As detailed in Augsburg’s Student Account Disclosure Statement, finance charges are assessed as a result of missed, late, or partial payments. These finance charges accrue at the rate of 8% per year (0.67% per month) and are added onto a student’s unpaid account balance prior to each month’s statement run.
The waiving or removal of finance charges will only occur if the finance charges resulted from an an error on Augsburg’s part. Finance charges assessed while aid is in a ‘pending status’ (awarded, but not yet disbursed) may be adjusted once aid is disbursed, but only to reflect what would have been assessed in finance charges had the pending aid been disbursed sooner; any portion of finance charges assessed as a result of an unpaid balance remaining after all aid has been disbursed are legitimate and will not be waived.
Students may be protected from finance charges by enrolling in one of our online payment plan fees, but any missed, late, or partial payment while part of a payment plan will result in a $20 Late Payment Fee. As with finance charges, Late Payment Fees will only be removed in cases of an error on Augsburg’s part.