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College students are paying over $700 million a year on this fee

Being a college student is expensive, and not just in the obvious ways: student loans, housing, late-night pizza and $300 trips to the textbook store.

College students may be getting gouged on overdraft fees on their checking accounts too, according to a new analysis from the personal finance website NerdWallet.

The average college student goes into the red more than the average American, with college students over-drafting 2.2 times a year, compared with an average 2.07 times, the study found. If those students pay $35, the median overdraft fee at large banks in the U.S., according to the Philadelphia-based nonprofit Pew Charitable Trusts, the 11 million full-time undergraduate college students in the U.S.

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