Loan Program Plans to Offer Students Prepaid Bank Cards24 Jan 2018—The New York Times
The Department of Education plans to provide students with a prepaid card that would hold surplus loan money that is not needed for tuition, giving the government and financial services providers a firsthand look at how students are spending those dollars.
Students, meanwhile, may receive text messages about their spending choices after they swipe their cards, a reminder that the government is watching.
The Office of Federal Student Aid — the arm of the Education Department that oversees more...