| College students are among the major demographics | | | | The Obama Debt Relief Act mandates that in further |
| that are fazed credit card debt. But before you blame | | | | preventing the rise of debt incurred by students, credit |
| it on misuse, studies have shown that school expenses | | | | card companies are prohibited to issue credit to people |
| such as tuition, school materials, and other costs | | | | under the age of 21 if students apply without their |
| increase as a college student progresses. According | | | | parents' permission or verification of their ability to pay. |
| to Edmund Mierzwinski, consumer program director for | | | | The Obama Debt Relief Act also provides financial |
| the U.S. Public Interest Research Group, ""Students are | | | | relief and grants to university students. As more |
| carrying more debt on credit cards, and more students | | | | parents have lost their jobs and are struggling to find |
| are paying for education on with credit." | | | | alternative sources of income, more students are now |
| In response to such important matter, the Obama Debt | | | | qualified for debt assistance from the government. |
| Relief Act has included the plight of college students in | | | | While this debt assistance from the government may |
| its efforts to greatly reduce the debt of the American | | | | not be enough to fully free college students from their |
| people. | | | | debts, it certainly has provided them an alternative |
| In a recent study conducted by Sallie Mae, a | | | | source of cash to continue their academic progress. |
| college-financing company, it is revealed that in 2008, | | | | There are still other options that could help students |
| college seniors with at least one card have an | | | | clear their name from credit card debts such as the |
| average $4,138 of unpaid credit. In contrast, college | | | | Federal Student Loan, which is a debt relief from the |
| freshmen have an average debt of $2,038. The study | | | | government, or they could apply for Debt Forgiveness. |
| also revealed that factors such as the bad economy | | | | Some options may differ in their approach but they |
| and the rising costs of college tuition are critical to the | | | | are all designed to help college students become |
| rising credit card debts of students. | | | | financially free from their debts. |