New Debit Card for Federal Student Loan Borrowers Could Save Money, but Concerns Linger
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The U.S. Department of Education is about to launch a pilot test for a new debit card for federal student loan borrowers. While there are some potential benefits, such as reducing banking fees for students and simplifying the refund process, it also has some serious potential downsides. The issuers of the card may have the ability to restrict certain types of purchases in the future, and ultimately banks may study students' spending habits to sell them more products.
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Company Intel
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