This is the first of a two-part series regarding college students and their use of credit cards. This post attempts to give an overview of student credit card use by presenting some statistics taken from Sallie Mae’s National Study of Usage Rates and Trends of Undergraduate Student Credit Card Use released in April 2009. In our next post, we’ll discuss how parents can help students think about their use of credit.
Most college students use credit cards. Credit has become a part of the fabric of college life. Many college students use credit cards out of necessity, and many college students use credit cards wisely, but college student debt is mounting. Many parents of college students who are over 18 may not know whether their student has a credit card, or multiple credit cards, or whether their student is carrying a balance.
The following are some statistics which may give college parents pause to do some thinking about their student’s use of credit. These statistics were released in a recent study by Sallie Mae conducted in the spring of 2008, regarding college students and credit cards. You may find some of these facts surprising.