Finance Charges

The university will use a monthly periodic rate of 1% (compounded) to compute the FINANCE CHARGE on myPAYPLAN participants. The university calculates finance charges by applying the periodic rate to the adjusted balance of a student account.
The adjusted balance is equal to the prior balance shown on the monthly statement, less any payments and credits received within the next calendar month. The student may pay the balance in full at any time. If the current month's charges shown on the monthly statement are paid within the next calendar month, the student will incur no finance charge. If the full payment is not made by that date, a finance charge is imposed on the balance of the account. Finance charges and late fees will be compounded on a monthly basis and finance charges will be charged on the entire amount thereafter.