The 1% interest charge is based on RCW 43.17.240
Debts owed to the state — Interest rate.

"Interest at the rate of one percent per month, or fraction thereof, shall accrue on debts owed to the state, starting on the date the debts become past due. This section does not apply to:

(1) Any instance where such interest rate would conflict with the provisions of a contract or with the provisions of any other law; or

(2) Debts to be paid by other governmental units. The office of financial management may adopt rules specifying circumstances under which state agencies may waive interest, such as when assessment or collection of interest would not be cost-effective. This section does not affect any authority of the state to charge or collect interest under any other law on a debt owed to the state by a governmental unit. This section applies only to debts which become due on or after July 28, 1991."

Note: Your request for waiver of interest under the criteria below must be accompanied by a detailed explanation in letter form. The letter must document all of the pertinent facts, and be accompanied by such proof as is available. This petition with all the required documentation must be received by Student Financial Services within sixty days of the incident. The requester of the waiver has the burden of proving the facts.

According to the Office of Financial Management’s guidelines, found on WAC 82-06-010, I am hereby requesting a waiver of the mandatory 1% interest assessed to my university account: