‘There is no escaping high school and college student debt. It’s as bad as it appears; bad enough to earn the contempt of many students but making poor financial decisions for them. If you know you’re under attack from this disturbing temptation, you have ample time to correct your financial mistakes.
‘There is no escaping unfulfilled debts. Yet, financial freedom means freedom from debt. Once you’ve resolved your debts, you can go bankrupt without being able to pay back any of your credit loans. After completing your major, student credit cards may be available to you – provided you have adequate income to make it.
‘If you are in trouble with your income, financial aid may be available to you – provided there’s sufficient cash and a few hundred dollars in monthly income-striping installments; or if you’re unemployed and self-employed, and seeking alternative means to make your financial situation work for you.
‘Student credit cards are easy to obtain and convenient to use – but beware of fees – they can cost thousands of dollars to mount up interest rates and are often expensive to enroll in – especially if you’re seeking alternatives in the interim. You also may want to watch out for potential fees and your options for repayment.
‘Student credit cards may not solve your problems, but student credit cards and student lives are different. Student life is not a brisk, slow series of happy minutes, and you’ll find the rewards are often very tough. As far as financial freedom comes down to your ability to make and stick to timely payments on your credit card payments, this is the primary place to look. As you continue to improve and attain good credit, you’ll find that student financial aid will more than likely become available, much sooner than expected.
We’ll continue examining and comparing some of the most popular student credit cards, as well as consolidating student loans into one easy to pay credit card. Whether you’re seeking student credit cards or simply wanting student life on a budget, it’s important that you take full advantage of all of these resources when signing up for student credit cards.
Student Credit Cards and Student Credit Incentives
If a student becomes a member of an organization that teaches financial responsibility and student credit, then the interest earned on all other accounts of the student in most circumstances is zero. Therefore, there is no extra interest to be paid for transferring a student credit card to a ‘higher’ interest credit card type account (student loan or line of credit).
However, while student interest rates are zero, there is no annual fee for student credit cards (although some companies charge for a late fee, some credit card providers do make allowances for these fees). In most cases, students do not incur fees from student credit cards’ use of prepaid debit cards regardless of how much they charge.
One of the best ways to reduce student credit cards interest is to ‘charge’ them when they do not need to and continue to charge them. There is no credit fraud on prepaid debit cards either, so fraud is hard to track. An alternative to the student credit card is the student’s own account with a deposit guarantee – but remember that this is only available with prepaid debit cards.
Student credit cards are used by most students only after a certain number of referrals have been made on the student credit card website. This is then used to decide the student credit cards that will get the student’s full name, address, and other details (such as expiry dates). The student credit card limit of the student account that is used for no other purpose counts as additional credit for the account.
Thus, there is no other way of paying off the student’s full credit card debt unless you are a non-profit organization that helps students out with other non-credit related expenses. For example, if a student works a full time job (e.g., babysitting, or tutoring), but does not receive an allowance, then a student credit card will simply replace the old card (but not refund the money accrued).
There are also no credit lines available for non-permanent loans. Most student credit cards will be for student’s regular payments and they will charge a monthly ‘grace period’ of around ‘20.00. However, if a student files monthly with the company and receives the card at the end of each month (for the first month, after the ‘cash advances’ limit has been reached, of the student’s account), then the student can have the card for the remainder of the month (through the end of the month), paying both the payments and the grace period in full during the month in which it was charged to the student’s account.