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Students at institutions of higher education apparently like credit cards. A new study indicates that more than half of college students have at least one credit card that is billed to them, with about a quarter of those students having used their credit cards to pay school tuition.
Overall, greater than four in ten student credit card holders carried a balance from month to month, with a median balance of $1,000, according to an American Council on Education analysis of 2003-2004 federal data released earlier this week. Additionally, the study reported that 55 percent of students who used their cards to pay tuition had a revolving balance, versus 38 percent who had not charged tuition. Still, the data did not suggest the degree to which tuition charges are the reason students carry credit-card balances.
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