|Responsible University Administrator:||Vice President for Finance and Administration|
|Responsible Officer:||Bursar, Business Services|
|Current Revision Date:||08/06/19|
|Next Review Date:||08/06/23|
|End of Policy Date:||N/A|
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 late fee on a student’s account is calculated after deducting any payments or credits from the balance billed. The full month’s charge will be assessed the first day the payment is late.
The Director of Student Financial Services is responsible for the review of this policy every four years (or whenever circumstances require immediate review).
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.
08/06/19: Renamed policy changing from finance charges to late fees. Updated name of responsible officer. Changed time frame for applying charges to first day payment is late.