SUBJECT: Deferred Payment Plan
The purpose of the following guideline is to outline significant provisions for consistent administration of the deferred fee payment program at the four-year and two-year institutions governed by the Tennessee Board of Regents. The guideline is intended to serve as a reference document for institutional staff responsible for implementing and communicating deferred fee payment matters.
I. General Provisions
Each four-year and two-year institution is authorized to offer a deferred payment plan as provided in the Tennessee Board of Regents Policy on Payment of Student Fees and Enrollment of Students (No. 4:01:03:00). The deferred payment plan is available for regular academic terms, but not for summer or other short terms.
All students in good financial standing and with no outstanding account balances from previous terms are eligible to participate in the deferred payment program. Students that have failed to make timely payments in previous terms may be denied the right to participate in the deferred payment program in additional enrollment periods. Institutions may set minimum balances due for students to be eligible for deferred payment.
III. Payment Terms
All financial aid awarded by the institution, including student loans, must be applied toward payment of total fee balances before the deferred payment plan may be utilized. At least 50% of the remaining balance after financial aid and discounts are applied must be paid at the beginning of the term. The remaining balance may be paid in a minimum of two equal installments. Due dates for these payments will be set by the institution with approximately 30 days between due dates. All installments should be scheduled so that the entire balance due is paid by the end of the semester.
IV. Service Charges and Fines
Institutions may charge a service fee of $10 to $50 to help defray administrative costs associated with the deferment program. An additional late payment charge not to exceed $25 will be assessed on each installment which is not paid on or before the due date and each 30 day period past the 2nd installment up to a maximum of $100. Withdrawals from classes will not alter any remaining balance due except to the extent that any refund may be applied in accordance with Guideline B-060.
V. Approval of Exceptions
In accordance with these guidelines, the president of an institution or designee has the authority to determine the applicability of the provisions of the deferred payment program and to approve exceptions in instances of unusual circumstances for individuals. The Chancellor or disignee has the authority to permit policy-related exceptions. All such actions must be properly documented for auditing purposes.
Source: May 14, 1996 Presidents Meeting; May 9, 2000 Presidents Meeting; November 6, 2002 Presidents Meeting; February 5, 2013 Presidents Meeting.