The credit card reform bill, which passed the Senate and is expected to clear the House by the end of the week, could have serious implications for students and consumers under age 21, according to an article in the Christian Science Monitor. While the bill offers young consumers special protections, those may come at a price: less access to credit, especially for students.

Half of today’s college students have four or more cards and are carrying an average balance of $3,173 – a record, according to the most recent survey on credit-card usage by student-loan giant Sallie Mae.

The bill limits the credit that can be extended to full-time college students between the ages of 18 and 21 to either $500 or 20% of the student’s gross income. It also limits pre-approved offers of credit to young consumers and prohibits increases in the credit limit unless someone who is jointly liable approves the increase in writing.

Read more here.