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FBN’s Gerri Willis on how banks are benefitting from federal financial aid for college students.
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Hello everybody I'm Gerri Willis college financial latest godsend -- many college students who can't afford rising tuition costs.
But now there's another beneficiary.
The nation's banks if your college student or the parent or grandparent of one listen up cash strapped colleges have turned over the disbursement of financial -- to banks.
And the banks are taking a piece of the action straight from that financial late in the form of fees.
And let's be clear here this student aid is straight from government copper so this is your taxpayer money.
-- to -- the revenue line of the nation's largest financial institutions money intended for needy students.
Some of these fees are outrageous like the fifty dollar -- -- lack of documentation.
The situation is profoundly wrong and it needs to be changed bank shouldn't be the beneficiaries of student financial aid student show.
