Higher Ed

News Release | U.S. PIRG | Consumer Protection, Higher Ed

As Fall Financial Aid is Disbursed, Senator Issues Urgent Warning to Students Using Campus Debit Cards

Senator Sherrod Brown (OH), Chairman of the Senate Banking Subcommittee on Financial Institution and Consumer Protection, issued an urgent warning to students receiving financial aid in the next two weeks that predatory bank fees can quickly cut into their college money.

Media Hit | Higher Ed

Wall Street Journal: Prepaid Cards Go to School

For some students, a prepaid card offered through a college may be the fastest way to receive student-loan funds, says Rich Williams, higher education advocate with the U.S. Public Interest Research Group. But the cards can carry fees that eat into your balance, says Mr. Williams, including ones for buying or reloading the card and withdrawing money from ATMs.

News Release | U.S. PIRG | Higher Ed

CFPB Issues Consumer Advisory on Campus Debit Cards, Asks for Stories

Washington, D.C. – The Consumer Financial Protection Bureau today issued a consumer advisory on its blog providing tips for students expecting scholarships and loans onto “what appears to be – a school-endorsed debit card.” The blog post comes just a day after the FDIC, a bank regulator, fined the largest campus debit card provider, Higher One, for unfair and unsafe practices.  The bureau is also asking consumers to share their experiences and provides a tool to submit complaints. 

News Release | U.S. PIRG | Higher Ed

FDIC Orders Higher One to Repay Students $11 million in Campus Debit Card Settlement 

Washington, D.C. – The Federal Deposit Insurance Corporation (FDIC) today announced an $11 million civil penalty and restitution settlement with the largest campus financial aid disbursement and debit card company Higher One and its bank affiliate for alleged “unfair” and “unsafe” practices involving overdraft fees imposed on college students. 

News Release | U.S. PIRG | Higher Ed

New Financial Aid Shopping Sheet Helps Students Know Before They Owe

“The good news today is that students have another tool to help keep skyrocketing student loan debt in check.  

“College students need to understand how much college costs and how much they will owe after graduation.  However, financial aid award letters often make it hard for students to answer these questions. 

News Release | U.S. PIRG | Higher Ed

President to Sign Bill Preventing Student Loan Interest Rates from Doubling

Statement of Rich Williams, U.S. PIRG Higher Education Advocate, on the signing of bipartisan legislation to prevent subsidized Stafford student loan interest rates from doubling:

“Students can breathe a sigh of relief today.  At least for the next year, already debt-strapped students will get a temporary reprieve from doubling interest rates. 

Result | Higher Ed

Stopping Student Loan Interest Rates from Doubling

With college student debt reaching record levels, it is essential that we stop adding to students' loan burden. In spring 2012, U.S. PIRG speaheaded a coalition to stop the interest rate on federal Stafford student loans from doubling from 3.4 percent to 6.8 percent. This increase would have cost eight million students an additional $1,000 per loan. At the coalition's urging, Congress came together to find a bipartisan solution, extending the low interest rate for an additional year.

News Release | U.S. PIRG | Higher Ed

Responding to Students, Congress Extends Low College Loan Rate

Statement of Rich Williams, U.S. PIRG Higher Education Advocate, on the Congressional passage of bipartisan legislation to prevent subsidized Stafford student loan interest rates from doubling:

Congress listened to students and their families and delivered a bill that stops student loan interest rates from doubling. Students already face unprecedented student loan debt and adding an additional $1,000 more would not only crunch individual borrowers, but would have further weighed down the recovering economy. We applaud Congress for coming together to pass this much-needed legislation.

News Release | U.S. PIRG | Higher Ed

Congress Can’t Risk an Incomplete on Student Loan Interest Rates

Statement of Rich Williams, Higher Education Advocate for U.S. PIRG, on the failure to move debate forward on a bill to prevent student loan interest rates from doubling this July:


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