Student Credit

University in Cambridge
College education is a unique time in the life of a young adult. Students have special opportunities and needs during that time that they do not have any other time in life. o­ne way a student can take full advantage of opportunities is using student credit to meet financial needs.

Student credit is provided by most major credit companies and offered o­nly to students enrolled in higher education courses through a college or university. This form of credit can help students take courses they need, pursue activities and pay unexpected bills that may arise. However, student credit is not without limitations. Most student credit starts out with a low credit rate, a low credit limit and may have an annual fee charged by the credit company. The low credit rate is o­nly an introductory rate that will eventually rise and it is imperative that students use the credit responsibly. The credit limit will be determined by the monthly income of the student, the current debts that the student possesses and the length of time that the student has be in residence in the area.

St. Johns College
If a student uses the credit very wisely, he or she can reap rewards; however, if the student credit is mishandled, the consequences can be costly. Many student credit cards offer cash back incentives or rewards that the student can choose from o­nce they have accumulated a certain amount of points. Using the student credit can be very beneficial to the student, but if the student spends so much that he or she does not have the income to pay the bills, it can cause future trouble. The student’s credit report may be affected and in the future he or she may have difficulty purchasing a house, a car or even getting a different credit line.