A million dollars in savings

A university education is priceless. For everything else there’s MasterCard ... or Visa or American Express, or ...

It’s official. Effective September 1, Dalhousie joins a long and growing list of universities that will no longer accept credit cards to pay tuition or residence fees.

The university offers a range of alternative payment options, including on-line payment from all major Canadian banks. Credit cards can still be used for most other university expenses, such as application fees, deposits, bookstore and Dalplex purchases.

“We recognize we are removing a convenient payment method but hope students agree with our reason. Last year, Dalhousie paid credit card companies more than $1 million in fees for tuition and residence transactions. We think that money can be put to better use here on campus to improve facilities and services for students,” says Ken Burt, VP Finance.

All other existing tuition and residence fee payment options are still available, including the on-line banking option. Dalhousie is listed with all major banks, and many other Canadian financial institutions as a “biller” or “payee” in the same way the cable, internet and other companies are.

Mr. Burt said paying tuition or residence fees is just as easy on-line as paying any other bill, and “you can still wire funds, mail or bring in a cheque, a money order or pay in person with debit or cash.”

Those paying by student loan can still avoid paying any interest or late payment charges by making sure they get their loan documents signed by student accounts or the registrar's office on or before the payment due date (September 25, 2009, for the fall term).

However, if students’ loans don’t cover your full tuition and residence fee, the balance should be paid by the due date or late fees will apply.

Most universities in Ontario and Quebec and several in the western provinces have never accepted credit cards for tuition and residence fees. These include Toronto, McGill, McMaster, Queen's and Victoria. Other universities, including the Universities of British Columbia, Alberta and Calgary, have discontinued the use of credit cards in recent years.

READ: Credit card Q and A