Changes to Credit Card Use at UFV
As of January 1, 2011, UFV will no longer accept credit payment for domestic tuition.
The change is aimed at reducing operational costs at the university, without cutting services or programs for students. Each year, UFV pays a significant amount (nearly half a million dollars) in transaction fees to credit card companies. In order to reduce these costs, and thus make available more resources to student education and services, we have decided to limit the use of credit cards for tuition payments as of January 1, 2011.
Making this adjustment will save UFV hundreds of thousands of dollars, dollars that can now go into continued delivery of the quality programs and intimate learning environment that make UFV such a special place. We’re not alone in doing this. UBC, SFU, VIU, Kwantlen, and a growing number of colleges and universities across the country no longer accept credit cards.
Frequently Asked Questions
What exactly does this change impact?
- The January 1, 2011 change applies to domestic tuition (i.e. tuition paid by Canadian citizens or landed immigrants for study at UFV). It does not apply to application fees, transcript fees, or graduation fees. UFV will also continue to accept credit card payments for Continuing Studies courses and international student tuition. After January 1, 2011, students will still be able to pay domestic tuition and semester fees through online banking, debit payments, cash, and cheques.
What happens when my student loan does not cover my fees, and I don’t have enough money to cover the remaining cost?
- Speak to a Financial Aid Advisor about your situation and the options that might be available to you. Please remember: apply for student loans at least six weeks before your first day of classes each semester so you know how much you are eligible to receive and can plan appropriately.
Since I can’t use my credit card and my student loan hasn’t arrived yet, can I have my fees deferred?
- Your payment options include: using a credit card cheque or cash advance from your credit card to pay your fees; or borrowing money and repaying it when your student loan/grant arrives. If extenuating circumstances have caused a delay, please speak to a Financial Aid Advisor. Remember that your student loan application can be submitted before you are enrolled in courses. Early application ensures student loan/grant funds are available when needed.
What does UFV plan to do with the money the university saves by not accepting credit card payments?
- Each year, inflation increases and the university’s operational funding remains static. UFV is looking for innovative ways to ensure that education and services for students are not affected. The money saved from not paying “merchant fees” on credit card transactions will now stay in the university, where it will be used for education and service delivery to students.
Why doesn't UFV pass on the costs of theuse of credit cards as a surcharge?
- Public post-secondary institutions like UFV do not have the legal right to pass on fees to students by raising the cost of tuition to match the credit card fee.
How do I pay my fees?
- There are actually quite a few ways that you can pay your tuition, including online banking, in person or by phone with your bank, Interac online and in person at any OReg location. Please visit Admissions for more information on payment options.
I am an international student. How can I pay my tuition?
- Because international students may not have the same banking options as domestic students, you are permitted to pay by credit card. Additionally, international student tuition and fees are significantly higher than domestic tuition and fees, and these amounts are well beyond the limit set by most banks for individual withdrawals from debit accounts.
I have a daily limit on my debit card. What are my options?
- Please contact your bank regarding options to increase your daily limit or pay via online banking.
Am I able to use credit card cheques to pay my tuition?
- Yes, if your credit card company issues cheques or cash advances. Please Note* check with your credit card company about any financing charges that may apply.
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