IT IS THE RESPONSIBILITY OF EACH STUDENT TO PAY ALL OUTSTANDING COSTS OF COLLEGE ATTENDANCE ON A TIMELY BASIS,as defined by University policies.
Students experiencing or expecting difficulty meeting financial obligations should contact the Student Accounts office as soon as possible to discuss alternative payment arrangements.
Drake University reserves the right to use commercial collection agencies to assist in recovering payment on delinquent accounts. Collection agency placement may result in additional costs and damage to the student’s credit rating.
Late Charges
Monthly late charges of 1.5% of the unpaid balance may be added to student accounts with unpaid balances after the payment due date for the term.
Late charges of $25 may also be added to student accounts for each payment plan installment not paid on time.
Late charges are non-refundable, except in the case of university error.
Holds
Holds are added on student accounts after the payment due date each term, unless payment in full is made, a payment plan for the term is set up, or a third party payment arrangement recorded.
Holds placed on past due balances for prior terms covered by a payment plan will remain until the balance is paid in full.
Holds prevent the release of transcripts and diplomas, as well as blocking further enrollment.
Holds will also be added to accounts covered by payment plans, but with delinquent payments.
Holds are reviewed each business day and lifted for accounts that have been paid in full.
Collection Fee Charges
If a student fails to pay any portion of their student account balance by the date it is due or acceptable payment arrangements are not made, Drake may place the student account with an attorney or other third party, such as a collection agency, for collection. If that occurs, the student’s account balance will be assessed a collection fee equal to the amount Drake is required to pay the attorney or collection agency for the placement. Additionally, the student will be required to pay all reasonable costs and expenses of collection, including reasonable court costs, attorney’s fees, and collection agency fees and charges. Once placed with a collection agency, the collection agency may report the balance to the credit bureaus, negatively affecting the student’s credit history and score.