Title: Finance Charges
Procedure No: STO-20
Effective Date: 09-01-2009
Issuing Authority: Student Accounts Office
Contact: Student Accounts at tuition@stolaf.edu, 507-786-3296 or 866-640-4702
Last Updated: 11-28-2023
Purpose of Procedures:
To assess a charge for late or unpaid balances on student accounts.
Who needs to know these Procedures:
All St. Olaf College students.
Procedures:
A monthly 0.5% finance charge will be assessed to all accounts with a remaining balance after the due date.
To have a finance charge removed from an account, the student must complete the Petition to Withdraw Finance Charges form found on the Student Accounts website. The petition will be reviewed. If the reason for the finance charge was due to an error in the Student Accounts Office, the charge will be removed from the account. If it was due to a financial aid error, a form must come from the student’s financial aid counselor requesting the removal of the charge. However, the finance charge will remain on the account if it is due to the student not completing financial aid paperwork or processes on time.