Why are students using credit cards to pay for college? I doubt it’s because these student are saving up rewards points for a new toaster oven. They are doing it for one simple reason: unlike the lending options provided by most banks and lending institutions, credit cards are convenient and easy to use.
Student lenders are missing a big opportunity to reach a new population of borrowers. Students are confused right now about the economy and credit. That confusion is exacerbated because too few financial institutions are stepping up and communicating. They’ve ceded the battle to the credit card brands, which have always understood the power of college student spending.
For a closer look at what financial institutions should be doing now to get their college marketing plans in order by reading this article in its entirety on Ypulse right now.