Policy ADMA-BUS-004

Responsible University Administrator:

Vice President for Finance and Administration

Responsible Officer:Bursar, Business Services
Origination Date:N/A
Current Revision Date:02/20/13
Next Review Date:02/20/17
End of Policy Date:N/A
Policy Number:ADMA-BUS-004
Status:Effective

 

DEFERRED FEES AND FINANCE CHARGES

PDF Version

 


Policy Statement


Unpaid balances on student accounts will be assessed a finance charge.

Reason for Policy/Purpose


This policy is required for the effective communication of university policy on deferred fees and finance charges.

Who Needs to Know This Policy


All students attending The University of Southern Mississippi.

Website Address for this Policy


www.usm.edu/institutional-policies/policy-adma-bus-004

Definitions


 

  

Policy/Procedures


Southern Miss applies a monthly periodic rate of 1.5 percent to all unpaid balances and transactions.


The corresponding annual percentage rate is 18 percent. The finance charge on a student’s account is calculated by applying the periodic rate to the balance billed after deducting any payments or credits.

 

All charges for a semester are due at the end of that semester. Any account with a balance due at the end of the semester will be assessed a $100.00 late payment fee.

Review


The Bursar is responsible for the review of this policy every four years (or whenever circumstances require immediate review). 


Forms/Instructions


N/A 


Appendices


N/A 

 


Related Information


N/A 

 


History


Amendments: Month, Day, Year – summary of changes

 

11/01/11: Formatted for Institutional Research website.

02/20/13: Formatted for template. Minor editing of punctuation and word usage throughout.