The University has developed an Installment Payment Plan designed to make as convenient as possible the payment of tuition, fees, housing and meal plan charges. Students electing to follow the Installment Payment Plan agree to pay their financial obligations under the terms and conditions of the Installment Payment Plan set forth as follows:
Students agree to pay a $20 per semester Installment Payment Plan fee and agree to pay their financial obligations for tuition, fees, housing and meal plan to the University in four equal installments (three installments in the summer semester). Students agree to pay a service charge of 1.5% per billing on installment payments not received and posted by the published payment due dates. Although students may be eligible for various forms of financial aid, the final responsibility for those financial obligations will be the student's. Financial obligations under the Installment Payment Plan constitute an educational loan to assist in financing students' education and are not dischargeable under the United States Bankruptcy Court. Failure to meet such financial obligations will have serious consequences: service charges of 1.5% per billing will be applied to past-due amounts, and transcripts and diplomas may not be issued. Continued failure to pay a past due debt may result in the debt being referred to a collection agency. In that event, all reasonable collection costs may be added to the student's account in addition to any service charges that have accrued on the account.