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Credit Card Act Goes into Effect Monday


Feb 19, 2010
New regulations that the federal government hopes will protect college students from excessive credit card debt by making it more difficult for young people to open multiple lines of credit go into effect Monday. The regulations, which fall under the Credit Card Accountability Responsibility and Disclosure Act of 2009, were approved by Congress last May. The key pieces of the act include the followin:Creditors will be prohibited from issuing credit cards to anyone under 21 without the consent of that applicant’s parent or guardian, or proof that the consumer would be able to make the required payments on their own. Creditors will be barred from offering students perks, such as coupons or T-shirts and book bags decorated with the companies' logos, for opening a new credit card account [...]
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82 months ago 0 comments

Public high schools in eight states will introduce a program next year that will allow their high school sophomores to test out of their junior and senior years if they are interested in enrolling in community college early. The program is the brainchild of the National Center on Education and the Economy (NCEE), and was announced Wednesday. Those who do well on the tests, which will be called [...]

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It may not make students too happy, but a number of schools across the country are taking a closer look at whether their professors are doling out marks that are a bit on the high side. According to a study conducted by the University of Oregon's Undergraduate Council, the number of A's given to students increased by 10 percent over a 12-year period, and the school's overall GPA has increased [...]

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The president of Middlebury College has introduced a plan that would cap the school's annual comprehensive cost increases at 1 percentage point above inflation, a proposal that would slow increases that have been running well above and independent of changes in the Consumer Price Index. The school's board is expected to approve the proposal prior to planning its budgets for the next [...]

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If you're working your way through college with a part-time or even a full-time job to help cover your college costs, your employer could be able to help outside of that modest paycheck. This week's Scholarship of the Week is the McDonald's USA National Employee Scholarship Program, which recognizes and rewards the accomplishments of McDonald's student-employees who excel in their studies, serve [...]

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Remember that Monroe College student who sued her alma mater when she failed to find a job? Lansing Community College plans to introduce a new program next month that would provide training in high-demand fields and a guarantee of employment upon completion, or your money back. (The Monroe College student, Trina Thompson, sued for the full cost of her tuition, or about $70,000.) The Michigan [...]

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Hobart and William Smith Colleges is looking to give juniors narrowing down their college search choices a more unique brochure experience. More than 20,000 of them will receive 3-D glasses to go along with the school's brochures, a strategy the school describes as both a gimmick and symbolic of what the school is all about. Viewing things in 3-D has only become more popular thanks to the [...]

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Despite recent trends of more students across the country enrolling at institutions of higher learning, many students and their families remain mostly uninformed and unprepared to navigate the college and financial aid application process, according to a report issued yesterday called "Planning for College: A Consumer Approach to the Higher Education Marketplace." The report, from MassINC, a [...]

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Several colleges across the country have opened food banks to assist students struggling to make ends meet at a time when tuition costs continue to rise and schools look to find ways to recoup budget losses over the last academic year. Michigan State University, where students have dealt with the loss of the Michigan promise scholarship, has seen a 25 percent increase since 2008 in the number [...]

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Scholarships for cancer survivors or students who have experienced cancer in their immediate family are fairly common awards, as many organizations look to assist those who are under a great deal of stress and financial strain. The largest provider of cancer scholarships is the American Cancer Society, which doles out awards based on where applicants are located. This week's Scholarship of the [...]

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College seniors who prioritize "prosocial" activities while on campus have a better chance to lead more productive lives in adulthood than their peers who may have focused more on their academics or landing a high-paying job post-graduation, according to a recent studies in the Journal of Applied Developmental Psychology led by Patrick L. Hill, a psychologist at the University of Notre [...]

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The number of high school students signing up for Advanced Placement (AP) courses has grown significantly over the last year, but the number of students failing the exams to receive credit for the classes grew right alongside those figures, according to a USA Today analysis released today. The number of students failing the exams was particularly high in Southern states like Arkansas and [...]

