RIP-OFF ALERT: The academic world is embroiled in yet another scandal after the loan kickback controversy on campuses around the country.

Business Week reports that school officials now are getting kickbacks from health insurance companies for steering students toward certain policies. The U.S. Government Accountability Office says these policies have no meaningful coverage in the event of a serious accident or devastating illness. For example, 95% of medical bills may not be covered in an accident. The policies are not worth the paper they're written on.

Schools in Alaska, Kansas, Florida and New Jersey are among those named in the Business Week story. Meanwhile, the Attorney General of New York is conducting its own investigation.

About 30% of the time these ineffectual policies are required by schools and there's nothing you can do about it. But nearly 7 out of 10 times, the university may be on the take. So don't rely on them to recommend a policy for your son or daughter. Do your own research.