleges can receive bonuses when students incur debt.

The little-known agreements have enriched schools and some banks at a time when young women and men already are borrowing at record levels, raising questions about whether such collegiate and corporate alliances are in the best interests of students.

Plus, details on the deals:

" . . . Our examination of affinity agreements involving some of the nation's largest and most prestigious colleges revealed that schools and alumni associations:
Sell students' personal information. Many are contractually obligated to share students' names, phone numbers and addresses with banks.
Earn royalties: Banks typically pay schools $1 for each student who keeps a credit card open for 90 days. When students
. . . "

Read full post HERE.

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