SAN FRANCISCO—College students pay more than $795 million a year on bank and credit card fees, a new study shows.
The report from NerdWallet reveals that about 85% of undergrads have a checking account, noting that is no indication college students are managing their spending.
“The average college student overdrafts more than twice a year, and coughs up $35 in fees each time. With more than 11 million full-time undergrads as of 2016, that's potentially more than $722 million wasted annually in overdraft fees alone,” reported CNBC.
In addition, about one-third of college students have also paid a credit card bill late. With late-payment fees on student cards similarly averaging $35, that's another $73 million lost to fees, CNBC added.