New York colleges get kickback of students finance charges!

[dixiegrrrrl]

Apparently the college are actively marketing credit cards to students, for a kickback.
( I wonder how many other schools do this nation wide?)


"SUNY Agrees to Cuomo's Credit Card Code of Conduct for New York Colleges

The State University of New York, which has 64 campuses, has agreed to a code of conduct developed by New York Attorney General Andrew Cuomo to safeguard students from what he calls “deceptive and unfair credit card marketing.”

Cuomo’s code outlines steps schools should take to monitor and limit credit card marketing to students, according to an e- mailed statement from the state attorney general’s office.

The code requires the schools to offer financial literacy programs and not share personal information with credit card companies without permission.

It also bans agreements in which the school earns a percentage of finance charges imposed on students.

If a school enters into an exclusive agreement with a credit card company, it must select the card based on their students’ best interests, Cuomo said. It also must monitor all credit card offers promoted o n campus."

http://www.bloomberg.com/news/2010-09-07/suny-agrees-to-andrew-cuomo-s-credit-card-code-of-conduct-for-colleges.html