When Ryan T. Muneio was tailgating with his parents at a Michigan State football game this fall, he noticed a big tent emblazoned with a Bank of America logo. Inside, bank representatives were offering free T-shirts and other merchandise to those who applied for credit cards and other banking products.<\/p>\n
\u201cThey did a good job,\u201d\u009d Mr. Muneio, 21 and a junior at Michigan State, said of the tactic. \u201cIt was good advertising.\u201d\u009d<\/p>\n
Bank of America\u2019s relationship with the university extends well beyond marketing at sports events. The bank has an $8.4 million, seven-year contract with Michigan State giving it access to students\u2019 names and addresses and use of the university\u2019s logo. The more students who take the banks\u2019 credit cards, the more money the university gets. Under certain circumstances, Michigan State even stands to receive more money if students carry a balance on these cards.<\/p>\n
Hundreds of colleges have contracts with lenders. But at a time of rising concern about student debt \u201d\u201d and overall consumer debt \u201d\u201d the arrangements have sounded alarm bells, and some student groups are starting to push back.<\/p>\n