ACU i-phone video

I think these phones could be a good thing if the students use them responsibly and takes care of them. Nothing was said about how they are paid for or if the phones have to be given back at the end of the semester. These devices seem to do a lot of things that I didn't know a phone could do.
The draw back I see right away is what will happen when the student looses the phone and a less than honest person finds it. Can the thief access the students accounts, banking, address book, grades, and other private information that should not be made public? The phones will be a good thing and help to keep tabs on the students and perhaps relieve some of the parents anxiety about sending their child away from home.