Institutional Policies
Policy ADMA-BUS-004
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| 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.