1905 - Late Payment Penalty Charge

Assessment of Penalties

• The Office of Student Registration & Financial Services (SRFS) is responsible for the assessment of a late payment penalty on a past-due student balance.

Establishment of Penalty Rate and Frequency

• The Associate Vice President for Student Registration & Financial Services will establish the rate of the late payment penalty, not to exceed any applicable federal or state maximum.
• The current penalty rate is 5% of the outstanding balance.
• Penalties are assessed monthly on any unpaid balance that remains past due as of the established billing due date.

Waivers

• Any waiver of late payment penalties or other related charges must be in accordance with guidelines established by SRFS.