Students Need To Beware Before Using Credit Cards For Tuition
DENVER (CBS4) – More college students are paying their tuition with credit cards but they may be hit with a fee they’re not expecting.
All University of Colorado locations will take plastic for tuition, but that convenience could cost more.
“Out-of-country from our country, tuition is $32,000,” said Jules, a student who traveled to Denver from France.
Jules’ parents paid his tuition online with a credit card.
“It’s easier from France, it’s faster and easier,” said Jules.
Many choose to use their credit cards to cash in hefty rewards or for the convenience, but paying that way will result in a 2½ percent fee.
“The fee is part and parcel of offering the service. What we had to do is balance the convenience of paying by credit card versus an additional fee,” said University of Colorado spokesman Ken McConnellougue.
Parents of another out-of-state student from South Carolina considered paying by credit card to earn some free miles.
“We thought about using miles, we thought it would be a great way to get miles and use them to come out here but then after paying 2½ percent we thought, ‘Forget it,’ ” said the parent.
CU officials said the credit card fee would have cost the university system $3 million so it had to be passed on to those who use it.
Universities in Colorado are following the lead of many other public colleges by passing along the fee. California revised its policy to include the charges two years ago.