The fact that this seemingly shaky arrangement is working at Harvard is all the more striking because no other school has a similarly permissive relationship with First USA.
Director of the Bureau of Study Counsel Charles Ducey agrees that credit card debt is not a major problem at Harvard.
He said "relatively few" students mention it as an issue, and students coming in for counseling seldom mention debt as their primary concern.
"Perhaps it has to do with the effectiveness of the financial aid office," he said.
DeGreeff says the low rate of students seeking help for debt-related issues doesn't surprise him.
"Weakness is always a hard thing for students to admit," he says.
In his experience as a proctor, DeGreeff says he sees plenty of first-years spending freely on chic wardrobes or stereo equipment, but in general, what brings students financial trouble are one-time major expenses like airfare for an emergency trip home, uninsured medical expenses, spring break trips, or travel for interviews.
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