See the explanation of fees below.
Current Program Fees
Current Program table
|
Type of Fee
|
Description
|
Amount of Fee
|
|---|
| ADMINISTRATIVE FEES |
| Payment Processing* |
Charge assessed for monthly and
annual payment plans |
$3 per payment
(included in contract prices) |
|---|
| Administrative Load |
Ensure adequacy of annual program administration |
Included in contract prices |
|---|
| SERVICE FEES |
| Late Payment - Monthly Payment Plan |
Payment received after payment grace period |
$20 |
|---|
| Late Payment - Lump Sum, Annual or Down Payment |
Payment received after payment grace period |
1% of outstanding balance |
|---|
| Non-sufficient Funds/Returned Payment |
Payments returned by financial institution |
$20 |
|---|
| Change Payment Schedule |
Change in payment schedule |
$15 |
|---|
| Change of Purchaser |
Change of purchaser of plan |
$15 |
|---|
| Change of Beneficiary |
Change of beneficiary of plan |
$15 |
|---|
| Change Type of Plan |
Changing from one plan type to another |
$15 |
|---|
| Document Replacement |
New coupon book, welcome package, etc. |
$15 |
|---|
| Benefits Transfer to Private or Out-of-state School |
Processing private or out-of-state school invoice |
$15 per institution attended |
|---|
| CANCELLATION FEES |
| Cancellation - Voluntary** |
Purchaser elects to cancel account |
The lesser of $100 or 50% of amount paid |
|---|
| Cancellation - Involuntary |
Plan is cancelled due to delinquency,
incorrect information, etc. |
The lesser of $100 or 50% of amount paid |
|---|
| Cancellation - Fraud |
Plan is cancelled due to deliberate misrepresentation |
The lesser of $100 or 50% of amount paid |
|---|
| Account Maintenance - Lump Sum Payment |
Charge assessed for cancellation of lump sum plans |
35 cents per month |
|---|
