Payment Plan Rules
Payment plan rules have changed! Be sure to review the updated rules and reach out to vp.finance@icc.coop if you have questions.
Application Windows
[Window 1] If you apply before the 20th of the first month of the term (May, September, or January), your plan ends the 28th of the 3rd month of the term (July 28th for spring/summer, November 28th for fall, or March 28th for winter).
[Window 2] If you apply after the 20th of the first month of the term, your plan ends on the final day of the term (August 16th for spring/summer 2024, Dec 31st for Fall 2024, and May 4th for Winter 2025)
Standardized due dates
[Window 1] Balance must be at or below 50% of one month’s charges by the 28th of the second month of the term, and the remaining balance is due by the 28th of the 3rd month.
[Window 2] Balance must be at or below 50% of one month’s charges by the 28th of the third month of the term, and the remaining balance is due by the end of the term.
If an applicant applies after the 28th of the 3rd month in the term, they are a Window 2 applicant and must pay their balance by the end of the term, but there are no additional requirements for the timing of the payments.
Example:
An applicant applies on the 4th of January for a winter term payment plan; their total house and ICC charges are $850 each month, they have no prior balance, and they have made no payments yet this term (current balance is $850). They are a window 1 applicant, so by February 28th, their balance must be below 50% of $850 ($425), and they must reduce their balance to $0 by March 28th. The payments can be broken up into multiple smaller payments, as long as the balance is reduced to the required amounts by the dates required.
Late fees incurred throughout the payment plan term will be removed upon successful completion of the payment plan. Any late fees incurred before a payment plan is submitted will not be removed.
All decisions will be made by the Finance Committee or VP of Finance. All recipients will be notified by email shortly thereafter. All questions may be directed to the VP of Finance at vp.finance@icc.coop.
