Removing Late Fees

Assigned To: Chris Lofton, Rob Watkins

Category: Finance & Compliance

Department: Collections

SOP Rule: Trigger

Status: Approved and Implemented

Purpose

Defines the process for removing late fees from student accounts to ensure fairness and accurate financial records.

Scope

Applies to Collections handling late fee exceptions for student tuition payments.

Trigger

• Late fee applied due to missed or delayed payment

Process Overview

1. Validate Eligibility

• Confirm valid reason for late fee removal
• Ensure scenario meets approved exception criteria

2. Confirm Payment

• Request student to complete missed payment
• Verify payment has been received

3. Access Paycove

• Log into Paycove Admin Portal
• Open student invoice

4. Remove Late Fee

• Navigate to Manage Fees/Discounts
• Remove late fee from invoice
• Update payment schedule

5. Confirm Updates

• Save changes to invoice and payments
• Ensure totals are accurate

6. Communicate to Student

• Confirm fee removal as one-time exception
• Reinforce payment expectations

Key Rules

• Late fees are removed only under approved scenarios
• Payment must be completed before removal
• Waivers are one-time exceptions
• Accurate invoice updates are required

Completion Criteria

• Payment completed
• Late fee removed in Paycove
• Invoice updated correctly
• Student notified

Tools and Systems

• Paycove Admin Portal
• Student payment records

Revision History

• Version 1: 08/19/2025
• Version 2: TBD
• Version 3: TBD