Student Credit Card Statistics

 

 

Drop out rate due to debt / financial pressure 8.5% Drop out rate due to academic failure 6.0% Percentage of students with a credit card from their parents 70% Percentage of students with a checking account: 89% Percentage of students with a Savings account: 12% Students that have a debit card 68% Students that know what a FICO is: 11% Students that have a credit card they applied for themselves 48% Average balance owed on credit cards: $1050 Students who pay late once per year and are assessed a junk fee penalty: 58% Students who pay late twice per year and are assessed a junk fee penalty: 27% Students who pay late three times per year and are assessed a junk fee penalty: 25% Average late fee on student credit card $29 Students with cell phone plan under parents plan: 73% Students with secondary cell phone plan: 12% Number of direct mail credit card offers: 17-60 per semester Average traditional adult FICO score 585 Average student FICO score 680 College credit card banning in person promotions: 1280 Schools College credit card affinity programs with Univerity approval (for alums and future alums i.e. Frosh, Soph, etc) 4700 Disposable income per student $17,000

Research is based on optional/non-optional surveys of 255,000 registered Duck9 student users enrolled at four-year schools.
No personally identifiable information was compromised during surveying.

Q4 2007 Statistics on College Student Drop Out Rates

(1) Financial Pressure Number One Reason Students Drop Out of University

 
Pie Chart: “Reasons Cited Amongst The 19% of 4 Yr College Undergrads Who Dropped Out”

- 38% Financial pressure

- 28% Academic disqualification

- 4% Distance from home

- 5% Health problem

- 3% Mental / emotional issues

- 9% Family support

- 13% Poor social fit

 

(2) Bar Graph : Credit Card Debt Causes Students to Work More

Four Year Student with Credit Card Debt Working Part or Full Time
Student Credit Card Debtor Working Part Time-- 65%
Student Credit Card Debtor Working Full Time-- 19%

Four Year Student with No Debt Working Part or Full Time
Student with No Debt Working Part Time --48%
Student with No Debt Working Full Time --11%

Survey conducted Q4 2007 in a survey of 14,500 students at fifteen colleges by Duck9 . Error margin +/- 2%.

 

 

(3) Bar Graph: “Student Loan Borrowers More likely to Enroll Full Time and Less Likely to Work Full” Time

(source National Center for Public Policy and Higher Education)

Enrolled Full Time
Borrowers who dropped out- 79%
Non-borrowers who dropped out- 51%

Worked Full Time
Borrowers who dropped out- 23%
Non-borrowers who dropped out- 40%

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