DES MOINES Iowa
Iowa’s two biggest public universities are helping to market credit cards to their students, an arrangement that generates millions of dollars for the schools’ alumni organizations.
Both the University of Iowa and Iowa State University have signed deals with their privately run alumni associations in which they agree to promote Bank of America credit cards marketed directly to students, the Des Moines Register reported in a copyright story.
According to records obtained the Register, University of Iowa officials have also agreed to give the bank access to databases that include the mailing addresses, telephone numbers and e-mail addresses of students, parents and people who buy tickets to Hawkeye football and basketball games.
The school has also pledged to give the biggest-spending cardholders special access to university facilities, coaches and even student athletes.
Such practices are a part of a widespread trend among colleges and universities nationwide to form partnerships with for-profit lenders.
In Iowa, and many other states, the financial details of the partnerships are not publicized, despite the involvement of publicly funded universities.
