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Legislation Seeks Student Protection on College Debit Cards


May 23, 2014
With graduation season in full swing on college campuses across the country, many of you are well-prepared and excited for this new chapter in your lives. So whether you've snagged a position in your field (way to go!) or have a coveted internship lined up, it seems as though things are all finally falling into place...until you realize that along with the crippling student loan debt you’ve accrued the past four years, you also have a ton of debit card debt. Yikes! Fortunately, Congress seems to be tackling predatory college debit card programs head-on. The legislation – known in the Senate as the Protecting Aid for Students Act and in the House as the Curbing Abusive Marketing Practices with University Student Debit Cards Act – would prevent "revenue-sharing" deals between college and [...]
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31 months ago 0 comments

The majority of college students today own smartphones and use these devices more for apps, browsing the web, checking email and texting than actually making phone calls. Here are a few that will benefit most students...and most are available for both Android devices and iPhones. My top most recommended apps are Amazon Student and Kindle for iPhone or Android. Amazon Student has deals for [...]

55 months ago 0 comments Read More

Did you have to take out student loans in order to pay for all or part of your college education? Probably, as total student loan debt passed total credit card debt for the first time and is approaching the $1 trillion mark, but the bigger problem could be that college students who truly need to borrow are not doing so. In a new analysis of student debt published in AEA’s Journal of Economic [...]

57 months ago 0 comments Read More

We've all heard the stories about people whose lives have been turned upside-down by identity theft and college students are not exempt. Part of the reason why identity theft is so rampant is that people don't take the necessary precautions. Here are a couple of tips to help keep your identity intact. Install anti-spyware software on your computer. Spyware is just what it sounds like: software [...]

62 months ago 0 comments Read More

“Just charge it.” I'm willing to bet that you’ve been in a store and heard that phrase. Even if you haven't, you’ve probably been bombarded with letters asking you if you'd like to lower your interest rates, encountered representatives hawking credit cards (and complimentary t-shirts!) on the quad or heard of people who have racked up thousands of dollars in debt from recklessly swiping their [...]

63 months ago 0 comments Read More

Managing money is difficult for many people, not just college students! I’ve been taught to save every penny and paying for school myself has been the biggest reason but friends of mine who haven’t struggled as much don’t have the same outlook. For them, credit cards are magic and their parents are instant money taps. My best friend is the reason I’m writing this article. She struggles with [...]

66 months ago 0 comments Read More

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 [...]

75 months ago 0 comments Read More

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 [...]

82 months ago 0 comments Read More

Private student loans may soon come under increased federal regulation as Congress takes up legislation that would create a consumer financial protection agency. The bill moved out of the House Financial Services Committee yesterday and will soon go to a floor vote. Lenders fought the legislation, but the proposed amendment to exempt student loans from the agency's oversight was defeated in [...]

86 months ago 0 comments Read More

The Federal Reserve Board proposed new regulations last week that would prohibit creditors 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. Those rules would amend some of the provisions in the Credit Card Accountability Responsibility and Disclosure Act of [...]

86 months ago 0 comments Read More

Student loans and credit cards make up the two most dangerous, and often difficult to avoid, debt traps for college students.  While some amount of borrowing for college can make life easier for students, too much debt can make life nearly impossible for graduates.  The same goes for credit cards.  Having a card is great for emergencies and your credit rating, but running up a large balance while [...]

92 months ago 0 comments Read More

While an increasing number of college students received financial aid in the 2007-2008 academic year, that calendar year students also ran up more credit card debt.  The average college student owed $3,173 on credit cards in March 2008, compared to $2,169 in 2004.  This information comes from the student lender Sallie Mae, which has been tracking students' credit card debt since 1998. The study [...]

92 months ago 0 comments Read More