Financial Obligations and Collection of Overdue Accounts Appendixes

Appendix A

Timeline	Impact
First week of term	Email is sent to all students reminding them of term due dates and the drop schedule. Invitation to reach out to Finance or Financial Aid for payment options and financial support is included.
1st day after due date each term	Student Account is placed on Financial Restriction the day after the term fees were due. Reminder to reach out to Finance or Financial Aid for payment options and financial support is included.
15th of October, February, and June	1.5% late fee is assessed and applied to all overdue accounts. Payment reminder notices are sent. Reminder to reach out to Finance or Financial Aid for payment options and financial support is included.
15th of November, March, and July	1.5% late fee is assessed and applied to all overdue accounts. Payment reminder notices are sent. Reminder to reach out to Finance or Financial Aid for payment options and financial support is included. Notice that full term fees were due at the start of the term, and that deregistration will take place on the 15th of the month before the start of the next term.
15th of December, April, and August	1.5% late fee is assessed and applied to all overdue accounts. Payment reminder notices are sent. Reminder to reach out to Finance or Financial Aid for payment options and financial support is included. Notice that deregistration will take place the following day. Notice that the account is at risk of being sent to collections.

Days Overdue	Impact
1 day	Students are unable to request academic records Students are unable to enroll into new courses Students are unable to view their grades Students cannot request proof of enrolment letters/verifications Certificates, diplomas, degrees and OCT documents are withheld
181 days	Outstanding fee balances, without a payment plan arrangement, will be assigned to an external collections agency and may be reported to credit rating bureaus