A Student-Loan Refund That Comes With a Fee

I get so angry hearing that Social Security and/or the rising national debt is something we are inflicting on future generations. If we’re so worried about the future debt of our children why have we no qualms about subsidizing banks to give student loans to our kids?

I’d rather direct from government loans. But this one takes the cake:

About 6,300 students at the City Colleges of Chicago have enrolled in a program that puts their student-loan refunds on debit cards, the Chi Town Daily News reported on Tuesday.

The catch is that students must pay a $2 fee each time they use the cards, which are issued by JPMorgan Chase. Talking with a bank teller costs cardholders $10, and checking their account balances costs $1.25, according to the Daily News.

In my college town, credit card vendors sign up students outside bars and ice cream shops.

RELATED: The House and Senate versions of the stimulus package would provide $15.6 billion and $13.9 billion, respectively, to increase the maximum Pell Grant and hundreds of millions of dollars in additional aid for students. Concern is growing that it might be stripped from the legislation.