The Bursar's Office will issue bills in July for fall semester charges and in December for spring semester charges. Financial aid will credit the account as funding is received. Outside (non-university) awards are credited to a student's account after checks are received by the university, but not prior to the first day of class each semester. Refunds of financial aid received above university charges will not be made until the student's aid is received and the student's costs are completely covered. The University of Tulsa's payment policy requires that arrangements for payment of term expenses be made prior to the first day of class. During the fall and spring terms, if financial aid does not cover all expenses, either payment in full or enrollment in the monthly payment plan is required. Information on the monthly payment option is available from the Bursar's Office. A monthly finance charge of 1.5 percent is assessed for late payments. The university accepts Visa, Mastercard and Discover credit cards.