
’90B #3′
courtesy of ‘Chris Rief aka Spodie Odie’
Well, it is if you’re a student from Catholic or American who got a branded credit card. Otherwise it’s just your debt.
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The CARD Act passed Congress last year and requires higher education institutions to disclose the terms of their agreements with credit card providers when they involve promoting credit cards to students. There’s an online database you can search now to find the terms of those agreements and what money the institution is pulling in as a result. I’m not examining the deals from Baltimore – John’s Hopkins, Notre Dame of Maryland, Loyola – so I can focus on our area. The only schools in our area making a deal for their current student’s information are American University and Catholic University in the District and Marymount University in Arlington.
That’s not because they’re necessary less ethical than George Mason University or University of Maryland – those institutions, being public, are bound differently by FERPA and can’t legally make this sort of deal for an enrolled student’s info. Georgetown and George Washington, on the other hand, don’t have that FERPA hurdle but still decided to let their students make it out into the workforce and have a few years under their belt to learn the perils of revolving debt.
And make no mistake, revolving credit is a peril for everyone. It’s a scourge on modern life and serves almost no useful purpose except to build wealth through the most repugnant and unnecessary form of money-lending. Well, and to allow people to make a purchase that will eventually cost them between a 5 and 50% premium. Sadly about 55% of the population disagrees with me or has gotten sucked in by temptation and now carries a balance. You don’t have to agree with me, but I want you to know where I’m coming from – disclosed biases and all that.
So AU and Catholic students, what are your charging habits worth to your schools?
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