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12/04/2011 -
Paying for college is often the biggest expense that many young people face. And while many schools accept credit card payments for the cost of tuition, some schools are no longer willing to cover the payment processing fees.Students at Missouri State University announced recently that it would be charging students a 2.75 percent convenience fee for card payments as well as increasing tuition. According to the school's chief financial officer Nila Hayes, the school spent over $1 million on fees last year.
"Many other colleges and universities have started outsourcing credit card processing in order to reduce administrative costs," said Hayes in a news release. "Missouri State University will be able to use the cost savings from the decrease in credit card fees for some strategic initiatives."
Paying for higher education at MSU didn't get any easier after the Board of Governors approved an increase in tuition. The board recently approved a 1.49 percent rate hike for students attending the school.
