The law also protects against discrimination based on age. However, if an applicant is not old enough under state law to sign a binding contract age may be considered. Under a Nebraska law, effective March 4, 2010, all persons 18 and older may enter into a binding contract. Since the age of an applicant has economic consequences the law permits creditors to consider certain age related information such as how long until you retire or how long your income will continue.
The federal Credit Card Accountability, Responsibility, and Disclosure (CARD) Act prohibits the extension of credit to persons under age 21 unless they have a co-signer or can independently demonstrate their ability to repay the debt. Co-signers must be over age 21 and must have a means to repay the debt incurred by the student.