Financial Clearance
Policy
Students enrolled in courses at Mount Saint Mary’s University are required to clear their total account balance by the Financial Clearance Deadline. The Financial Clearance Deadline occurs 30 days prior to the start of each term (semester). In order to avoid any restrictions and fees, total account balances must be cleared no later than the add/drop deadline of each semester.
Clearing a balance requires that any balance resulting from registration is fully covered by financial aid (inclusive of student and/or parent loans), paid in full via direct payment, or enrolled in an official payment plan offered through MSMU payment plan partners. It is the student’s responsibility to thoroughly review their account statement after registering for courses, complete all financial aid requirements, and clear their balance by the Financial Clearance Deadline.
Students are responsible for reviewing their e-statement on Self-Service and taking any necessary steps to ensure financial clearance by the deadline, which is 30 days prior to the start of each academic term (semester). Please refer to the published Academic Calendar for start/end dates as well as add/drop dates of each term (semester).
Financial clearance will be granted to students who have met all their financial obligations. (If a student has enrolled in a payment plan, they are considered cleared, unless they default on payments.) To get clarification on clearance or deadlines, please contact the Student Accounts department.
The day after the Add/Drop Deadline of the term (semester), any student with a balance that is not enrolled in a payment plan or covered with anticipated financial aid will have a restrictive hold placed and a late clearance fee assessed.
Students must clear their account balance by doing the following:
- Settlement of all semester charges through one or more of the following methods:
- Payment in full of net amount dueEnrollment in a payment plan using ACI Payments - Monthly Payment Plan
- Application of financial aid awards and/or loans
- Tuition waivers/discounts
- Sponsorships
- For tuition waiver or sponsorship recipients, official verification must be submitted to the Student Accounts Office via Sponsored/Deferred Billing Clearance Form in the Student Forms section on myMSMU/Student Services/
Late Fees
An unresolved balance will be considered past due the day after the Add/Drop Deadline, and late fees will be assessed. The Add/Drop Deadlines are determined by Academic Affairs and published on the Academic Calendar.
Late Fee Assessment:
- $0-$499 – No Late Fee
- $500 - $1000 - $125 Late Fee
- $1001 and over - $250 Late Fee
Administrative Drop
An unresolved balance may result in the student being dropped from currently registered courses and will be prevented from registering in future courses.
An Unsatisfactory Academic Progress (SAP termination) status with the Financial Aid Office at the end of the term (semester) that has not been appealed and aid reinstated, will result in the student being dropped from currently registered courses and prevented from registering in future courses. If a student can demonstrate the availability of funds to pay the full tuition without any financial aid, the restrictive hold will be removed and their courses will not be dropped. The student MUST pay their tuition and fees in full prior to the start of the term (semester).
It is the student’s sole responsibility to resolve any pending financial aid issues and resolve unpaid balances prior to the end of each term (semester). A final notification will be sent via email one week prior to the start of the next term (semester), informing the student of the administrative drop of their registered courses for the upcoming term (s) (semester(s)). There is no guarantee the student will be able to re-register in any dropped courses after resolving any outstanding balance(s) and obtaining financial clearance.