Policies and Procedures
Procedure 501.3 – Late Payment Fee and Interest
February 10, 2015
February 16, 2015
Office of University Cashier
This procedure outlines how late payment penalty fees and interest charges are assessed on student accounts, as required by the State of North Carolina.
Forms and Instructions
- Computation of Late Payment Penalty: About 30 days after the first late payment letter is sent, the account is subject to the one-time late payment penalty fee, 10% of the balance due (rounded down to the nearest whole dollar). The amount is computed and applied to the student account via batch upload.
- After the final letter is sent, reflecting the balance due with the late payment penalty fee, and for each additional month thereafter, interest is assessed on the remaining debt, excluding the late payment fee and interest penalty, rounded down to the nearest whole dollar. The interest rate is based on the North Carolina Department of Revenue (NCDOR) rate. The website detailing this rate is referenced under Related Rata.
The interest rate is based on the NCDOR rate.
Procedure 501.2 - Collecting Past Due Student Accounts
Procedure 503.1 – Collecting Past Due Accounts Receivable
Jan. 13, 2017: Updated nomenclature to "University Cashier" and "Office of the University Cashier" from Office of Student Accounts and University Receivables.