Author Topic: Credit card to pay $13 k tuition  (Read 1149 times)

nancy33

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Credit card to pay $13 k tuition
« on: September 01, 2020, 07:52:55 PM »
Hello I need to pay my sonís tuition etc for college totaling over $13 k. They accept echeck or credit card. Credit card is 2.75 percent fee. Is there a credit card i can use for this to come out ahead or at least break even with the fee? The two I have are no good only would get 1 percent back. Going to look at doctor of credit too

ixtap

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Re: Credit card to pay $13 k tuition
« Reply #1 on: September 01, 2020, 08:19:25 PM »
Many of the high % back cards expressly exclude education expenses - I posted earlier today about not getting an online cash back boost because the food bank is categorized as education!

I believe Chase is still running 3% back special for new Freedom Unlimited cards:
https://www.referyourchasecard.com/18a/6B4737HNT5

martyconlonontherun

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Re: Credit card to pay $13 k tuition
« Reply #2 on: September 01, 2020, 08:38:21 PM »
Depending on your preferences chase sign up bonuses. double dip chase sapphire. Probably get 110k bonus points which case would at $1500 for grocery and hardware (less fees but you get credits and points from the spend). That would probably be 8k, so you could do another card like Hyatt that would get you 50k Hyatt points worth probably $800.

So if you have the appettie, I would go for it with sign up bonuses and get a 10-15% return. The chase UR points are as good as cash if they extend the grocery and hardware credit.

Zamboni

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Re: Credit card to pay $13 k tuition
« Reply #3 on: September 02, 2020, 07:36:16 PM »
If you can swing it, definitely pay via echeck. Don't charge this . . . the fee means it will be hard to get ahead, and it could end up coming back to bite you. Pay it from your savings if you can. If you don't have it all together right now, then contact the school and see if they can set up a payment plan so that you can cash flow it.

I really think charging education expenses (room/board/tuition) is a bad idea.

ixtap

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Re: Credit card to pay $13 k tuition
« Reply #4 on: September 02, 2020, 07:39:12 PM »

I really think charging education expenses (room/board/tuition) is a bad idea.

Why is it a worse idea than charging the same amount for another purpose?

better late

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Re: Credit card to pay $13 k tuition
« Reply #5 on: September 02, 2020, 10:08:48 PM »
If you can swing it, definitely pay via echeck. Don't charge this . . . the fee means it will be hard to get ahead, and it could end up coming back to bite you. Pay it from your savings if you can. If you don't have it all together right now, then contact the school and see if they can set up a payment plan so that you can cash flow it.

I really think charging education expenses (room/board/tuition) is a bad idea.

At least the universities my kids attended charged a fee to use a payment plan. Thatís not free either.

nancy33

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Re: Credit card to pay $13 k tuition
« Reply #6 on: September 02, 2020, 11:21:37 PM »
I can easily pay it all up front but as I consider the options I donít think that is prudent? Because of room and board and the chance they shut it all down due to Covid? Echeck and a quarterly payment plan is probably what I will do.  Thanks for the ideas!

Zamboni

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Re: Credit card to pay $13 k tuition
« Reply #7 on: December 30, 2020, 05:34:37 AM »

I really think charging education expenses (room/board/tuition) is a bad idea.

Why is it a worse idea than charging the same amount for another purpose?

For lots of reasons.

I work in education. While I'm sure OP's child did great this past fall, some students withdrew or were tossed off campus for various reasons. Once a college has your money, there is little chance you will get much (if any) of it back. There is quite a bit of "non-refundable" language in their paperwork. The deadlines for any sort of partial refunds are usually very, very early in the term, well before the date when most students will withdraw, for example. If you withdraw after their stated deadline for a refund, they don't care if it was a major medical reason, they're not giving any of the money back. But, if you didn't pay it all up front, colleges also don't work very hard at all to collect "balances due" once a student is off campus. Instead, they write it off, as they should. Why should a student or parent pay for a full semester of room, board, or education if they didn't get a full semester for whatever reason?

For example, she was right that a whole bunch of places shut down the room and board this year, in both spring and fall, and some didn't exactly refund all that money! Lots of parents have initiated lawsuits in 2020 over it. What a pain! I'd rather just not have forked over my money in the first place, and a 2.5% fee for the "convenience" of paying on a card? I hate those fees every time I see them.

Greystache

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Re: Credit card to pay $13 k tuition
« Reply #8 on: December 30, 2020, 08:40:23 AM »
My daughter went to community college for two years and then transferred to a very expensive private university for two years. We paid all of her tuition with our credit card and racked up a crazy amount of points. The university changed their policy and started to charge extra for credit cards the month after we made the last payment (this was 6 years ago). We financed an entire European vacation with those points.