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Whether you're an independent filing your own taxes, or a dependent whose parents or guardians are covering a good portion of your tuition, it's a good idea to be aware of the tax credits and tax benefits you and your family members could be eligible for this filing season. The federal government has estimated that up to 2 million tuition-paying Americans will receive as much as $2,500 back on [...]

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As a response to "operating in unsettled and ... unsettling times," Williams College has decided to stop offering its no-loan student-aid program and to reintroduce modest student loans to students' financial aid packages. In an open letter to the Williams community released over the weekend, the school's Interim President Bill Wagner said the change would not affect current students, but [...]

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The benefits of a vegetarian diet are well-known, but did you know that in addition to benefiting your health and the environment, going vegetarian can also have a positive impact on your wallet? If you're a high school student and a vegetarian, check out this week's Scholarship of the Week.  The Vegetarian Resource Group is offering two $5,000 college scholarships for high school seniors who [...]

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The University of California is planning to place some incoming freshmen on wait lists for the 2010 academic year to address uncertainties in the state's higher education budget. This would be the first time in history that the university system is considering a wait list, and more than 1,000 students may be affected by the change. According to an article in The Daily Californian, the wait list [...]

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Duke University professor Deborah C. Jenson wasted little time deciding how to get academia involved following the recent earthquake in Haiti. She developed a new course for the school called "Haitian Creole for the Haitian Recovery" that aims to help undergraduates, health-care practitioners, and engineers get involved in relief and rebuilding efforts by teaching them about the country's [...]

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High school juniors who took the PSAT this fall are likely beginning to notice a new phenomenon hitting their mailboxes at home: a wave of mailings from colleges across the country. To parents, the flood of viewbooks and application packets is likely reminiscent of the piles of credit card offers that often make up the bulk of their mail. Beyond sheer volume, there are other traits that [...]

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Has the week been feeling a little long lately? Can Friday never come soon enough? If you're at the University of Montana, you could be in luck. In response to continued economic troubles and predicted shortfalls in state and federal revenue, the university's president announced this week that the school could benefit from a four-day work week that would reduce operating costs and address their [...]

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As a college degree has become increasingly necessary in our global economy, career colleges have rapidly risen in popularity. Career colleges are run as businesses and their degree programs are substantially more expensive than the equivalent at community colleges. However, their course offerings appeal to students, with online classes, flexible scheduling, and accelerated programs. Now, a new [...]

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More than one in four college students took at least one online class in the fall of 2008, according to an annual survey released yesterday called "Learning on Demand: Online Education in the United States." Those numbers, which come from the Sloan Consortium and reflect data from thousands of colleges and universities across the country, illustrate a 17 percent increase in the number of students [...]

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Immediately on the heels of an announcement that President Obama would be calling for additional assistance to college graduates struggling to repay student loans, the administration also unveiled a proposal to hold federal discretionary spending to current levels for the next three years, a move that could potentially have serious implications for colleges and students. Currently, most federal [...]

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The Washington-based American Council on Education (ACE) released figures today that while female undergraduates continue to outnumber men at community and four-year colleges, that gender gap has begun to level off. According to the report, "Gender Equity in Higher Education: 2010," the percentage of undergraduate men at community colleges and four-year institutions remained between 42 and 44 [...]

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Even as much of the student loan agenda President Obama announced last year remains stalled in Congress, he is expected to propose a new plan to assist middle-class workers in repaying their student loans as part of his State of the Union address on Wednesday. On Monday, the White House announced some of the points Obama plans to address, and among the items is a plan to make student loan [...]

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If the crisis in Haiti has caused you to up your volunteer efforts or if you've always been interested in community service as a way to help out your local community or even build on your resume, there are a number of scholarship opportunities out there for you to get some payback for those good deeds. This week's Scholarship of the Week awards 1,000 scholarships of $1,000 each to high school [...]

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Whether it’s preparing students for college or providing vocational education, one of the purposes of high school is to help students transition from depending on their parents to living in the real world. Recently, more high schools have begun incorporating personal finance into their core curricula, hoping to prepare students to manage the money they make once they move out on their [...]

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