CNN/Money reports that more colleges are accepting credit cards for tuition payment.
I don’t find this surprising since credit cards are readily available and financing for college seems out of reach. But given the rising cost of tuition in general and interest rates, this seems like a very, very bad idea as a long term way of financing school. I can understand doing it because your disbursement check hasn’t arrived at the bursar’s office in time for you to register for the classes you need to graduate, but I am certain that some kids are going to get royally screwed with this method of tuition payment.
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A while back my United Airlines Visa started splashing all kinds of ad copy over their mailings about getting double miles when you pay your tuition or buy things at the college bookstore with your card.
Scary, huh?
The partner paid for his college tuition on credit. Add on to that the fact that he took 10 years to graduate, and this wasn’t a slow, steady part-time method. This was taking every class that ever looked interesting and switching an engineering major mid-swing. In all, more than 30K in credit card debt. I think that justification, tuition, is the only thing that stopped me running the opposite direction. This makes our debts about even, except that mine is about 16% lower APR.