Body
Procedure
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 percent 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) interest rate.
Related Requirements
External Regulations and Consequences
The UNC-Chapel Hill interest rate is based on the North Carolina Department of Revenue (NCDOR) interest rate.
University Policies, Standards, and Procedures
- Finance Procedure 501.2 - University of North Carolina at Chapel Hill Procedure on Collecting Past Due Student Accounts
- Finance Procedure 503.1 - University of North Carolina at Chapel Hill Procedure on Collecting Past Due Accounts Receivable
- Finance Policy 501 - University of North Carolina at Chapel Hill Policy on Student Accounts
- Finance Policy 503 - University of North Carolina at Chapel Hill Policy on Accounts Receivable