Credit Card Crack Down


September 10, 2010
by Alexis Mattera
Ah, the emergencies only credit card. Sounds great in theory but when a student’s cash flow is low, the term “emergency” can take on an entirely new meaning (some sweet new sneakers or a floor dinner at Chez Fancypants, perhaps?). If Mom and Dad aren’t too keen on the idea – maybe they’ve been there, done that and have the credit score to prove it – there hasn’t been much they could do to prevent their child from stopping by the student union during the first week of classes and signing up for myriad cards and repercussions…until Andrew Cuomo stepped into their corner.

Ah, the emergencies only credit card. Sounds great in theory but when a student’s cash flow is low, the term “emergency” can take on an entirely new meaning (some sweet new sneakers or a floor dinner at Chez Fancypants, perhaps?). If Mom and Dad aren’t too keen on the idea – maybe they’ve been there, done that and have the credit score to prove it – there hasn’t been much they could do to prevent their child from stopping by the student union during the first week of classes and signing up for myriad cards and repercussions…until Andrew Cuomo stepped into their corner.

Reuters recently posted an article detailing the State University of New York’s agreement with the New York Attorney General to adopt practices to protect students from unnecessary debt. SUNY, with 465,000 students on 64 campuses throughout the state, is the first university in the country to adopt this sort of reform, which calls for mandatory financial literacy programs to educate students on loans, credit cards and finances in general to minimize the nearly $4,100 in credit card debt and $20,000 in loans that most four-year college students graduate with. Letters have also been sent to the state’s approximately 300 higher educational facilities insisting that they evaluate any existing contracts with credit and debit card companies, prohibit the sharing of students’ personal information with card companies without authorization, limit on-campus marketing and never accept percentages of charges imposed on students.

When I began my freshman year at UConn in 2001, I made the decision not to sign up for a credit card for one simple reason: I knew that when I tired of my wardrobe or dining hall food, it would have been all too easy to bust out the plastic. That being said, I knew plenty of people who were tempted by the free t-shirts and bottle openers and they would have surely benefited from Cuomo’s reform and tips like these. Now to our readers: Have any financial wins or woes from your college days you'd care to share? Would you have made different choices if more information was available? Were the sneakers worth it?

Just because there are millions of college scholarships out there doesn’t mean you have time to go searching, and many won’t even match your profile. We’ve done the work and Scholarships.com is totally free. We have the search algorithms and scholarships database, saving you time in searching, finding and applying to thousands of dollars in college scholarships. Get instantly matched to scholarships that meet your unique talents, skillset and strengths, only those you qualify for. Access a complete list of college scholarships now by conducting a free college scholarship search at Scholarships.com.

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 
Monroe College's IT system was hacked last week, disabling many of its technology systems and platforms as hackers demanded $2 million ransom in Bitcoin to restore access. Faculty, students and staff members were locked out of the college's websites but continued to attend class and hand in homework, regardless.

Another College Cyber Attacked, Hackers Demand $2M Ransom

July 16, 2019 4:16 PM
by Susan Dutca-Lovell
Monroe College's IT system was hacked last week, disabling many of its technology systems and platforms as hackers demanded $2 million ransom in Bitcoin to restore access. Faculty, students and staff
 Three San Bernardino County women who have been accused of stealing $1 million in federal financial aid from Fullerton college, in California, have been arrested by the U.S. Justice Department and are charged with various counts of mail and wire fraud. The scheme involved enrolling hundreds of mainly non-existent students, successfully applying for grants and loans and pocketing the money.

3 Women Charged in $1M Student Financial Aid Fraud

July 2, 2019 11:07 AM
by Susan Dutca-Lovell
Three San Bernardino County women who have been accused of stealing $1 million in federal financial aid from Fullerton college, in California, have been arrested by the U.S. Justice Department and

    Nothing says 'Merica like these Patriotic Scholarships as we approach Independence Day and remember how, in America, education is a great equalizer. Whether you are an American citizen searching for college scholarships or are studying abroad in the USA, these American-themed scholarships are for those who truly believe in the American dream. In the land of the free, we have plenty of free college scholarships to help you achieve your higher education dreams.

Patriotic Scholarships that Celebrate America

June 27, 2019 1:33 PM
by Susan Dutca-Lovell
Nothing says 'Merica like these Patriotic Scholarships as we approach Independence Day and remember how, in America, education is a great equalizer. Whether you are an American citizen

    In honor of LGBTQ Pride Month this June, Scholarships.com is recognizing the success of, and providing financial aid resources to the lesbian, gay, bi-sexual, transgender, and queer community and its allies through featured LGBTQ scholarships. These colorful LGBTQ scholarships are not only intended for those who identify as LBTQ or are questioning, but are available to LGBTQ parents and allies, as well. Below is a preview of LGBTQ scholarships that were created to provide economic mobility and equality for LGBTQ students and allies who may face unique challenges on their educational journeys. For even more LGBTQ scholarships, Parent LGBTQ scholarships or LGBTQ Ally scholarships, visit here.

LGBTQ Scholarships for Pride Month

June 6, 2019 3:22 PM
by Susan Dutca-Lovell
In honor of LGBTQ Pride Month this June, Scholarships.com is recognizing the success of, and providing financial aid resources to the lesbian, gay, bi-sexual, transgender, and queer community

    We're bringing the heat with these fiery summer scholarships for which you can apply this summer break. While scholarships are offered year-round, many students have more free time during the summer to devote to scholarship essays and applications, so we encourage you to prioritize financial aid in-between basking in the sun.

Sizzling Summer 2019 Scholarships

June 5, 2019 11:21 AM
by Susan Dutca-Lovell
We're bringing the heat with these fiery summer scholarships for which you can apply this summer break. While scholarships are offered year-round, many students have more free time during the
 China's Ministry of Education is warning its students about studying in the United States in its first study abroad alert of the year. Students are advised to prepare accordingly given the potential difficulties in acquiring visas since the visa review period has been extended, the validity period has been shortened and the refusal rate has increased.

China Warns Students Against Studying in the U.S.

June 4, 2019 4:24 PM
by Susan Dutca-Lovell
China's Ministry of Education is warning its students about studying in the United States in its first "study abroad alert" of the year. Students are advised to "prepare accordingly" given the