If a student or customer does not make their minimum payment by the due date on the statement, they may be assessed a finance charge on the past due balance, have a hold placed on their account, and the entire balance will be due immediately.
Past due balances of $25 or greater will have a hold placed restricting the release of official transcripts.
Past due balances of $200 and greater will also have a finance charges assessed and a registration hold placed on the account.
Our finance charges are currently just over 1% of the past due balance.
Collections
Iowa State University may exercise their rights under the Iowa Law to attempt to collect all debts owed to the university, this includes placing accounts with internal or external collections.
If a student has not made payment arrangements or paid their bill in full by the end of the term they are enrolled in, or customer account has not paid in full for at least three months, the account will first be placed with an internal collection team to try to resolve the debt. When an account is placed with internal collections, a 15% collection fee will be assessed.
If the internal collection team cannot resolve the debt within 90 days, the account may be placed with an external collection agency. If this occurs, the original 15% collection fee will be reversed and an external collection fee of up to 25% will be assessed. Iowa State University contracts with three external collection agencies: General Revenue Corporation (GRC), National Credit Management (NCM), and Williams & Fudge.
State Off-Set
The University reserves the right under Iowa Code Section 8A.504 to offset any amounts owed to the University against any monies owed to the student from the State of Iowa, such as State of Iowa tax refunds, lottery winnings or vendor payments.
Students will be notified via a written letter if the University intends to claim money from the State of Iowa.
