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1.5 Million College Students Expected to Drop Out in 2008 Due to Financial Pressure

40% more students drop out of college due to money issues including student loan debt and credit card debt than academic failure.

Keedysville, MD, July 26, 2008 --( More than 1.5 million college students in the U.S. are expected to drop out of college in 2008 due to money issues, according to Bill Pratt, author of Extra Credit: The 7 Things Every College Student Needs to Know About Credit, Debt & Ca$h (Available August 2008). Academic failure comes in a distant second, representing 6% of all students.

Pratt says “We are failing our students by not teaching them the fundamentals of personal finance, while sending them out on their own in a money-driven society.” According to Pratt, the more than 800 four-year schools that allow credit card marketers to set up a booth on campus “owe it to their students to provide some education before students find themselves in too much debt to focus on their course work.”

While college tabling marketers get all the attention, only 18% of student credit cards are opened through this face-to-face method. The largest percentage of student cards is opened through direct mail, at 35%. Pratt points out, “Most parents want to help educate their college-bound children, but available resources to assist parents are limited.”

Now in his early thirties, Pratt started writing financial advice just after college to help prevent others in his age group from making the same money mistakes he had. “When I was a 17-year-old freshman, I signed up at a credit card table on campus just to get a free t-shirt. Before I knew it, I was a college graduate with several thousand dollars of credit card debt.”

Pratt delivers lectures for colleges, universities and high schools to help students with life and money questions.

“Debt and financial pressure is the number one reason students drop out of college; the number one reason for divorce; and the number one reason people feel stuck in the middle class,” says Pratt. “My goal is to bring an energetic and fun message to campuses to stop such problems before they occur.”

To get a copy of Extra Credit, log onto or To schedule an interview or a seminar, please call Bill Pratt at 301-788-2711.


Bill Pratt educates his audiences about how to make the best decisions with the right attitude to improve their own lives and the lives of those around them. To schedule an interview or a seminar, please call Bill Pratt at 301-788-2711.
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Pratt Financial Group
Bill Pratt

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