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College Tuition Does Not Belong on Credit Cards

Many people view using credit cards to pay for items as a way to gain "rewards" and receive benefits. However, this only happens when purchases made on a card are paid off regularly and on time. Reward credit cards are certainly not a smart way to pay tuition payments for college.

Tuition payments tend to be larger than many card holders can afford to pay off on their credit card, and therefore outweigh the benefits of the "rewards" card holders hope to receive. Credit card companies charge "convenience" fees for charging tuition, this convenience fee is another way for card companies to make a profit off their card holders.

In a recent survey by creditcards.com, they found that of the schools that accept credit cards as a form of payment toward tuition: 82 of the 93 public colleges, 47 out of 87 private colleges, and 12 out of 100 community colleges, charge an additional convenience fee. Only 23 colleges that allow for credit card payments for tuition do not charge added fees. Colleges charge convenience fees because credit card companies such as Visa and MasterCard are charging colleges fees to process their cards for tuition payments.

Fees can be avoided by paying with cash, check or direct electronic transfers. If a student is looking toward borrowing money to afford college, they should research federal student loans which tend to have low rates and payments can be deferred until after graduation, compared to private credit card who are not lenient with loan payments.

If one should find themselves in debt from credit card payments and high interest from school loans, contact an experienced attorney to give advice on how to combat debt and get you on your financially stable feet.

Work cited:

Wasik, J. (2014, October 17). Why College Tuition Payments Don't Belong On A Credit Card.

Retrieved October 29, 2014, from http://www.forbes.com/sites/johnwasik/2014/10/17/why-college-tuition-payments-dont-belong-on-a-credit-card/

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