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Running head: ELIMINATING STUDENT DEBT 1
Eliminating Student Debt
Bonnie Heath
COM/156
August 29, 2010
Lori Wilson
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ELIMINATING STUDENT DEBT 2
Eliminating Student Debt
What I hope to accomplish in this paper is to show the reader that because of the
predatory practices and shady deals with the different schools, credit card companies should not
be allowed on campuses marketing to college students. The level of debt in society today is high
enough and credit card companies do not need to be targeting college students just to increase
their number of customers.
Even though they should be allowed to market to college students because it is a good
way to learn about credit cards and how to handle them responsibly, credit card companies
should not be allowed on campuses to market to college students. College students already have
enough debt as it is if they do not receive scholarships or help from their parents, and college
students, fresh out of high school, do not know enough about personal finance and personal
credit to be responsible about credit cards. I happen to agree with this statement because when
one thinks about it, college students who do not have scholarships or help from their parents are
already in enough debt as it is.
One argument for credit card companies being allowed to market to college students is
credit cards are a way for students on their own for the first time to establish a good credit score,
which then can be used later in life to obtain loans for cars or homes. Credit card companies
market to college students in the hopes that once that student has that card in his or her wallet
that he or she will keep that particular card for years and its upgrades in the years to come
therefore netting the credit card company more profit over a longer period.
Because of their predatory practices and shady deals with the different schools, credit
card companies should not be allowed on campuses marketing to college students. These deals,
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researchers. The report goes on further to say that many teachers would be open to more
learning opportunities in both financial education subjects and teaching methods.
According to Kim Clark of the United States News and Report because many states are
decreasing the number and size of grants that they give to recent high school graduates, college
students already have enough debt if they do not receive scholarships or help from their parents.
Although parents may have been able to work their own way through college, in the past 20
years tuition has risen much faster than wages from jobs and financial aid. Because many
students do not receive financial help, they must work enough hours to pay rent, utilities, and
other basic living expenses, leaving less time and attention for studying. As a result, the student
often drops out of school. Although many parents or guardians do not or cannot provide financial
support, colleges and government financial aid agencies expect them to contribute to the costs of
educating their dependent children.(Clark, 2010). Generally, the government and colleges
expect parents to contribute to a student's education until the student turns 24, becomes a veteran,
gets married or becomes a parent (Clark, 2010, para. 7).
In conclusion, although they should be allowed to market to college students because it is
a good way to learn about credit and how to handle it responsibly, credit card companies should
not be allowed on campuses to market to college students for two main reasons. First, college
students do not know enough about personal finance and personal credit to be responsible about
credit cards. Most important, college students already have enough debt as it is if they do not
receive scholarships or help from their parents and there is already enough debt in this country
without credit card companies tricking students who do not know better into getting these credit
cards, adding to it.
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References
Clark, K. (2010, January 20). Should kids pay own college costs?. U.S. News & World Report.
Retrieved from
http://articles.moneycentral.msn.com/CollegeAndFamily/SavingForCollege/should-kids-
pay-own-college-costs.aspx?page=1
Protess, B. & Neumann, J. (2010, June 8). Banks Paying Colleges For Students Who Rack Up
Credit Card Debt. The Huffington Post. Retrieved from
http://www.huffingtonpost.com/2010/06/08/banks-paying-colleges-for_n_604109.html
U.S. PIRG Education Fund. (2008, March) The Campus Credit Card Trap Report. Retrieved
from http://www.truthaboutcredit.org/campus-credit-card-trap
2010 Board of Regents of the University of Wisconsin System. (2010). Study shows need for
teacher training in personal finance. Retrieved from http://www.news.wisc.edu/18148
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