Have student lenders dropped the ball?

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.

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About Jason Bakker

Jason Bakker is a native Minnesotan and has been working in the area of youth marketing for nearly a decade. He currently works with Minneapolis based Campus Media Group as the Director of Marketing and is responsible for following trends in the ever-changing landscape of youth culture and media usage, and for consulting advertising agency and national brand professionals on how to develop integrated marketing programs that reach college youth.

One thought on “Have student lenders dropped the ball?

  1. The Student Loan Network, nad Edvisors company, has been communicationg with students for 10 years, via many channels:

    FinancialAidForum.com, FinancialAidPodcast.com, and FinancialAidNews.com

    These do help students with the overall process – but they are still going to use credit cards for the convenience.

    Private student loans were getting more convenient – easier to be approved for and funds sent directly to students. The result was over borrowing

    Students know enough – hopefully – to use credit cards on a limited basis and apply for loans for bigger needs.

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