Verbiage of Student Financial Responsibility Agreement

FINANCIAL RESPONSIBILITY AGREEMENT

Payment for all charges appearing on your electronic student bill and statement must be received by the payment due date to avoid late fee charges. Any money still owed after the due date may be assessed a late fee of $65.00 per occurrence.

PAYMENT OF FEES/PROMISE TO PAY

I understand that when I register for any class at Rowan University or receive any services from the University I accept full responsibility to pay all tuition, fees, and other associated costs assessed as a result of my registration and/or receipt of services. I further understand and agree that my registration and acceptance of these terms constitutes a financial obligation with the University. I understand and agree that if I drop or withdraw from some or all of the classes for which I register, I will be responsible for paying all or a portion of tuition and fees in accordance with the published tuition refund schedule at https://confluence.rowan.edu/display/POLICY/Approved+Refund+Schedule. I have read the terms and conditions of the published tuition refund schedule and understand those terms are incorporated herein by reference. I further understand that my failure to attend class, receive a bill, or my inability to pay a bill, including a bill that I believe is in error, does not absolve me of my financial responsibility as described above. Additionally, I understand that the University utilizes electronic billing, and I acknowledge that I will not receive a paper bill unless requested. I understand that the University reserves the right to drop students for non-payment; however, I understand and agree that it is my responsibility to officially withdraw from the University or drop my course(s) before the start of the term or within the Add/Drop period for the term to avoid any financial penalties. I understand and agree that it is my responsibility to know the deadlines as posted by the Office of the University Registrar at https://sites.rowan.edu/registrar/registration-information/registration-dates.html.

Financial Hold:  I understand and agree that if I fail to pay my student account bill or any monies due and owing Rowan University by the scheduled due date, the University will place a financial hold on my student account, preventing me from registering for future classes, requesting transcripts, or receiving my diploma.

Late Payment Charge:  I understand and agree that if I fail to pay my student account bill or any monies due and owing Rowan University by the scheduled due date, Rowan University may assess late payment at the rate of $65.00 per occurrence on the past due portion of my student account until my past due account is paid in full.

Collection Agency Placement:  I understand and accept that if I fail to pay my student account bill or any monies due and owing Rowan University by the scheduled due date, and fail to make acceptable payment arrangements to bring my account current, the University may refer my delinquent account to a collection agency or to the State of New Jersey for tax intercept as provided through the Set-off of Individual Liability Program (SOIL). Finally, I understand that the University reserves the right to report my delinquent account to one or more of the national credit reporting/monitoring agencies.

Collection Charges/Fees:  In the event that my account is referred to a collection agency, I will be responsible for and agree to pay collection agency fees in addition to the sums referred for collection (not to exceed 40% of the sum referred for collection).

COMMUNICATION

Method of Communication:  I understand and agree that Rowan University uses e-mail as an official method of communication with me, and that, therefore, I am responsible for reading the e-mails I receive from Rowan University on a timely basis.

Updating Contact Information:  I understand and agree that I am responsible for keeping Rowan University records up to date with my current physical addresses, email addresses, and phone numbers. Upon leaving Rowan University for any reason, it is my responsibility to provide the University with updated contact information for purposes of continued communication regarding any amounts that remain due and owed to the University.

1098-T (Tuition Tax Statement):  I understand and consent to receive the annual 1098-T Tax Form electronically.  This tax form will be available on or before the IRS deadline of January 31 of the new year following the close of previous calendar year.  If I wish to withdraw my consent or change this method, I must, in writing, contact the Office of the Bursar at bursar@rowan.edu. I understand that if I withdraw my consent, the withdrawal will take effect within five (5) business days.

FINANCIAL AID

I understand that any federal Title IV financial aid that I receive, except for Federal Work Study wages, will first be applied to any outstanding balance on my account for tuition, fees, room, and board.  Title IV financial aid includes aid from the Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Direct Loan, PLUS Loan, Perkins Loan, and TEACH grant programs

I understand that all awards, scholarships, and grants awarded to me by Rowan University will be credited to my student account and applied toward any outstanding balance.  I further understand that my receipt of an award, scholarship, or grant is considered a financial resource according to federal Title IV financial aid regulations, and may therefore reduce my eligibility for other federal and/or state financial aid (i.e., loans, grants, Federal Work Study) which, if already disbursed to my student account, must be reversed and returned to the aid source. I understand that financial aid must be earned based on existing regulations and failure to meet certain standards may result in the return of my financial aid.

By checking the box indicated below and proceeding, you are acknowledging your understanding of and agreeing to the statements provided herein.

<<I AGREE and UNDERSTAND>>