current Catalog - Lutheran School of Theology at Chicago

COSTS AND FEES• When a student’s account becomes more than 180 days past due, the studentwill be placed on “financial withdrawal.” At this point the student will beadministratively withdrawn from the admitted program of study. Any studentwishing to return to the program of study must completely satisfy the outstandingbalance in their student account, including any late fees, past due interest, andcollection fees; present a letter of petition for re-admittance to the chief financialofficer; and submit a $100 re-admittance fee with the petition.• When a student’s account has been referred for outside collection or becomesmore than 180 days past due, or when a student presents 3 or more returnedchecks and/or credit card payments to LSTC in a 12-month period, that studentwill be placed on a “cash only” basis for the next two academic semesters inwhich classes are taken (J-Term and summer session are cash-only basis foreveryone). During this time, the student’s semester charges would not qualify forthe payment grace period. In these cases, all semester charges (including tuition,student health insurance, and any other billed charges) must be paid in full beforeclasses begin.• The names of students with past due balances must be given to the academicdean, dean of students, director of financial aid, and the student’s faculty advisorfor their information and appropriate use in interpreting the importance of fiscalresponsibility.LSTC Payment and Collection Policies are reviewed on an annual basis bythe Administration and Finance Committee of the LSTC Board of Directors.Administration of the policy is the primary responsibility of the Finance Office,with support and collaboration of all other seminary departments and faculty.Exceptions to these policies are allowed only by action of the chief financial officer.112