September 2, 2011 Business, Youth & Schools
Erica Perez reports that student privacy falls before the almighty buck to be made:
California colleges, alumni associations and university foundations made $6.6 million in royalties last year from agreements with college credit card issuers, with more than 3,000 new accounts opened, according to a July report from the Federal Reserve Board.
Under the agreements, banks typically get exclusive rights to market credit cards to university students and alumni, and they pay royalties to the universities or related organizations based on the number of new credit card accounts opened.
Read more on California Watch.
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