US students to access financial aid

Under new rules announced by the US Department of Education recently, colleges that partner with financial institutions to disburse financial aid funds will be required to ensure that students have a choice in the way they receive those funds and have access to a way to receive them without onerous fees.  The goal of the new rules, which largely take effect on July 1, 2016, is to curb “troubling practices” and increase opportunities to make informed choices. US students will then have to be offered a slate of choices of accounts — including a student’s pre-existing account — they could use to access their financial aid funds. They also cannot be pushed toward a specific account option. The new rules also require not to charge students overdraft fees. -amh

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