They explained the penalty in the letter they sent out with the bill. Also, the bill is normally due 11/1 but they extended it as a courtesy because the budget was not finalized until merely days prior. We are expected to know these things. Ignorance of the law does not excuse you of penalty unfortunately.

I too do not read the fine print for everything. The way I do not let this impact me is to make sure I pay my bills in time. Life happens. Consider it tuition paid for a life lesson learned and move on.