I've posted here a number of times about the rising crisis of student loan debt. College graduates gathering $50,000 to over $100,000 in student loan debt are becoming more and more common. That's semi-mind boggling when you consider the huge term of repayment, the likelihood of default (with the attending credit rating damage), and the relatively low return on that educational "investment." Far too many students and families are taking the easy way out and agreeing to these debts all in the name of "prestigious" schools. Sadly, many are enslaving themselves at schools deemed far less than prestigious (whatever that term means).
The latest ploy in the financial aid-student loan game is the student loan debit card. Yeah, you read that right: student loan debit card. As Consumerist.com explains it, "A card called "Higher One" lets college kids take their student loan and turn it into a debit card they can use to buy pizza, beer, and other learning essentials with.