Plan to make credit card tuition payments? Check with your college first
Thursday, June 8th, 2006Bogged down by rising tuition fees and don’t know which way to turn? This is an extremely painful situation and the timing couldn’t be worse. I mean, here you are thinking of the rising cost of education and just about everyone is screaming consolidation from the rooftops. Well, if you do think of putting that upcoming tuition bill on a credit card, just check with your university before you try to do so. Many universities now impose additional fees on students and parents who pay by plastic. Some of them even refuse to accept certain credit cards altogether.
Universities have to incur increasing costs in processing credit card transactions. Like merchants, universities and colleges are charged a fee every time a credit card is swiped. Usnews.com reports:
"When you charge $20,000 or more, the consumer loves it because they get points or miles or some sort of benefit," says Jon Speare, codirector of the Treasury Institute for Higher Education, which offers financial advice to colleges and universities. "But it’s a very high fee for the actual school."
Read more: Colleges clamp down on credit card tuition payments