The number of days late is calculated by our servicing partner, using the following formula:
[Current Report Date] - [Last Payment Date] = [Days Late]
UAS defines the last payment date as the oldest billing period where the minimum required payment for the period has not been paid — a partial payment is also considered a missed payment. The due date of that period is the date from which the days late is calculated.
Example:
- The student's payments are due August 1, September 1, and October 1.
- The student misses the minimum payment in August, misses again in September, and makes the minimum payment in October.
- [October 2] - [September 1] = [31 days late], so on October 2, the student would be 31 days late.