Word: cards
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Dates: during 1990-1999
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...allowing some people to pay by plastic would have deleterious effects on the entire student population, Strauss says. Because credit card companies charge a nominal percentage fee on every purchase, Harvard would lose a small portion of each student's tuition paid by credit, thereby forcing the College to impose a flat fee across the entire undergraduate population to recoup the losses...
Strauss says that although many of the people who want to pay by credit card are willing to absorb the fee associated with their own charges, government banking regulations prohibit the selective assessment of such fees...
...those students and parents who need more flexibility in paying Harvard's admittedly large tuition bills, Strauss says the College offers a monthly, interest-free payment plan that she says can be considered a significantly cheaper stand-in for a credit card...
...after fours years of allowing plastic, Tufts University in Medford took itself out of the credit card market in 1997, citing mounting losses from the fees that credit card companies skim from every tuition payment...
...Credit Card Smarts...