College students and their families can now pay tuition and fees with PayPal or Venmo, the newest payment options at a handful of universities, the companies said Wednesday.
Michigan State University, Bellarmine University, Texas Tech University, Butler University and Kansas State University are the first schools to make the apps available. More colleges and universities are expected to join throughout the year.
Students who opt for the apps can choose to pay with a linked bank account, credit card and PayPal or Venmo balances.
Fees are set by the universities, which may charge a service or convenience fee, similar to the fees charged for using a credit or debit card. Kansas State, for instance, will charge a minimum $3 service fee on PayPal and Venmo transactions over $20, according to the university.
PayPal and Venmo said students and families who pay tuition through their apps will be afforded the same encryption and fraud monitoring provided to all customers.
Carla Sanchez-Adams, a senior attorney at the National Consumer Law Center, said payment apps are loosely regulated and students should proceed with caution. She said digital payment app customers often have little recourse when payments are sent to the wrong person.
“The stakes are much higher when you’re sending tens of thousands of dollars of tuition than 20 bucks to a friend for dinner,” she said.
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