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On Monday, February 22, all provisions of the credit card reform act (which was passed last year) went into full effect. From this day forward, unexpected interest rate hikes, dual-cycle billing, and other questionable practices will largely become a thing of the past. But perhaps most importantly, credit card companies will no longer be able to zealously target college students.

Here are the new changes and how they will affect your kids in college:

Credit card marketing on school campus just became a whole lot harder…
For years now, banks have been handing out free T-shirts and pizza coupons to students that apply for their credit card. Little did those kids know that in exchange for that free pizza, they might be left with thousands of dollars in debt by the time they graduate. Thankfully, banks can no longer use these freebies as bait. Although marketing on campuses isn’t outright banned, thanks to all the new restrictions, it will be a whole lot harder for banks to do.

Co-signer or proof-of-income required for applicants under the age of 21…
Most parents have been frustrated with how recklessly the banks hand cards to their kids. Often times, the parents didn’t want their child to have a credit card, but there was nothing they could do to stop it. Now, those under the age of 21 will either need to (a) have their parent/guardian co-sign, or (b) have sufficient, verifiable income that proves they have the means to re-pay any incurred debt.

Financial ties between colleges and banks must be disclosed…
For decades now, credit cards and colleges often had financial ties which were clearly a conflict of interest. Schools would earn commissions on student credit cards; the more students that signed up on campus, the more money the school would make. Reportedly, some large universities were pulling in several million per year from this unscrupulous practice. From now on, educational institutions must be completely transparent regarding any financial ties they may have with creditors.

Both parents and consumer advocates groups praise this change. “For far too long, banks and schools have been unethically profiting off student credit cards.” says Shelly Reynolds, a mother of two and staff editor at CreditCardForum.com, which is the web’s leading message board for credit card reviews. “I can’t even begin to tell you the number of complaints I have heard from parents regarding this issue. I am absolutely thrilled that Rep. Maloney was finally able to get her credit card reform passed, surprisingly without any loopholes.”