Arizona State, Marshall University, Ohio University, University of Florida, and Virginia Tech are just some of the universities that initialized the charging of fees to their students making payments through their credit cards. This is in response to processing fees that universities and merchants handle whenever students or consumers choose to make payments via their credit cards.
The universities say that they don't have enough funding anymore to carry more of extra fees incurred upon payment by their students. This is also due to diminishing state subsidy on education which makes it unrealistic for universities to handle costs beyond their resources.
Other colleges and universities across the country are also considering not accepting payments through credit cards anymore alongside the move to charge students with processing fees should payment by credit card still stand. Although colleges and universities find this a difficult matter to decide on, the reality that they face in relation to decreasing funding cannot be denied.
For Marshall University, fees charged range from an added 1.75 to 3.25 percent. The fee depends on what cards the students are using and the amount agreed between merchants-in this case colleges and universities-and processing companies. The fees shall be carried by the students themselves and are expected to be higher in the coming year with inflating annual expenses in the education sector.
Students, for their part, worry that the additional fees will strain already exhausted credit for their educational expenses. With increases in tuition, boarding and lodging fees, transportation and basic needs allowance, the students see the additional fees on their credit cards as a burden to their financial management. The students now have to think through how they can save credit for fees on top of their basic needs and regular expenses.
In such cases, the students who own credit cards also need to think through payment methods that are cost-effective in order to maintain good credit history with their card-issuing companies. The students are target markets of the credit card industry despite their financial instability.
Marshall University representative Bob Collier for his part claims that in the end, the fees should benefit the all of the students themselves. He concludes that it is better to charge the fees to the number of students who use credit cards for payment rather than the school handling these expenses and not being able to save the money for other more direct and wide-reaching educational purposes.