The University of Memphis

Installment Payment Plan



POLICIES

Issued: June 14, 2017
Responsible Official: Vice President for Business & Finance
Responsible Office: Bursar

Policy Statement


Policy

The University has the option to offer an Installment Payment Plan (IPP) during fall and spring terms to students in good financial standing. The first installment payment serves as payment due at the initial fee payment deadline.

 



Purpose


 

The purpose of the following guideline is to outline significant provisions for administration of the installment payment plan (IPP) governed by the Board of Trustees.



Procedures


Procedures

The University has the option to offer an installment payment plan (IPP), as provided in UM1824 Student Fees and Enrollment, for regular academic terms, but not for summer or other short terms.


Eligibility
  1. All students in good financial standing and with no outstanding account balances from previous terms are eligible to participate in the IPP.
  2. Students who have failed to make timely payments in previous terms may be denied the right to participate in the IPP in additional enrollment periods.
  3. Minimum balances due may be set for students to be eligible for the IPP.

Payment Terms
  1. All financial aid/scholarships awarded, including student loans, must be applied toward payment of total fee balances before the IPP may be utilized. Two options are available for the remaining balance after financial aid/scholarships, discounts, waivers and contract payments are applied.  The University may elect to offer one of the following payment plans:
  • Option 1
    1. At least 50% of the remaining balance after financial aid/scholarships, discounts, waivers and contract payments are applied must be paid before the first day of class for the semester.
    2. The remaining balance may be paid in a minimum of two equal installments.
    • Due dates for these payments will be the last business day of the following two months.
    • All installments should be scheduled so that the entire balance due is paid by the end of the semester.
  • Option 2
    1. The remaining balance, after financial aid/scholarships, discounts, waivers and contract payments are applied, will be divided into four (4) equal payments with the first payment due before the first day of class for the semester and the remaining payments due on the last business day of each subsequent month. All installments should be scheduled so that the entire balance due is paid by the end of the semester.

Service Charges and Fees
  1. An IPP enrollment fee of $50 will be assessed and added to the calculation of the plan to help defray administrative costs associated with the installment payment plan program.
  2. 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. Withdrawals from any classes will not alter any remaining balance due, except to the extent that any refund may be applied in accordance with University Fees and Charges procedure.
  3. Withdrawals from any classes will not alter any remaining balance due, except to the extent that any refund may be applied in accordance with University Fees and Charges procedure.

Approval of Exceptions
  1. In accordance with these policies, the Vice President for Finance or designee has the authority to determine the applicability of the provisions of the installment payment plan program and to approve exceptions in instances of unusual circumstances for individuals.
  2. The President or designee has the authority to permit policy-related exceptions.
  3. All such actions must be properly documented in the Bursar’s Office for auditing purposes. 


Links


Links

University Fees and Charges Procedure



Revision Dates


 UM1819 -- Revised June 14, 2017


Subject Areas:

AcademicFinanceGeneralHuman ResourcesInformation TechnologyResearchStudent Affairs
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