The Charge card Accountability, Responsibility and Disclosure (CARD) Act has a component that addresses the marketing towards college students with credit cards. It is becoming more and more costly to go to college leaving numerous graduates with money lenders waiting to be paid and also charge card premiums that are high. 68 campuses are in the state network of public universities called the SUNY system, or State University of New York, have put up barriers making it so credit scores for college students are safe when in college.
SUNY doesn’t approve of marketing
According to CNN, SUNY has placed restrictions on marketing practices relating to credit cards on SUNY campuses. Mario Cuomo supervised this. He is the State Attorney General. Consent of students must be given before State University of New York schools are allowed to give charge card data to students. Schools aren’t permitted to get paid for this advertising. This standard is something Cuomo expects throughout all of New York. He thinks New York Universities should be adopting it. Credit card company marketing on campus may also be monitored and controlled by the university.
Students get it without thinking
College students are one of probably the most vulnerable groups when it comes to credit card debt. More than $4,000 in charge card debt, on top of loans to finance college, are taken out by college students as they graduate says Salle Mae. Some college students focus on boosting credit scores by doing loan modification after school or just drop out to pay off the debts. Many employers check credit scores, and students that have had their credit score shot by cards have to put off their dream jobs even longer as a result.
American Dream is not a dream anymore
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. It seems logical to address the spiraling cost of tuition.
Further reading
CNN Money
money.cnn.com/2010/09/07/pf/college/SUNY_credit_card/index.htm
