Account statements are generated electronically around the first day of each month, as long as there is a balance due on the account or there has been account activity since the last statement. The due date of any bill is shown on the statement.
A finance charge of 1 percent per month is assessed against the unpaid balance from the previous billing statement. To prevent a finance charge, payments must be received by 4 p.m. on the due date. Estimated financial aid is temporarily applied to your account to defer assessment of finance charges on the portion of your account to be paid by financial aid.
If your aid is cancelled before the due date, you will have a finance charge assessed on the balance on the billing statement plus the amount of the aid removed.