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Looming Credit Debt Threatens Students

March 10, 2008 - 12:00am
By Brian Karlovitz

Financial problems are now the number one reason for students dropping out of college, according to a recent study conducted by the company Duck9. The survey of 14,500 students at 15 colleges concluded that 38 percent of college dropouts left for financial reasons, as compared to the 28 percent who left because of academic disqualification and the 13 percent who left because college for social reasons.

The fact that more students currently leave college for financial reasons than for academic ones is a statistical landmark, said Larry Chiang, founder and CEO of Duck9. Chiang believes that the increase in financial pressures on students largely due to changes in student credit card spending.