Deferred Payment Plan Procedure

Issued by: Business Affairs Council

Approved by: President's Executive Council

Effective date: July 1, 1987

Tuition and fees, room and board charges are due in full prior to the beginning of each semester (as published). A student may not attend classes, stay in dorm, or eat in the cafeteria until his or her semester bills are paid, unless other financial arrangements were approved in writing by the Manager Student Accounts prior to registration. (See Student Bill Payment and Collection Policy.)

The University offers two deferred payment plans to students or their parents. A promissory note must be signed for either plan.

PLAN A: SEMESTER PLAN (FOUR PAYMENTS)

The amount to be covered by the deferred payment agreement is for one semester's tuition, fees, room and board charges, less one half (1/2) of all annual grants, scholarships, loans or aid awarded (excluding work study) for the particular semester.

One fourth (1/4) of the net amount owed and one fourth (1/4) of any estimated service charges must be paid by July 10 for the Fall Semester and December 10 for the Spring Semester. The balance is payable in three equal payments by the 15th of August, September and October for the Fall Semester and by the 15th of January, February and March for the Spring Semester.

PLAN B: YEARLY PLAN (10 PAYMENTS)

The amount to be covered by the deferred payment note is the total of two semesters' tuition, fees, room and board charges, less the total annual loans, grants, and scholarships awarded.

One tenth (1/10) of the net amount owed and one tenth (1/10) of any estimated service fees must be paid by July 15. Remaining payments of one tenth (1/10) each are due on or before the fifteenth of each month thereafter, thru April 15.

GENERAL

Scholarships, loans, or other forms of financial aid may not be used in lieu of the initial payment on either plan.

Charges for, books and other incidental expenses cannot be included in the deferred payment plan schedule. Payment for items that may not be charged to student accounts are due and payable at the time they are incurred.

All unpaid outstanding balances are subject to a service charge. Service charges are assessed on unpaid balances beginning in August for the Fall Semester and beginning in January for the Spring Semester. It is the student's responsibility to insure that outside scholarships and loans are processed and subsequently credited to the student's account on a timely basis to avoid higher service charges.

Persons interested in either type of deferred payment plan must notify the Business Office as soon as possible so that note forms may be sent for signatures and a payment schedule established. Parents should notify the Business Office by June 1, or December 1, for Plan A (Semester Plan) and by July 1, for Plan B (Yearly Plan).

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