The “Freshman 15” once referred to the 15 pounds that college freshmen often gain from too much late-night pizza. Now the “Freshman 15” is taking on a new meaning—the $15,000 of debt some students acquire before they reach the age of 21.1 Representative Louise Slaughter (D-NY) comments, “It's astonishing to me to see college students coming out of school with staggering amounts of debt and credit scores so abominable that they couldn't rent a car.”

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In April 2007 the University of WisconsinOshkosh sent letters to incoming freshmen to inform them that their student IDs could double as debit and ATM ... View the full answer