MasterCard's Peer-to-Peer Program to Teach Successful Personal Finance Strategies on 11 College Campuses begins this September.   MasterCard Worldwide has chosen 11 college students currently serving as Capitol Hill interns to lead financial literacy programs when they return to their campuses in the fall. The effort is part of MasterCard's Are You Credit Wise? consumer education program, which utilizes a peer-to-peer teaching model to educate college students on the importance of financial management skills and the responsible use of credit cards. The program is now in its eighth year of educating students.

MasterCard selected the 11 students to manage a financial literacy campaign on their respective campuses during the 2006 fall semester, based on their current involvement with student groups and administration officials. The Washington workshop will teach the interns key campaign techniques like event planning and partnership development skills to increase the reach of the financial literacy information in the "Are You Credit Wise?" program.

The Are You Credit Wise? peer-to-peer model is a proven way to increase the program's effectiveness, as college students are more inclined to listen and act upon information coming from their peers than from parents, teachers or counselors.
 
"MasterCard is committed to increasing financial literacy rates among college students and is proud of the progress Are You Credit Wise? is making to bring financial management information to young people," said Joshua Peirez, group executive for global public policy at MasterCard Worldwide. "These student ambassadors will bring talent and energy to the program and build on our previous achievements to further the goal of educating young people about successful financial management."

The program has already been executed on 50 campuses in the United States and Canada, reaching an estimated 350,000 students. Campuses represented in this year's class include New Mexico State University, University of Michigan, Virginia Tech, University of North Carolina- Chapel Hill, Auburn University in Alabama, Transylvania University in Kentucky, Sweet Briar College in Virginia, American International College in Massachusetts, Denison University in Ohio, Juanita College in Pennsylvania and Tulane University in Louisiana.

On June 6th, MasterCard kicked-off the program for the 2006 academic year by hosting an educational luncheon on Capitol Hill, in cooperation with Rep. Judy Biggert (R-IL) and Rep. Ruben Hinojosa (D-TX), the co-chairs of the Congressional Financial Literacy Caucus, to teach Capitol Hill interns the basics on budgeting and responsible use of a credit card.

"Increasing financial literacy rates among America's youth is crucial to improving the quality of life for all Americans," said Congressman Hinojosa. "I commend MasterCard's leadership in engaging young people across the country with its consumer education efforts."
Students participating in this year's program will be taught different tactics and techniques to reach their peers with the information and materials provided by MasterCard. All materials distributed are exclusively educational and void of any marketing information. Some of the financial literacy tips that students will share with their college peers include:
-- Create a budget so you know what you can afford.
-- Pay your bills on time, every month.
-- If you can't afford it, don't purchase it with a credit card.
-- Pay more than the minimum balance on your credit card, or pay it off completely each month.
-- Avoid interest charges as often as possible.