There is one part of the Charge card Accountability, Responsibility and Disclosure (CARD) Act that is significant. This is the part that protects college students from charge card problems. College students have been hoping to find debt relief when graduating with high credit card premiums and owing money to cash lenders with the expense of college going up. The State University of New York system, or SUNY, the state network of public universities that has 68 campuses, has decided to put barriers in place to help keep Joe and Jane college student and their credit scores out of harm’s way.
Practicing marketing not ok with
According to CNN, SUNY has placed restrictions on marketing practices relating to charge cards on SUNY campuses. State Attorney General Mario Cuomo was in charge of this. Credit card businesses can’t get advertised in SUNY schools. The only way for a student to get the data is through written consent. Any advertising of credit cards that does occur cannot benefit the school. The school can’t get any funding for it. Cuomo thinks that all New York universities have to have the very same standards. Credit card business advertising on campus will even be monitored and controlled by the university.
No understanding of this by students
When in college, college students are in a vulnerable state. This is especially true when it comes to credit cards. Sallie Mae reports that the average college graduate has $4,000 in charge card debt. This isn’t even including loans used to pay for college. Some college students focus on boosting credit scores by doing loan refinancing after school or just drop out to pay back the debts. Many employers check credit scores, and students that have had their credit rating shot by cards have to put off their dream jobs even longer as a result.
Impossible to really be living the American Dream
The American Dream of going to college, getting a good job and making a start in this world is getting further out of reach for the middle class. The cost of tuition going up is making this harder.
CNN Money
money.cnn.com/2010/09/07/pf/college/SUNY_credit_card/index.htm
