Charging college tuition on credit cards comes with high fees
Convenience fees hit students paying tuition with credit cards
The majority of public universities and private institutions have been charging students paying tuition with credit cards convenience fees, according to a recent survey.
About 90 percent of public universities charge convenience fees. With a 3 percent fee, Roger Williams University in Rhode Island charges the highest convenience fee in the nation, according to a survey of 300 of the largest U.S. colleges.
CreditCards.com senior industry analyst, Matt Schulz recommends that students abstain from paying tuition with credit cards.
"Especially if you have outstanding student loan debt, it’s unnecessary to dig yourself more deeply into debt just to pay with plastic," Schulz said.
The survey found community colleges are the most "fee-friendly" since only about 8 percent of the colleges in the nation charge fees.
Students who pay their tuition bills with a credit card incur an average of 2.62 percent in fees. That can amount to $262 for every $10,000 of tuition.
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