Credit Cards no longer accepted for tuition @ UofC

[The Yen Man]

Originally Posted by Ozy_Flame

That sucks. I remember paying with my credit card on good ol' Infonet, no muss, no fuss.

Speaking of which, I had to log back on to U of C system as an alumni the other day. Man, that whole Peoplesoft-based EuID thing is downright ridiculous. Give them Infonet back!! So much easier!!

a BIG X2! I had the exact same thoughts when I logged back on as an alumni too, and it took me forever to figure anything out on Peoplesoft. Infonet was so much simpler and easier to navigate.

[corporatejay]

This was posted on our on-line bulletin board;


Discontinuation of Credit Card Use for Tuition Payments

March 18th, 2008
Effective July 1, 2008, the University of Alberta will no longer accept credit cards as a method of payment for credit-based tuition fees.

There are numerous other payment options available, including Internet banking, telephone banking, on-line or in-person debit card, cheque, cash, bank draft, money order, or international wire payment.

Interac online and Internet banking can be accessed directly through the Financial Services website at http://www.financial.ualberta.ca

The annual savings of approximately $1.3 million in transaction fees will allow the University to put a significant amount of resources back into the classroom to enhance the student experience.

Many of our peer institutions have never accepted credit cards for tuition payments or have moved out of that business.

We regret any resulting inconvenience. The University is communicating this change well in advance to allow alternative arrangements to be made where necessary.

For more information, please visit http://www.financial.ualberta.ca/student.cfm


That's a lot in transaction fees. With internet banking now-a-days there's really no reason other than the benefits of your CC point system.

[burn_this_city]

Originally Posted by FlamesAddiction

OK, so they don't have to pay the CC company their cut, but I highly doubt that is why they stopped using it. If anything, out of 10,000 students, probably a few won't be able to pay because they don't have the money. If anything, the university will lose a little bit of money.

The universities are just tired of seeing students running themselves into an oblivion of debt.

Yeah I really bet it was a move made in compassion... Trust me they don't care how much debt people take on.. Its all about adding another million to their bottom line..

[Torture]

Thanks for posting that UofA link...hard to argue with an extra 1.3 million dollars I suppose...

[Sainters7]

Originally Posted by Torture

Thanks for posting that UofA link...hard to argue with an extra 1.3 million dollars I suppose...

As long as it goes back into the school to "enhance the student's learning experience" as they put it, then I guess you can't really argue with that. But, as I mentioned before, the UofA Student's Union is highly doubtful of this actually being where the money goes, and at this point still oppose it. I guess we'll have to wait and see.

[Bring_Back_Shantz]

Originally Posted by Sainters7

As long as it goes back into the school to "enhance the student's learning experience" as they put it, then I guess you can't really argue with that. But, as I mentioned before, the UofA Student's Union is highly doubtful of this actually being where the money goes, and at this point still oppose it. I guess we'll have to wait and see.

The students' union is stupid.
What else is the university going to do with the extra $1.3 million?
Gold plated toilets for the faculty? Because that is prety much one of a very few scenarios where the money won't benefit the students.

"ehancing the students' learning experience" is pretty vauge and can mean a lot of things.

a) Money goes to maintenance. Students get to study in buildings that aren't falling apart.
b) money goes to lab equipment. Students get to work with better gear.
c) money goes to give profs raises. Students get to study under profs that are being retained due to higher salaries.

It's not like the president of the school is gonna run away with the cash and blow it all on hookers and blow.
Any additional money to the U of A or U of C budget is greatly needed for any number of things.
Certainly universities are not perfect and it's likley that the extra money won't be spent in the most efficient manner, but that doesn't mean it won't bennefit the students.

[HotHotHeat]

Uvic, Malaspina, SFU and UBC all stopped Credit Card payments as well. Makes sense to me, saving 1.5% of profit is a big deal. It's not that much work to call the bank and relax debit card limits for 1 day.

[calculoso]

Aren't there fees for accepting Interac as well? Their $1.3MM in savings isn't going to be realistic if people just switch to Interac IMO.

[HotHotHeat]

Originally Posted by calculoso

Aren't there fees for accepting Interac as well? Their $1.3MM in savings isn't going to be realistic if people just switch to Interac IMO.

Interact rates are flat, and it's a service they would have to offer anyways (for other purchases at the school), so they'll still save money. The banks/costumers also are responsible to eat up a portion of interac transaction costs.

[Teh_Bandwagoner]

Originally Posted by Bring_Back_Shantz

It's not like the president of the school is gonna run away with the cash and blow it all on hookers and blow.

Which may or may not also enhance the learning experience!

[SebC]

Keep in mind that for the U of A (which I graduated from 1 year ago), $1.3 million dollars works out to about $30/student.

[ken0042]

A couple of points:

Fotze- CC companies do not allow a business to charge a surcharge for using a CC.

The question of Interac- business get charged a flat fee; usually around 15-25¢. Even if the University gets the best rates from Visa of around 1.5%; on a $2000 tuition payment that means a fee of 25¢ as opposed to $30.

A few people have mentioned using your credit card to earn points. Well those points cost you money directly as a student as the University is very much like a co-op; money saved doesn't go to shareholders; it goes back into services.

I know I can write a cheque on my Visa account. It goes through as a cash advance. So technically the option of paying by CC is still there if that's your only source of funding.

[NSFL]

Originally Posted by FlamesAddiction

OK, so they don't have to pay the CC company their cut, but I highly doubt that is why they stopped using it. If anything, out of 10,000 students, probably a few won't be able to pay because they don't have the money. If anything, the university will lose a little bit of money.

The universities are just tired of seeing students running themselves into an oblivion of debt.

If you don't pay your tuition, the U of C starts charging interest on your account. So that next semester, if you want to enroll, you have to have paid that overdue fee and the interest before you can register for class. So I'm not sure if that really helps.

[Slava]

Maybe the Universities should negotiate a deal with the CC companies to negate these fees on tuition payments? The CC companies can still make 16% over prime and the Universities still get the tuition paid...win-win.

[Winsor_Pilates]

Originally Posted by HotHotHeat

Uvic, Malaspina, SFU and UBC all stopped Credit Card payments as well.

I think SFU brought the CC option back.

Doesn't make sense to me. A lot of students don't have much liquid money and use debt to pay for tuition. It might not be a smart way of doing things, but it is necessary for many.
Credit cards give some needed flexibility to students, as well as points that can be used for things like groceries etc.

[Bend it like Bourgeois]

Originally Posted by ken0042

A couple of points:

Fotze- CC companies do not allow a business to charge a surcharge for using a CC.

Are you sure? This is downright common. I used to do it (completely unaware of this rule) and no one ever made a peep.

Perhaps it's ignored for small biz? Or maybe I just got lucky and never got caught.

[corporatejay]

Originally Posted by Bend it like Bourgeois

Are you sure? This is downright common. I used to do it (completely unaware of this rule) and no one ever made a peep.

Perhaps it's ignored for small biz? Or maybe I just got lucky and never got caught.

They don't surcharge for CC, they discount for cash

[SebC]

Originally Posted by corporatejay

They don't surcharge for CC, they discount for cash

I guess that poses a problem for the Universities... as fee increases are regulated.

[REDVAN]

I pay through online banking, so this doesn't affect me, but I wish I paid with credit card over the years to collect points.

[604flames]

Originally Posted by Winsor_Pilates

I think SFU brought the CC option back.

Correct. For the one (final) term that I could have paid cash since I'm only taking one course.