current Catalog - Lutheran School of Theology at Chicago

COSTS AND FEEShealth insurance charges, rent, other fees, and any other amounts currently owedthe seminary.Account Balances and Disbursements• When a student requests a disbursement from his/her student account, there mustbe an adequate credit balance to cover unpaid and anticipated charges during therelevant time period.• There are three relevant time periods to assess credit balances during the academicyear: September through January (fall semester and J-Term), February throughJune (spring semester), and July through August (summer session).• To determine the portion of an existing credit balance that may be disbursed, acalculation of all amounts due LSTC will be done for the relevant time period (asnoted above), including tuition, health insurance charges, rent, other fees, and anyother amounts currently owed the seminary.• Anticipated move-out rent credits and the rental security deposit cannot beincluded in the calculation to provide more funds available for disbursement froma current credit balance.• Anticipated students loans, LSTC financial aid, scholarships, or gifts cannot beincluded in the calculation to provide more funds available from a current creditbalance.Registration and “Financial Hold”• In order to register, all students will be informed of the payment policies andbe required to sign a promissory note (an agreement to be responsible for allcharges incurred).• Provisional registration and normal registration can be withdrawn for students notmeeting their payment obligations.• Any past due balance in a student account at the end of the semester grace period(30 September for fall semester and February 28 for spring semester) will be assesseda 5 percent late fee, and 1.5 percent past due interest each month thereafter.• When a student’s account becomes past due, the student will be placed on“financial suspension” and a “finance hold” will be applied on the student’saccount in the CX/JENZABAR System. The finance hold will prevent the studentfrom: registering for classes; receiving transcripts, diplomas, and other officialdocumentation from the seminary; participating in graduation, internships, andother degree-related requirements; use of the JKM Library; renewing their annualapartment lease; and receiving other seminary services. The financial suspensionwill be reversed (and the related finance hold released) by the Finance Office whenthe student has completely satisfied their outstanding balance, including any latefees, past due interest, and collection fees.• When a student’s account becomes more than 90 days past due, the account canbe referred to an external collection agency. The student will be responsible for allcollection costs along with reasonable attorney’s fees and court costs, not to exceed50 percent of the original principal balance.111