Title: Finance Charges
Procedure No: STO-20
Effective Date: 09-01-2009
Issuing Authority: Student Accounts Office
Contact: Student Accounts at firstname.lastname@example.org, 507-786-3296 or 866-640-4702
Last Updated: 05-21-2012
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.
A monthly 0.5% finance charge will be assessed to all accounts with a remaining balance, five business days after the due date.
If the student has completed the Student Employment Payment Method Form and their student work is being applied to their bill (STO-15), the Student Accounts Office will take the unearned amount of student work for the semester into account before applying finance charges. If a student has not been paid for two months or more, finance charges will be applied to the account.
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 be assessed if it is due to the student not completing financial aid paperwork or processes on time.