Lakehead University expects to start saving $250,000 per year when it stops accepting credit cards for payment of tuition and residence on May 1.
The university started accepting credit cards for payment in 2002 when there weren’t many payment options to make it easier for students to pay for their education.
“In today’s day and age with Internet banking and online payments, we decided that the fees, which are in excess of $250,000 could be better put to use,” said Michael Pawlowski, vice president of administration and finance.
That money can be used for few more faculty members or things like lab supplies or more books for the library.
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“We’ll spread it throughout the university where we deem it can be used to provide a better service and benefits to the students at Lakehead,” said Pawlowski.
“In today’s day with tight budgets, a quarter-million is fairly substantial for us and I think it can be better used elsewhere rather than paying the banks the exorbitant fees they charge everybody,” he added.
Pawlowski said he hasn’t heard any responses from students yet on the matter, but knows it’s only a matter of time before he hears feedback, whether it be positive or negative.
“I know there will be one or two families that might say it’s not benefiting me but overall I think the extra $250,000 to be spent within the university is far better than the option of going to the banks,” he said.
First year history and geography student Jillian Stajkowski said by no longer accepting credit cards for tuition and residence, Lakehead is making a mistake.
“They are making it harder for us to actually want to come here. With the high tuition and everything and now this, it’s making us dread it even more and unfortunately making us look out of province,” she said.
Fourth-year kinesiology student Nicole Sutton agreed the change will put a financial strain on many students, especially near the end of the year as their funds deplete.
“You really need credit cards because you don’t have any other source of income. Then you’re able to pay it off when you get a job over the summer,” she said.
“I understand the university is trying to save a couple of bucks but t hey should probably think about their students and their funds and their situations,” Sutton added.
At least one student thinks the move is a good idea. First-year science and electrical engineering student Shadab Alilou said students have other methods to pay.
“I noticed there was one reason (for this) – that this money can help in other stuff,” he said. “I think it’s a good idea.”
