Skip to content Menu
Agreements_Contracts

A student financial responsibility agreement provides relevant information about official institutional policies to students and contractually binds them to those policies. Additionally, the agreement assists the institution and its collection agency partners when complying with laws and regulations.

Priority subjects include a promise to pay, collections, and communication. Optional subjects address financial aid, billing, returned payments, withdrawal, privacy rights, and more.

The 2021 updates to the advisory—

  • Address new case law developments related to the assessment of collection fees
  • Include updated language on students revoking consent to be called/texted using automated telephone dialing equipment
  • Add a sample severability clause
  • Modify the arbitration/mediation section as result of new regulations that went into effect in July 2020

Any institution reviewing this material should have all provisions of a student financial responsibility agreement reviewed by an attorney in the appropriate jurisdiction to make certain that chosen provisions and language are clear, accurate, and legally enforceable.

LEARN MORE

Fill out the form and receive a complimentary copy of Best Practices For Student Financial Responsibility Agreements: AR-21-02 right in your inbox.

 

This publication is generously supported by

Flywire Logo


Click here to start the form again.

Related Content

Members Only

Closing the Equity Gap

COVID-19 shines an even brighter light on the racial and systemic rifts that exist in education and throughout society.

Advisories

Stay current and compliant with guidance from NACUBO. Listed below under topic area headers and cross-listed when necessary, these advisories provide direction on a variety of complex topics.

Members Only

Delivering on the American Education Dream

Putting high-quality credentials within reach of more Americans will require innovation, risk-taking, and a commitment to flexibility and equity.