First student niko

In my personal opinion I do not think college students should be using credit cards at all unless they meet specific criteria. This criteria would go into a specific amount of student debt if any at all and the students income. I feel like a lot of students take financial assistance no matter what form it may come in just because it's there regardless of if they actually need it or not. I also believe not enough students are financially educated or responsible enough to take on a credit card while in school and managing other things in their personal lives. If the education system found a way to incorporate or require a certain level of financial education before students had the ability to decide if they can or want to take on a credit card it would be fine. Since as of now there isn't such a requirement I think it is irresponsible for students to take on credit cards before knowing how to use one efficiently and the potential risks of misusing a credit card. I also think it is negligent for a school to offer students credit cards without firs financially educating them. The majority of students are already financially in between a rock and a hard place without even knowing it being in debt to school loans that in our current situation they haven't had to worry about or feel the effects of the financial restriction loan repayments are going to place on their day to day lives

Second student Anthony 

Hello class,

I believe colleges should have affinity credit cards as an option for all responsible students. Students should be required to complete specific courses tailored to teaching students how to develop and manage their credit. Universities need to ensure that credit cards benefit both students and them.  Based on the articles referenced, credit card companies develop options that are not consumer friendly. Students are offered credit cards with no limit on the interest rate which can increase the chances of being stuck in a hardship situation. There are many concerning cons that need to be updated and addressed to help empower students. Alumni entities should not be able to sell student information to credit card companies with the intent to negotiate contracts. Universities should negotiate rates that benefit students who are looking to create a brighter future but do not have the means based on their upbringings and limited options. Although universities selling cards to their students can help raise money to invest in the school itself, this option shouldn’t be at the cost of students’ financial health and well-being.  The option to charge interest for 2 months rather than one month should not be an option that colleges offer to students. Although there are many cons if students are educated a credit card can help build credit and act as a lifeline while on an educational journey.

References:

Credit cards and campuses. Inside Higher Ed. (n.d.). Retrieved August 31, 2022, from https://www.insidehighered.com/news/2010/02/19/credit-cards-and-campuses

Learn.umgc.edu. (n.d.). Retrieved September 1, 2022, from https://learn.umgc.edu/content/enforced/450033-001018-01-2202-OL4-7980/cashmanagement-120809012912-phpapp02.pdf?_&d2lSes...

kathleen_elk. (2020, May 13). Warren Buffett warns against carrying a credit card balance: 'you can't go through life borrowing money at those rates'. CNBC. Retrieved August 31, 2022, from https://www.cnbc.com/2020/05/13/warren-buffett-cautions-against-carrying-a-credit-card-balance.html

Respectfully

Anthony Collins