Credit cards and college tuition are not “Peas & Carrots.”
College students who pay their tuition bills with a credit card incur an average “convenience fee” of 2.62% which equates to a whooping $262 for every $10,000 of tuition!
According to a recent survey by CreditCards.com community colleges are the most fee-friendly. The 100 largest community colleges all accept credit cards for tuition payments and only 12% charge convenience fees. Conversely, 90% of the public universities and 69% of the private institutions that accept credit cards charge convenience fees.
The highest convenience fee (2.99%) is a tie between Western Kentucky University, St. Joseph’s University and Roger Williams University.
Eighty-seven percent of the 300 colleges and universities that CreditCards.com surveyed accept credit cards for tuition payments under at least some circumstances. Restrictions on card use are common: the most common is only accepting credit card tuition payments online. Other restrictions limit credit card payments to certain classes of students (such as graduate students) or require students to use a specific third-party vendor to make the charge.
BEST ADVICE: Study All the Hidden Credit Card Fees Before Paying