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Tuition With A Credit Card

July 25th, 2015 at 03:06 pm

I found out that we can pay tuition with a credit card, BUT there is a 2.75% convenience fee charged to the payment. I think I'll avoid this and just use our checking account when it comes time to make payments.

I need my daughter to grant me access to pay her tuition as a first step, otherwise it will all be on her. I'm guessing she will have no problem with granting the access. Smile

I'm not sure exactly what the amounts billed will be yet or when the are due. I should have enough cash on hand at any time to make payments. I will likely reimburse us from her college savings after I know the amounts and they have been paid.

Posted in Spending, Family | 8 Comments »

8 Responses to “Tuition With A Credit Card”

  1. snafu Says:
    July 25th, 2015 at 03:46 pm 1437839168
    1437839168

    Why not have DD write the cheque for college tuition from her college savings account so that she feels the experience of writing out a big payment and seeing his account balance drop dramatically. It has potential to be a life lesson.

  2. creditcardfree Says:
    July 25th, 2015 at 04:00 pm 1437840022
    1437840022

    Not a bad idea snafu! I'd need to figure out how to get her access to that(not currently in a checking account), but at a minimum I could transfer it into her checking account.

  3. MonkeyMama Says:
    July 25th, 2015 at 04:17 pm 1437841077
    1437841077

    It's a bummer that they penalize you with the credit card payments. But sounds like a good plan.

  4. scottish girl Says:
    July 25th, 2015 at 04:35 pm 1437842127
    1437842127

    I like Snafu's idea Smile

  5. VS_ozgirl Says:
    July 25th, 2015 at 07:43 pm 1437853436
    1437853436

    I like Snafu's idea too, because let's face it, a college education is up there with one of life's more expensive purchases! I'm sure also by doing this DD's appreciation for what you're providing will increase and be an incentive for her to do the best she can.

  6. FrugalTexan75 Says:
    July 26th, 2015 at 01:51 am 1437875470
    1437875470

    I like Snafu's idea too. Smile

  7. Jenn Says:
    July 26th, 2015 at 02:08 am 1437876529
    1437876529

    My son's college also charges a convenience fee to use a CC, so we don't do it either. Make sure you consider tax implications when determining which account to pull from if you plan to take the American Opportunity credit on your taxes.

  8. rommelverain Says:
    July 29th, 2015 at 06:08 pm 1438193290
    1438193290

    it's much better to use her credit card for emergency. have her pay her tuition in cash so there's no 2.75% charge.

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