Title III of the act-Sections 301 to 305 will have an impact on young consumers and college students.  Here is some information on the approval process and highlights of the act.

The Senate passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009), H.R. 627/S. 414 on May 19, 2009, and the House passed it on May 20, 2009. President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 an May 22, 2009.

TITLE III-Protection of young consumers

SEC. 301. Extensions of credit to underage consumers.

Applications from underage consumers

A) Prohibition on issuance.-No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B).

B) Application requirements.-An application to open a credit card account by a consumer who has not attained the age of 21 as of the date of submission of the application shall require-

(i) The signature of a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account, indicating joint liability for debts incurred by the consumer in connection with the account before the consumer has attained the age of 21; or

(ii) Submission by the consumer of financial information, including through an application, indicating an independent means of repaying any obligation arising from the proposed extension of credit in connection with the account.

SEC. 302. Protection of young consumers from prescreened credit offers.

(iv) the consumer report does not contain a date of birth that shows that the consumer has not attained the age of 21, or, if the date of birth on the consumer report shows that the consumer has not attained the age of 21, such consumer consents to the consumer reporting agency to such furnishing.”.

SEC. 303. Issuance of credit cards to certain college students.

(p) Parental approval required To increase credit lines for accounts for which parent is jointly liable.-No increase may be made in the amount of credit authorized to be extended under a credit card account for which a parent, legal guardian, or spouse of the consumer, or any other individual has assumed joint liability for debts incurred by the consumer in connection with the account before the consumer attains the age of 21, unless that parent, guardian, or spouse approves in writing, and assumes joint liability for, such increase.”.

SEC. 304. Privacy protections for college students.

(f) Credit card protections for college students.-

(1) Disclosure required.-An institution of higher education shall publicly disclose any contract or other agreement made with a card issuer or creditor for the purpose of marketing a credit card.

(2) Inducements prohibited.-No card issuer or creditor may offer to a student at an institution of higher education any tangible item to induce such student to apply for or participate in an open end consumer credit plan offered by such card issuer or creditor, if such offer is made-

(A) on the campus of an institution of higher education;

(B) near the campus of an institution of higher education, as determined by rule of the Board; or

(C) at an event sponsored by or related to an institution of higher education.

SEC. 305. College credit card agreements.

(r) College card agreements.-

(1) Definitions.-For purposes of this subsection, the following definitions shall apply:

A) College affinity card.-The term ‘college affinity card’ means a credit card issued by a credit card issuer under an open end consumer credit plan in conjunction with an agreement between the issuer and an institution of higher education, or an alumni organization or foundation affiliated with or related to such institution, under which such cards are issued to college students who have an affinity with such institution, organization and-

(i) the creditor has agreed to donate a portion of the proceeds of the credit card to the institution, organization, or foundation (including a lump sum or 1-time payment of money for access);

(ii) the creditor has agreed to offer discounted terms to the consumer; or

(iii) the credit card bears the name, emblem, mascot, or logo of such institution, organization, or foundation, or other words, pictures, or symbols readily identified with such institution, organization, or foundation.

Are you still looking for colleges to apply to?  The financial aid package may not have been as generous as you would have liked, your direction has changed, or you are still entertaining different options.  Here are some schools that may have openings in their freshman class and available financial aid.  I’ll list some schools in the Southeast and attach a link for the complete listing. 

Here are some schools in the Southeast-

• Aquinas College, Tennessee
• Bellarmine University, Kentucky
• Belmont Abbey College, North Carolina
• Brevard College, North Carolina
• Clayton State University, Georgia
• Eckerd College, Florida
• Emory University, Georgia
• Flagler College, Florida
• Gardner Webb University, North Carolina
• Georgia Southern University, Georgia
• Jacksonville State University, Alabama
• King College, Tennessee

Remember that this is only a partial listing.   Go to the following link for the complete listing-http://www.nacacnet.org/PublicationsResources/Research/SpaceAvailabiltySurvey/Pages/SpaceSurveyResults.aspx

If you have an interest in a particular school, contact the admissions office and financial aid office for the latest status.   This information changes on a daily basis.

