Colleges offer no slack on late fees

News of the global recession apparently hasn’t reached behind the ivy-covered walls of academia.

Despite college savings accounts being greatly depressed by the steep stock market decline, few colleges or universities are waiving the late fees charged to those students or families who need a couple of extra weeks to make their tuition payments, a survey of area colleges showed.

While the fees — which run from $50 to $125 or so — are small compared to tuition bills, parents facing the heat of upcoming tuition installment payment dates are fuming that the schools aren’t cutting them any slack.

“I am on the brink of being behind on my payments, and I don’t know yet if the college will waive the fees,” said a distraught Stephanie Lubich, the parent of a student attending Iona College.

Another parent, Judi Drucker, also complained about late payment and other fees, as she scrapes by to put her two daughters through SUNY Purchase and Long Island University’s Westchester campus. “I was surprised that neither of the colleges even lowered their tuition or fees 1 percent. Most even raised them,” Drucker said.

To be sure, some colleges have relented this year in the face of job layoffs and deteriorating credit among parents. A spokesman for Columbia University, noting that penalties still apply on missed deadlines, said the college is prepared to review hardship cases on an individual basis.

Iona said its policy is to charge late fees but that it “worked with families that have temporary financial issues to allow as much un-penalized latitude as possible.”

“That’s a smart customer service move. I haven’t heard of any other college doing that,” said an impressed James Boyle, president of advocacy group, College Parents of America, noting that many parents with sons and daughters at college are swimming against the financial tide with soaring tuition costs and late penalties.