Word: tuition
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Dates: during 1990-1999
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Indeed, despite a growing trend in higher education to allow students and parents to put college payments on plastic, Harvard has quietly but firmly maintained a policy prohibiting tuition payment by credit card...
...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...
...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...
Among the Ivy League, at least, Harvard's policy with regard to credit cards is still in the majority--only Columbia permits charge-able tuition...
Throughout much of the country, however--and especially among larger public institutions--the use of credit cards to pay for tuition has become big business...