Skip navigation

Institutional Policies

Policy ADMA-BUS-004

 
logo of The University of Southern Mississippi  
Responsible University Administrator: Vice President for Finance and Administration
Responsible Officer: Bursar, Business Services
Origination Date: N/A
Current Revision Date: 08/06/19
Next Review Date: 08/06/23
End of Policy Date: N/A
Policy Number: ADMA-BUS-004
Status: Effective

 

DEFERRED FEES AND FINANCE CHARGES

Policy Statement

Unpaid balances on student accounts will be assessed a late fee.

Reason for Policy/Purpose

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

Who Needs to Know This Policy

All students attending The University of Southern Mississippi.

Website Address for this Policy

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

Definitions

 N/A

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 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.

Review

The Director of Student Financial Services 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.

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.  

 

Contact Us

Institutional Policies
505 International Center (IC)
118 College Dr. #5079
Hattiesburg, MS 39406

Hattiesburg Campus

Campus Map

Phone
601.266.4466