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Late Payment Fee


Description:

 

The Late Payment Fee for rate for the 2008-2009 is $250 and applies to all Full-Time Day Students [Resident and Commuter].


Day undergraduate students are assessed this fee each semester if a Plan-in-Place for settling the semester's financial obligations is not finalized by the due date on the semester's statement. This fee is assessed in the Fall and Spring terms.

  

Policy:

 

The late payment fee will be assessed on every account that does not have a Plan-in-Place (PIP) for settling the semester's financial obligations by the specified due date for the semester.

For the Fall 2008 term the due date is Friday, August 1, 2008.

 

Late Payment Fee Policy:

  • Definition of "Plan-in-Place": Students must have documented sources of payment that will cover the entirety of the semester's costs. These sources may consist of the following: 
    • Financial Aid: All approved financial aid.
      • Note: All loan applications must have been submitted and approved prior to the specified due date. Please note that it may take 2-6 weeks for the loan to be approved and for Nichols to be notified of the loan approval.
      • Signed and returned financial aid award letter.
    • TMS payment plan in a "current" status per TMS [Tuition Management Systems].
      • For information regarding the TMS plan including enrollment see Payment Plans.
    • Outside scholarships: Proof of an outside scholarship must be submitted to Nichols College for approval prior to the PIP due date.
      • An example of an outside scholarship would be a high school award. 
    • Third-party reimbursement: Only if submitted and approved in advance of the PIP due date.
      • An example of a third-party reimbursement would be a company that is contributing to the student's education.
    • Valid health insurance waiver.
      • Failure to waive or pay in full the health insurance fee by the PIP due date WILL result the late payment fee being assessed to the account.
    • Check, Money Order, or Credit Card payment for the balance due.
  • What is NOT a Plan-in-Place:
    • Informing the Business Office that you intend to apply for financial aid.
    • Informing the Business Office that your plan is to mail a check after the due date or pay the balance by the start of the semester.
  • All Late Payment Fees are assessed based upon the balance showing on the account. If you believe that you should not have been assessed the Late Payment Fee, you will need to file an Appeal form.
    • Special note for Financial Aid: If your financial aid was approved prior to the deadline but not showing on the student account prior to the payment deadline, then you WILL BE ASSESSED the late payment fee. You will need to file a Late Payment Fee Appeal form with the appropriate documentation in order to request the late payment fee to be removed from the account.
    • Special Note for late admit students (students accepted into the term after the payment due date for the term). Students are given 30 days to have a PIP prior to being assessed the late payment fee. However, payment is considered to be due immediately upon being admitted.

 

Appealing a Late Payment Fee:

Late Payment Fees may be appealed. An appeal deadline is specified each semester.

  • You must obtain an appeal form:
    • Online Form: Late Payment Fee Assessment Appeal Form.
    • The form may be picked up in person at the Business Office
    • We will email the form to you upon request. Send the request to businessoffice@nichols.edu
    • Complete the form.
      •  The form may be faxed to 508-213-2088, emailed to businessoffice@nichols.edu, or mailed to Nichols College C/O Business Office, P.O. Box 5000, Dudley MA 01571 .
      • The appeal form must be RECEIVED prior to the posted deadline.
      • Please include all appropriate documentation with your appeal form. Failure to provide sufficient documentation for your appeal may result in your appeal being denied.
      •  The Late Fee Appeal deadline for the Fall 2008 term is September 24,  2008.
  • All Late Payment Fee appeals are reviewed by a committee after the deadline for filing the appeal.
    • If your appeal is granted you will receive a statement showing that the late fee has been reversed.
    • If your appeal has been denied you will receive a statement that contains a comment that your appeal was reviewed and denied.
    • The decision of the committee is final and cannot be appealed any further.

 

 




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