This fall, credit card promoters offering free T-shirts and pizzas may be scarce on college campuses in Texas. During this past spring's legislative session, a bill passed to reinforce college administrators' abilities to restrict the times and locations of credit card marketing on campus.
The law, which goes into effect Sept. 1, will also require any credit card solicitor to provide information on keeping good credit if they are providing gifts or incentives to students. It requires that institutions allowing credit card marketers on campus implement an education and counseling session in their new student orientation.
Jennifer Hammat, assistant vice president for student affairs, said in an e-mail that the University currently prohibits all credit card sign-up solicitations on campus.
However, the law, championed by Rep. Dan Branch, R-Dallas, was supported by testimony from Miguel Wasielewski, assistant to UT's financial aid director.
In written testimony, Wasielewski said that incoming freshmen should be able to seek effective and relevant counseling whenever they decided to take out a loan. However, money management guidance programs are poorly attended, include only financial aid recipients and are optional.
At freshman orientation, UT currently offers a break-out session for students' parents to advise their children on credit, said Kristen Jones, student affairs administrator for New Student Services. There is no such program for students.
"Nearly 4,000 students over the summer will receive information that may contribute to their ability to be more financially responsible," Wasielewski said in his testimony in support of the bill.
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