How to turn financial aid into munchies, booze — and fees

University of North Dakota senior Gerbert tells CNBC what he doesn’t like about the “Higher One” debit card, which holds students’ excess financial aid for a charge:

“I don’t like the fact that someone’s taking money from money I borrowed.”

CNBC also asks:

Is it wise to outfit students with a card that lets them access student loan funds with a simple swipe to spend on anything from books and housing to pizza and beer?