UVM’s Disservice

To Its Graduates

During the final months of school, soon-to-be UVM graduates open mail from the institution with a certain pleasurable anticipation. Any envelope stamped with the school’s insignia, the steeple of Old Mill, could bring a commendation, or a notification of honors.

The fact that it’s more likely than not to be a bill does little to squelch the sense of excitement. At the very least, it will certainly accompany that raw symbol of accomplishment toward which every student works: an unframed diploma, its significance somehow heightened by its nudity.

That is why I was excited when, recently graduated from UVM and having already received all the pleasant mail one could hope for, I caught sight of a steepled envelope peeking out of my P.O. box. And that is also why I was particularly incensed to find that this particular steeple was the herald of a credit card offer from Bank of America.

This offer arrives at a pivotal moment in the life of a recent graduate, at that crossroads of culpability and cluelessness where so many long-punishing mistakes can be made. For many young adults, the four years of college are a cushy transition period between adolescence and something like adulthood, characterized by many a freedom and blessed few real-world responsibilities. Stepping out from under their parents’ financial umbrellas upon graduation, lots of students will find that there are quite a few rainy days ahead—and what better way to purchase your own umbrella than with your brand new UVM credit card, the offer letter seems to ask.

After all, says Alan Ryea—director of Alumni and parent programs at UVM, and the unfortunate signer of this letter—"This unique financial tool can help you save money, simplify your life, build a good credit history, and show your pride every time you make a purchase," and all that at a generously low interest rate of 4.9%. For those graduates whose eyes have been wearied and worn by too many hours of studying in poor lighting, this will likely seem like a terrific deal.

Those whose eyesight is still intact, on the other hand, will hopefully apply that keen vision to the purpose of deciphering the fine print—and they are in for a surprise, though not one so nasty as the one awaiting those that don’t.

After November of 2007, the APR of the UVM credit card will skyrocket to a usurious 18.24% variable interest, "subject to change at any time, for any reason."

I fully appreciate UVM’s role as an institution of instruction and education, and have personally benefited from it tremendously. However, while UVM encourages its students to explore a diversity of fields, a crash-course education in financial planning is neither mandatory nor promoted. It seems to me that this credit card offer is a late lesson, and a hard one.

For those steering clear of this card with an eye to the bottom line, the postscript of this offer is of particular interest. "P.S." the letter reads, "Bank of American helps support the University of Vermont with every account opened, and for every purchase made with the card."

However UVM is profiting from this opportunistic exploitation of those graduates ill-educated enough to accept this offer, I can’t see it being worth the amount it has cheapened that steeple.

Nicole Vincent-Roller, UVM ’07

South Royalton