Under the Title IV cash management regulations, institutions are required to publicly disclose any contract that governs a Tier One or Tier Two Arrangement as well as information about the costs incurred by students who elect to use a financial account offered under one of those arrangements.
Please click below for the link of the New Jersey Institute of Technology Affinity Debit Agreeement:
NJIT CAMPUS AFFINITY DEBIT CARD AGREEMENT
New Jersey Institute of Technology and Wells Fargo Campus Card Agreement
For the award year period of July 1, 2017 – June 30, 2018
Total number of customers with linked accounts: 326
Mean and median linked account costs:
Mean $36.31
Median $5.00
Total consideration received by NJIT: $35,000
Royalties $25,000
Marketing $10,000