PayPal Student Account opened for student spongers

PayPal is hoping that this year's freshers will have signed up for a PayPal Student account, which mum and dad are happy to deposit cash into.

"The Student Account eliminates the hassle of everyday money exchange between parents and teens, while giving teens the chance to learn good spending habits through the experience of being responsible for their own money," claims PayPal, clearly keen to grab a piece of the student debt business model.

Rather than merely expect students to have a bank account where they get pointless gifts like a free CD or piggy bank, PayPal is offering nothing but online ease and convenience.

Parents can establish up to four PayPal sub-accounts for their teens, transferring funds into those accounts when needed, on a one-time or recurring basis.

In something that sounds like it's out of Big Brother, parents will have "full visibility into their teen