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.
Until recently, students received their refunds via paper checks, but problems with stolen and fraudulent checks prompted the the City Colleges to turn to JPMorgan Chase, the newspaper reported. Students may choose to receive the debit cards or have the money deposited directly into their accounts. —Eric Hoover
via news on Chronicle.
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