Students are allowed an interest free loan if their employer will reimburse tuition at the conclusion of the semester. Students may sign a promissory note to defer payment of the tuition amount that will be reimbursed until 45 days after the semester ends. A copy of the employer's approval and the promissory note must be submitted to the Business Office on or before the first class. If the employer reimburses 100 percent of the tuition cost, no down payment is required. If the employer reimburses a portion of the tuition, the non-reimbursed portion must be paid as a down payment no later than 30 days after the start of the term. If the full amount is paid within 45 days of the close of the term, the entire amount is interest-free. Interest rate of 1.5 percent per month (18 percent APR) will be assessed on the entire amount if not paid within 45 days of the end of the term.