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1999 SESSION
991100705WHEREAS, college students and their families are in debt more than ever before, with an unprecedented number of college students relying on loans to help pay their tuition; and
WHEREAS, according to The Washington Post, 6.5 million students, more than half of the nation’s college enrollment, have loans, with their borrowing reaching a record level; and
WHEREAS, many college students compound their financial situation by incurring huge credit card debts; and
WHEREAS, in 1995, the Roper College Track Financial Services Study found that 64 percent of the nation’s nine million college students have a credit card, and, typically, college students are bombarded with credit card offers; and
WHEREAS, on many college campuses, the use of credit cards has become a way of life for many students, and few students know or understand the principles and benefits of sound money management and good credit; and
WHEREAS, although many college students are unemployed, credit card offers from vendors promise easy credit and bonuses for accepting the credit card, and many college students graduate owing substantial credit card balances, and are plagued by poor credit; and
WHEREAS, minority and low-income students generally have less resources for college and are more vulnerable to the credit card message; and
WHEREAS, college students generally do not realize that poor credit can follow them, affecting their housing options, the ability to buy a car, and the ability to obtain employment, as many employers conduct credit checks of prospective employees; and
WHEREAS, it is important that college students and their families be made aware of the danger of substantial credit card debt, and that there are alternatives to credit cards which promote better and wiser management of personal funds, such as debit cards, prepaid long-distance calling cards, letter writing and e-mail instead of expensive long-distance calls, and checking accounts; and
WHEREAS, college students often are unaware of consumer rights, how to handle financial debt, or with whom to file complaints about the sales approach of financial institutions and credit card companies; and
WHEREAS, the Joint Subcommittee Studying the Status and Needs of African-American Males in Virginia determined that information concerning complaints and problems experienced by college students with financial institutions and credit card companies would assist the joint subcommittee in developing appropriate alternatives to help students with this dilemma; now, therefore, be it
RESOLVED by the House of Delegates, the Senate concurring, That the Department of Agriculture and Consumer Services be requested to provide consumer credit information to college students, and to monitor complaints regarding unsolicited offers of credit, and credit cards and incentives. The Department is requested to provide information to college students and their parents, and institutions of higher education, upon request, regarding: (i) the rights of consumers, including the right to make inquiries concerning financial institutions and credit card companies; (ii) the maintenance of good credit; (iii) how to obtain and interpret credit history information; and (iv) how to file a consumer complaint. The Department is also requested to collect, analyze, and provide data regarding consumer complaints by college students about credit offers and credit card companies to the Joint Subcommittee Studying the Status and Needs of African-American Males in Virginia by December 1, 1999, which shall include such information in its report to the Governor and the 2000 Session of the General Assembly. The Department is further requested and encouraged to collaborate with institutions of higher education on the dissemination of this information on campus in the least intrusive and most cost-effective manner possible; and, be it
RESOLVED FURTHER, That the Clerk of the House of Delegates transmit a copy of this resolution to the Chairman and Director of the State Council of Higher Education, requesting that they distribute copies of this resolution to the chief academic officers, and admissions and student personnel officers of public and private institutions of higher education so that they may be apprised of the sense of the General Assembly in this matter.