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Late Payment Fine Explanation

Late Payment Fine Explanation

A late payment fine will be assessed against the account of any student whose account balance remains unpaid after the due date. This late payment fine shall be calculated and assessed for each month that the balance remains over $1000.00. Each monthly fine shall be the greater of $25.00 or a flat amount calculated by multiplying 1.5% by the amount of the outstanding balance.

For example:

  • Balance due on January 4, 2012: $4,000.00
  • First month late payment fine assessed on February 27, 2012: $4,000.00 X .015 = $60.00.
  • Second month late payment fine assessed on March 27, 2012*: ($4,000.00 + $60.00) X .015 = $60.90.
  • Thus, to pay in full and avoid assessment of additional late payment fines, the student should pay $4,120.90 ($4000.00 + $60.00 +$60.90) before April 16, 2012.

*These dates reflect a 5 business day grace period.

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