Tuition: how much will not paying cost you?

No one wants to pay more than they have to for tuition, but not paying on time will cost you. The deadline for fall tuition fees is fast approaching; we’ve all received the usual e-mail from the student accounts office reminding us that “payment must be posted to your student account no later than Sept. 30 at 11:59 p.m.”
So, what happens if you miss the deadline? “Any student whose fee is not paid on Sept. 30 will be charged the additional $75 late fee,” said Katherine Hedrich, manager of the student accounts office and the cashier’s office. “In terms of paying fees late, the majority of Quebec universities have a late fee.”
“I’m trying not to think of the 30th,” said Cindy Elston, a history major. “I have about half of my tuition, and I’m certain I won’t be able to get the rest by then. It’s worrying, but what can I do?”
In addition to the one time late fee, the school also charges interest on unpaid tuition, at eight per cent a year.
But not all students are concerned about these charges. “I’m not too worried about the $75 late fee. I just have to make sure to pay my tuition on time,” said Roger Lambo, an international student at the John Molson School of Business.
However there are a few exceptions to these late fees. Students who are sponsored by companies or embassies are not charged the late fee, because they are not in control of their finances.
Students who have a special payment agreement contract with the student accounts office are also exempted. The contract allows students who owe money from previous semesters to pay in instalments. “Under very strict guidelines, they can make a contract with the office, [but] we do not have as a rule a payment plan,” said Hedrich
As well students receiving loans and bursaries, but who will not be receiving their money before the deadline may be eligible to apply to defer their tuition, depending on the type of funding they receive. By signing this contract, students agree to pay their entire tuition as soon as they receive their funding.
But paying your fees on the day of the deadline might not save you from the late fee. It can take between 3-5 business days for a payment to go through, especially if it is made at a bank or through the mail. Payments made online by credit card and at the Birks student service centre are processed immediately.