Past-Due Accounts
A FINANCE CHARGE will be imposed on each item of a student's account that has not been paid by the statement due date. The FINANCE CHARGE is computed at the rate of one percent (1%) per month or an ANNUAL PERCENTAGE RATE of twelve percent (12%) on the past due balance.
The past due balance is computed by taking the statement's amount due and subtracting any payments, credits, or financial aid received by the statement due date. A grace period may be given until the end of the month, at the University's discretion. The remaining balance owing, if any, is multiplied by one percent to obtain the periodic FINANCE CHARGE. The minimum finance charge is $1.