Over the last few weeks we received a lot of questions about what to do in the Freshman through Senior years in high school.  Here is an abbreviated listing of our college calendar.

College Timeline

FreshmanYear

• Get off to a quick start. Work hard! The first couple years weigh heavily in calculating where you will graduate in your class.
• Calculate the Expected Family Contribution (EFC) and integrate with savings for college.
• The Resume is a key component in applying to colleges. Start a list of your school and community activities.
• Work on improving your vocabulary and writing skills. 

Sophomore Year

• Start collecting information on different colleges and majors you’re interested in.
• Continue to look for extracurricular activities that you’re interested in. Start taking leadership roles as opportunities arise.
• Review savings program and Expected Family Contribution (EFC). Will additional resources be needed to pay for college? Start applying for college scholarships to supplement.
• Take the PSAT in your sophomore year. 

Junior Year

This is the start of the base year for financial aid purposes.  The year starts on January 1 of your Junior to beginning of the Senior Year.

1^st Semester

• Take the PSAT again. The junior year PSAT is considered for the National Merit Scholar Qualifier Test.
• Review your Grade Point Average and Class Rank. Continue to take demanding college prep classes.
• Develop a plan to maximize financial aid. This may include asset and/or liability restructuring.
• Take the SAT and/or ACT test. 

2^nd Semester

• Register for next SAT and ACT. Take an SAT or ACT review class to prepare for the test.
• Continue to look at websites to review colleges. Write to admissions offices to request an information packet and scholarship information.
• Start planning your college visits. When narrowing down your college choices continue to keep your options open. Schedule your campus tour along with appointments with the Admissions Office and Financial Aid Office.
• Start narrowing down your career options and interests.  

Senior Year

1^st Semester

• Watch financial aid deadline dates for each college!
• Complete and mail admissions applications – send out a minimum of 6-8 applications.

o Complete Resume.

o Send official transcripts.

o Send out SAT and/or ACT results.

o Schedule interviews, if necessary

• Send Thank You Notes to everyone that helped with references. 

2^nd Semester

• File FAFSA electronically. Complete and send off any other financial aid forms or applications.
• Review the Student Aid Report (SAR) for accuracy.
• Review acceptances and aid offers. Make a spreadsheet and compare each college’s award.
• Now is the time to an affordability analysis and determine the best route to go.

There will be fewer and fewer scholarships as summer approaches.  Take advantage of these scholarships now!  In the next month or so we’ll start getting out lots of scholarships you can start applying to for the fall time.  

Georgia Engineering Foundation Scholarship

Scholarship Deadline- 7/31/2009

Scholarship Amount- $1,000- $5,000

Ideal for Who?- Georgia high school seniors and new college freshmen who are preparing for a career in engineering or engineering technology.

Requirements- Completed online application, two letters of recommendation, official high school or college transcript, SAT scores, photograph

Website- http://gefinc.org/

Application Link- https://www.signup4.net/Public/ap.aspx?EID=ACEC301E

Mailing Address-

Scholarship Committee
Georgia Engineering Foundation
Harris Tower, Suite 700
233 Peachtree Street
Atlanta, GA  30303

Abbott and Fenner Business Scholarship 

Scholarship Deadline- 6/20/2009

Scholarship Amount- $1,000

Ideal for Who?- High school juniors and seniors as well as all students currently registered in any accredited post secondary institution.

Requirements- Essay submitted to the provided email address

Essay Details- Write an essay on one of the following: (1) If you could have lunch with any famous person, either living or dead, whom would you choose and why? Describe your conversation at lunch.  (2) When you look back on your life in thirty years, what would it take for you to consider your life successful

Website- http://www.abbottandfenner.com/scholarships.htm

Email Address for all scholarship submissions-

scholarships@abbottandfenner.com