Chris and Luke, NJ teens who sought sponsorship, ink a history-making deal
Wilmington, Del.--(COLLEGIATE PRESSWIRE)--Aug 28, 2001--The world watched with amazement as Chris Barrett and Luke McCabe, two marketing-savvy high school seniors from New Jersey, launched an unprecedented campaign seeking corporate sponsorship for their college careers.
Their ingenuity paid off. They are making history by serving as “student ambassadors” for First USA Bank, in exchange for college tuition at Pepperdine University and University of Southern California.
First USA, the nation’s largest Visa(R) issuer, wants to help college students learn about the importance of responsible spending and money management. As part of its educational campaign, First USA has asked “spokesguys” Chris and Luke, to share their insight and help send a positive message to their peers about financial responsibility.
Here are some of their smart and simple ideas that students can use to pay the bills, have some spending cash…and even put a little away for the future:
* Make the most of your midnight snacks - Start saving that change from those late-night pizza deliveries and see how fast your $2 turns into $100 when you deposit it into a savings account.
* Give yourself credit - Begin to establish credit by applying for a credit card with a low credit limit and interest rate. Spend responsibly, within your means, and you will be on your way to building great credit for your future.
* Learn to say “no” - Discipline yourself from making frivolous purchases. It’s easy to get caught up in a spending frenzy when you’re away from home with your friends. Find a budget that works for you and stick to it.
* Invest in your future - Consolidate cash you get for birthdays or holidays and transfer it into an interest-bearing money market account. It’s never too early to start investing…plus this is a great way to save for Spring Break!
“First USA is committed to supporting education, innovation and financial responsibility,” said Doug Filak, Senior Vice President of Marketing Strategy at First USA. “The latest findings from the First USA Financial Index show that teens already realize the importance of being financially aware.” According to First USA’s financial index, here are some statistics revealing what is on the minds of college bound students:
Teens Plan to be “B.M.O.C.” (Budget Minded on Campus)
According to the First USA Financial Index, almost two out of three college freshmen (63 percent) want to “use money responsibly” with one out of three students already determining their budget for the coming year. These freshmen are thinking about ways to finance their education, including funds from their parents, financial aid and scholarships. About a third (32 percent) will use financial aid, scholarships or student loans, while nearly half (47 percent) say they will use a combination of several methods, including parental contributions.
Here are some additional statistics from the First USA Financial Index revealing what is on the minds of college-bound students:
* 33% of college freshman will miss their family most, while only 4% will miss mooching money from their parents
* Two out of five college freshman plan to carry a credit card
* 63% of high school seniors will pay their own credit card bill in college
* One in ten students will rely solely on mom and dad to cover tuition and expenses
Through its sponsorship of Chris and Luke, as well as other educational initiatives, First USA delivers a positive message to young adults about financial responsibility. First USA`s free informative brochure and CD-ROM (available by e-mailing [email protected]) provide a range of practical financial tools for students. First USA`s Student Advisory Board, launching this fall, will give college students across America the opportunity to speak for their peers as they share their thoughts on financial issues. Also coming this fall, the First USA online reference site will give students an opportunity to learn more about money management.
First USA, a subsidiary of Bank One Corporation (NYSE: ONE), is the largest issuer of Visa(R) credit cards in the world. Visit our site at www.firstusa.com.
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