By Hope Su
Mastercard has recently launched a new feature that allows Chinese international students to pay their tuition fees and other school related expenses using their Chinese debit/credit card. This service is one of a kind and was made possible through a partnership with Plastiq, a company based in San Francisco that is one of the first to build upon the idea of paying college tuition fees with a credit card.
Plastiq processes all payments made using a foreign card into an acceptable format that colleges recognize. This means that colleges do not need to be in cooperation with Plastiq in order to accept payments through their system. In addition, Mastercard’s high-tech security system ensures that all payments are secure.
According to Forbes, Chinese students make up a third of the international population in the United States. With tuition fees averaging at over $30,000 for public schools and $40,000 for private schools, many international students cannot afford college due to the currency exchange rate that leaves them at a disadvantage. Plastiq and Mastercard’s new service allows them to avoid that drawback.
Many students can only afford to attend junior colleges as they are unable to afford other schools. It is extremely difficult for any student to manage finances, and international students often need extra guidance to acclimate to the differences in American finances. Allowing students to pay tuition fees and any school-related expenses using their Chinese credit or debit card helps them pursue an education in the United States.