Terms of Payment, Billing & TRPP Finance Charge
Each month you will receive a billing statement that will include unpaid tuition, fees and the TRPP finance charge. Students are only responsible for monthly payments of finance charges at the time they are billed. The remainder of the balance (tuition and fees) is required once reimbursement is received from the employer, or within 30 days following the end of the term.
Students participating in TRPP will incur a finance charge, set at a reasonable level not to exceed the maximum amount permitted by law, and approximately half the rate of the University's standard finance charge. Currently the TRPP finance charge is 8 percent APR.
Unfortunately, if the monthly finance charge isn't paid, interest will compound on any unpaid balance (tuition, fees, and interest accrued) AND the TRPP interest rate (currently 8% APR) will automatically switch over to the University"s standard finance charge (currently 16% APR) for any unpaid balance after the TRPP extended payment deadline passed - - 30 days after the end of the semester.
As soon as the TRPP application and revolving credit agreement are approved and on file with the Bursar's Office, you will be enrolled in TRPP. TRPP- 8%APR will be indicated in the payment plan section of your statement, next to your student ID number.
Due to current limitations in the University's billing structure, your bill will have the standard finance charge of 16% printed at the bottom of your statement- don't worry, you are not being billed at that rate unless your bill is not paid and the 30 day post-term limit has passed. If your payment is overdue, the University will increase the finance charge to the standard level, currently 16% APR.