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As a student, I'm curious to see if I can put my tuition on a card... That would be useful. :-)
by AdamTReineke 16y ago
As a student, I'm curious to see if I can put my tuition on a card... That would be useful. :-)
- cdr 16y agoAnecdotally, I think at least a few universities have stopped accepting credit cards because of the fees associated with accepting them - the merchant fee on a $30K tuition payment is not trivial. I wouldn't doubt that when offered, most people end up paying with credit cards because of the rewards programs.
- matwood 16y agoAs of a few years ago my school accepted CCs, but charged a $25 fee to do so.
- LiveTheDream 16y agoThe interest on that expense would completely wipe out the benefit of frequent flier miles or cash-back and would stick you with a drastically higher total payment (credit card rate =~ 19%, student loan rate =~ 5%). If you have enough cash to pay off college tuition within the payment period, I stand corrected. Most people don't.
- elai 16y agoYou pay with the card, and then you pay off the card with the student loans. Many colleges don't accept credit cards for tuition, and a local one stopped recently.
- LiveTheDream 16y agoWow that was obvious. Thanks for pointing it out; I was not thinking clearly.
- adatta02 16y agoMany colleges don't accept cards. You can however charge your federal income tax (and some state income tax) payments against your card for a fee. American Express even lets you use rewards points to offset this fee.
- eli 16y agoI put my school on a 0% credit card -- way cheaper than student loans! I think most schools are charging fees now, though. There used to be a scam where you could massively overpay you tuition bill on a credit card and then the school would cut you a check for the difference. (Lots of people legitimately end up overpaying because grants or loan dispersements can hit your account at weird times)