There is some variation. Tennessee's state report is probably the best, and it states that in 2009, 53% of companies charged 22% a month, the maximum rate allowed by law, while the other 47% of companies charged between 10% and 21% a month, which means the rates charged were around 120% to 304% annually.

That is a good point Scott. I had looked at it earlier, and I found that 37.67% of the agreements were between credit card issuers and undergraduate colleges, 32.67% were with alumni associations, 7.33% were with foundations, 2.00% were with professional schools, and 1.67% were with alumni associations and universities together. 18.67% were with entities that did not fall within one of the other categories. So, my title is a little misleading, but even agreements with non-colleges include student credit cards. In the 300 agreements I looked at, 72.67% included student cards, while the remaining 27.33% are aimed exclusively at alumni or other groups.