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Viewing: 501.3 – University of North Carolina at Chapel Hill Procedure on Late Payment Fee and Interest

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Current Status: Active PolicyStat ID: 4611860

501.3 – University of North Carolina at Chapel Hill Procedure on Late Payment Fee and Interest

Related Policies

501 – University of North Carolina at Chapel Hill Policy on Student Accounts

503 – University of North Carolina at Chapel Hill Policy on Accounts Receivable

Procedure Sections

Procedure Statement

Forms and Instructions

Related Data

History

Responsible University Officer
University Cashier

Responsible Unit
Office of University Cashier

Procedure Statement

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.

Related Data

The interest rate is based on the NCDOR rate .

501.2 - University of North Carolina at Chapel Hill Procedure on Collecting Past Due Student Accounts

503.1 – University of North Carolina at Chapel Hill Procedure on Collecting Past Due Accounts Receivable

History

Revised:
Jan. 13, 2017:
Updated nomenclature to "University Cashier" and "Office of the University Cashier" from Office of Student Accounts and University Receivables.

All revision dates: 2/28/2018, 1/13/2017
Attachments:

Approval Signatures

Step Description Approver Date
Deahn Baucom: Director Student Accts. & Univ. Receivab [AD] 2/28/2018
Step Description Approver Date
Deahn Baucom: Director Student Accts. & Univ. Receivab [AD] 2/28/2018
Older Version Approval Signatures