Use of Credit Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock.
Credit Cards About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. None 40% 42% 45% 32% 31% One 45% 42% 42% 50% 52% Two 7% 6% 6% 8% 5% Three or more 8% 10% 7% 9% 12% Average number 1.8 2.8 1.2 2.2 2.1 Yes 88% 83% 88% 89% 91% Zero 7% 2% 14% 2% 6% $500 or less 83% 83% 79% 87% 84% $501 to $1,000 5% 7% 4% 6% 6% Over $1,000 5% 8% 4% 6% 4% Average (all with credit card) $487 $652 $352 $564 $238 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $1,403 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.