12/23/2010 12:35 pm ET | Updated May 25, 2011

Higher One: The Student Loan Debit Card You Probably Don't Need

A debit card for your financial aid that you could use to buy food and booze? Hey, it could happen.

And so it has, as CNBC reports. The card is called Higher One, is the product of two former Yale students and garnered $75 million in revenue last year and is available at 700 universities.

The card acts as a reservoir for students' excess financial aid. Typically, schools return that money to students via check, but Higher One "streamlines" that process for students.

But there's a catch. The company charges $20 for replacement cards and $19 for inactive accounts. Customers are charged 50 cents when they use their PIN rather than swiping as credit.

The card has raised some eyebrows. "I don't like the fact that someone's taking money from money I borrowed," University of North Dakota senior Gerbert told CNBC.

According to Consumerist, the card's makers "say students can avoid the fees if they use the card properly" -- which, as the site cleverly points out, is kinda like depositing a check in the first place.