If your account is not paid, it may be forwarded to an outside collection agency or attorney. At that time, you will be responsible for paying New York Institute of Technology all fees and costs associated with the collection of your delinquent account. In addition to payment of the principal amount due, the additional fees and costs may include collection agency fees constituting 33 to 50 percent of the principal amount due if the university engages a collection agency to collect payment, legal fees of 33.3 percent of the principal amount due if the university engages legal counsel to collect payment, any and all interest on the outstanding balance at the maximum legal rate allowed by law, and any and all other costs associated with collection of the amount due.