Effective Date: 07/01/00
Procedure Statement 9: Billing Cycle
Interest and principal due are accrued monthly. Late charges are assessed monthly. One month's simple interest is accrued on the current principal balance outstanding for all loans in repayment. Principal is accrued according to the repayment plan. Monthly statements are mailed on or around the 16th of each month. All payments received by the 15th of the month will be considered on time.
The Student Loans Office:
- Keeps an adequate supply of statements in the Financial Services Building to handle printing of the bills.
- Processes all transactions needed before the billing cycle, including all payments received by the 15th of the month.
- Receives returned mail and searches for good addresses.
- Receives phone calls concerning statements and correspondence from borrowers.