From GMA via Yahoo Finance:
Federal officials are increasingly concerned about the burgeoning number of deals between banks and American universities, saying colleges eager for new streams of income may be short changing their students. A study by the Public Interest Research Group last year found that there are now 900 card partnerships between colleges and banks – agreements that could impact more than 9 million students nationwide. Read more
Members of Congress and the Consumer Financial Protection Bureau told ABC News they are now examining hundreds of these agreements. In many cases, students and parents were never told that banks paid millions of dollars in exchange for exclusive campus access.
... Documents obtained by ABC News surrounding the multi-million-dollar deal between the University of Minnesota and TCF Bank provide a glimpse of how expansive the agreements have become. The Minneapolis-based bank is paying the University of Minnesota more than $1 million a year to help it recruit students as customers, even offering the school bonus payments of $34 for every student that takes a TCF Bank account.
The article points out that TCF Bank is not alone in this arrangement. In 2009, Congress cracked down on deals between universities and credit card companies.
But the takeaway message: regardless of your age, if you don't have a basic understanding of basic financial topics, such as debt and credit, you will be fodder for those who have their own agenda. Our children are being targeted because if you get them while they're young they are likely yours for life.