The University of Chicago’s Independent Student Newspaper since 1892

Chicago Maroon

The University of Chicago’s Independent Student Newspaper since 1892

Chicago Maroon

The University of Chicago’s Independent Student Newspaper since 1892

Chicago Maroon

Letter: Student Loans Payment System Charges Unfair Fees; Administration Should Consider a Change

I want to make a request directly to the University of Chicago administration regarding its current student loans payment system, and in particular its use of www.mycampusloan.com. As a former student with my fair share of student loans, I have no qualms about the burden of paying off the loans that I agreed to. However, I find this service absolutely substandard and ridiculous for an institution like the University of Chicago.

My issue is with the service fee for using a debit or credit card to pay your student loans. To be fair, one cannot expect too much of a website whose layout appears to have been created in the late ’90s, but using a third-party service that charges a 4.5 percent convenience fee for any card payment is unjustifiable. For students like myself who prefer to make larger payments when a work bonus or tax return comes along, a payment of $1,000 becomes an additional $40 in the website’s pocket. Although students can avoid this fee by setting up recurring payments, which still entail a $0.99 fee, or by sending checks in the mail, the issue remains that the convenience of card payments is being exploited by this third-party organization.

Clearly $40 isn’t much in the grand scheme of things, and setting up an account to draw money directly from your bank account does have a reasonable convenience fee. However, given its $7 billion endowment, and a cost of education among the highest in the nation, perhaps the University could do its alumni a favor and find a student loan service that isn’t ripping off its former students. I made a financial commitment to the University of Chicago that I am happy to uphold, but for the sake of future students, the administration should take a few days to find a different student loans suitor, such as Great Lakes, who doesn’t charge these convenience fees.

—Ian Hartitz, A.B. ’15

Leave a Comment
Donate to Chicago Maroon
$5513
$7000
Contributed
Our Goal

Your donation makes the work of student journalists of University of Chicago possible and allows us to continue serving the UChicago and Hyde Park community.

More to Discover
Donate to Chicago Maroon
$5513
$7000
Contributed
Our Goal

Comments (0)

All Chicago Maroon Picks Reader Picks Sort: Newest

Your email address will not be published. Required fields are marked *