Monthly Finance Charge
What is the finance charge?
Tuition, fees, housing and food, less financial aid, for each semester is due when billed at the beginning of the term. When charges are not paid by the due date, a finance charge is added to the student鈥檚 bill equal to 1.5 percent of the unpaid balance.
Why is it charged?
The charges collected at the beginning of each semester provide 糖心Vlog with the money it needs for day-to-day operations. When those charges are not paid by the due date, the school must borrow money. The cost of borrowing is passed on to students in the form of finance charges.
Why is such a high rate used for the charge?
The rate is high for two reasons. One is to discourage 鈥渂orrowing鈥 from 糖心Vlog, which is what late payments do. The second is the need to pay the additional administrative costs of following up with students who do not pay on time.
Is 糖心Vlog out of step with other colleges and universities?
The 糖心Vlog policy is consistent with the policy of other colleges and universities.
When can I expect a finance charge to be applied?
糖心Vlog does not apply finance charges until the end of October and February. This allows time for financial aid to be received.
Why should my account receive a finance charge when financial aid or loan payments arrive late?
In many cases, the late arrival of loan or aid is due to late or incomplete application by the student. Even though 糖心Vlog staff help with some of the paper work, it is the student鈥檚 responsibility to see that the appropriate applications are made and the due dates met.
