Late fees are one of the most common and most inconsistently applied student account charges in higher education. 

From flat fees to monthly percentage-based penalties, colleges and universities take dramatically different approaches, often without clear benchmarks or well-understood policies. And with 40% of students paying late at least once during their academic journey, these charges have a real impact on institutional cash flow, student equity, and retention.

That’s why we’ve created "Let’s Talk About Late Fees: a comprehensive guide to late payment policies across U.S. colleges and universities”, designed to help leaders benchmark practices, consider equity implications, and modernize their approach.

This report brings together late fee benchmarks, policy examples, and perspectives from institutions rethinking how they structure and communicate late charges.

It covers:

✅ National benchmarks for late fee amounts, grace periods, and interest rates
✅ How policy choices impact student payment behavior and retention
✅ Equity and compliance considerations for late fee structures
✅ Trends and innovations in student accounts
✅ Real-world examples of institutions adjusting practices for better outcomes

Plus, the report contains a practical checklist for you to use at your institution to understand how your practices compare to other like institutions.

Whether you’re looking to align with industry norms, improve collections without harming student relationships, or ensure your policies reflect your student success goals, this guide offers practical insights and a late fee policy review checklist to help you take action.

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