Late Fees and Finance Charges

Each semester a late fee is assessed to the students who do not pay their billed charges by the payment deadline. Late charges are assessed in the first three months of the semester. In summer, late fees will be charged for two months per term.

If a student pre-registers for fall classes in March for the following summer and fall, the student will be billed for these charges in May and July, respectively. If the student does not pay by the payment deadline on their statement, a late fee will be assessed. If the student does not add classes until the drop/add period for first summer and then does not pay by the specified payment deadline, a late fee will be charged.

Finance Charges will be charged to all accounts with a past due balance. Students, however, will not be assessed finance charges unless there is a past due balance remaining at the end of the term.

Finance Charges will be charged monthly at the rate of .667% per month (8% APR) on the past due billed balance on non-student accounts. Finance Charges will be assessed to students on any prior term past due charges. For example, a student who has a past due balance at the end of Spring semester will incur a finance charge of .667% per month on these unpaid charges after the end of Spring term.

Payment Arrangement Procedures

The following procedures are to be followed in the event a payment arrangement is made with a customer with past due charges:

• Put comment on the comment screen defining the terms of the agreement,
• If the customer comes in the office, get a signed agreement stating the terms of the agreement. Always ask for a signed agreement and don't implement the agreement until the agreement is signed and returned,
• Collections' staff changes the entity code, if necessary, and
• If payment is missed, wait 30 days before sending to collections.