The definition of a past due student account is any account which has not received a payment within 5 days of the required due date. The University will place a financial hold on the student's account. The hold will remain until the past due payment plus the late payment charge is paid in full. Financial hold status will preclude the student from receiving their diploma and will not permit the student to register for courses until such time that the amount in arrears is paid in full. Monthly statements will be sent to current students.