Buzz
College tuition is steep, and you might find yourself having trouble covering the cost. However, think carefully before charging it to a credit card, as the additional fees can be substantial.
CNN Money clarifies:
Many universities impose a special fee when you use a credit card to pay your tuition, which can add up to as much as $3,000 over four years for a private school student. This is on top of any interest charges that may apply to the balance. These convenience fees typically average around 2.62%, according to CreditCards.com, and help cover the fees that credit card companies charge for processing the payment.
It's important to calculate the costs for your specific situation. In some cases, using a credit card might still be preferable to taking out a loan—be sure to compare the interest rates and fees of both options. But always check your school's policy on credit card payments, as it might be more expensive than you expect.
CNN provides more in-depth information in the full article, and CreditCards.com shares some additional statistics.
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