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Business and Policy Areas
Business and Policy Areas
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NACUBO Publishes Guidance on Student Financial Agreements

March 20, 2015

Financial responsibility agreements ensure that students understand their obligations and protect the institution from risk of default. A new advisory report from NACUBO provides sample language that colleges and universities may want to consider in developing such agreements.

NACUBO Advisory Report 2015-1, Best Practices for Financial Responsibility Agreements with Students, offers a template of priority and optional subjects to assist schools in developing or strengthening their agreements. Priority subjects address a promise to pay, collections, and communication. Optional subjects cover financial aid, billing, returned payments, withdrawal, privacy rights, and more.

NACUBO's Student Financial Services Council developed the guidance led by John Hockersmith of the University of Illinois; Patrick Quinn of George Mason University; and Ken Wolterman from the University of Cincinnati. The sample language is available in both PDF and Word format to make it easier for members to use and revise the model language to meet their needs.

Contact

Anne Gross
Vice President, Regulatory Affairs
202.861.2544
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Bryan Dickson
Senior Policy Analyst
202.861.2505
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