A brief report issued on Friday by the American Council on Education highlights data on college students’ use of credit cards from the 2003-4 National Postsecondary Student Aid Study.
The report notes that more than half of undergraduates who are dependents had a credit card, and nearly a quarter of them did not pay off their bill in full every month, leaving a median monthly debt of $1,000. The report suggests that some students are using their credit cards to “augment what they had borrowed through student loan programs.”
The data differ slightly from a report issued last year by Nellie Mae, a provider of student loans. But the ACE report confirms some of the concerns raised five years ago in a report prepared for the U.S. Congress.
Source: The Chronicle of Higher Education
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