You’ll learn from your college experiences as much as from books and exams. College gives you a platform to find yourself and learn about adult responsibilities. With this in mind, you’ll learn (if you don’t already know) that paying off debts on time is expected of you in every financial situation. This is why you should work hard to pay things off on time now. Using college to build good credit in the community can only benefit you in the long run.
Sometimes life gets in the way and circumstances can put us in a difficult situation. Unfortunately, life always has the potential to pose as a roadblock when it comes to making your payments on time. If you find yourself falling behind on college payments for any reason, there can be serious consequences.
Financial Obligations and Responsibilities
Payment of Fees/Promise to Pay
You understand that when you register for any class at the University or receive any service from the University, you accept full responsibility to pay all tuition, fees and other associated costs assessed as a result of your registration and/or receipt of services. You further understand that your failure to attend class or receive a bill does not absolve you of your financial responsibility agreed to herein.
Use of Title IV Federal Aid Funds
You understand that any financial aid that you receive pursuant to Title IV of the Higher Education Act (including, for example, but not limited to, Unsubsidized Direct Stafford Loans, Subsidized Direct Stafford Loans, Perkins Loans, Federal Direct PLUS Loans, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (SEOG), and TEACH Grants) (referred to herein as “Title IV Financial Aid”), except for Federal Work Study wages, will first be applied to any outstanding balance on your account for tuition, fees, room and board. Any remaining Title IV Financial Aid will be applied to other charges assessed to your student account such as student health insurance, parking permits, bookstore charges, service fees, fines and any other education related charges only if you have opted to authorize such application in the myPurdue Portal and such authorization has not been rescinded.
Withdrawal - Tuition Refund Policy and Obligation Created by the Return of Title IV Funds
The policy and procedure for officially voluntarily withdrawing from the University can be found at https://www.pfw.edu/financial-aid/policy-procedures/aid-return.html. The policy and procedure for involuntary withdrawal from the University can be found at http://catalog.pfw.edu/content.php?catoid=31&navoid=801#Involuntary_Withdrawal. You understand and agree that if you drop or withdraw from some or all of the classes for which you register or if you are required to withdraw pursuant to the involuntary withdrawal policy, you will be responsible for paying all or a portion of tuition and fees in accordance with the Refunds and the Return of Title IV Funds Policy at https://www.pfw.edu/offices/bursar-office/payment-refunds/refunds.
If you have received or will receive Title IV Financial Aid (described above in Paragraph (3) and you withdraw (officially or unofficially [by failing to earn a passing grade in at least one course]) prior to completion of 60% of the semester, the University is required to return a portion of the Title IV funds paid to the University by the Title IV programs on your behalf as a result of such funds being considered "unearned" under Title IV. The Refunds and the Return of Title IV Funds Policy (website link above) provides an explanation of how this calculation of "unearned" Title IV funds is to be made upon an official or unofficial withdrawal from the University. You have read the terms and conditions of the Refunds and the Return of Title IV Funds Policy and understand that those terms are incorporated herein by reference. Upon your withdrawal from school, the University will conduct the calculations required to determine the portion of the Title IV funds received on your behalf that are considered to be unearned under Title IV.
This unearned amount shall constitute an educational benefit overpayment to the University by the federal programs on your behalf. The University's repayment of that unearned amount to the federal programs will reduce the amount of your Title IV loan balances under the promissory notes you signed with the Title IV programs, but you will simultaneously incur an obligation to repay the unearned amount to the University in connection with the University's advance of funds to the Title IV programs. The University shall consider its advance of funds to the Title IV programs to be an interest-free thirty (30)-day loan by the University to you. Upon the University's advance of these unearned loan funds to the Title IV programs and the University's notice to you of such advance, you agree to repay the full amount of this advance (without interest) no later than thirty (30) days after the date set forth on the notification of the advance. If the full amount is not paid within that thirty (30)-day period, you shall be in default under this loan, in which event, you will incur and do hereby agree to pay, default interest on the unpaid principal balance outstanding, from time to time, at a rate of eight percent (8%) simple interest until the date a money judgment is rendered, and then post-judgment interest thereafter at the highest rate allowed by law.
The undersigned further understand and agree that in the event of any default on this loan and referral to an attorney or collection agency, the University will be entitled to add to the amount collected (i) the amount of reasonable attorney's fees incurred in the collection of the debt; (ii) the amount of collection agency fees incurred in the collection of the debt and (iii) the amount of court costs incurred in the collection of the debt, all as provided in Indiana Code Section 21-14-2-11. In addition, in the event that funds are returned to you by the University because of a credit balance or overpayment on your account at any time during the academic year, and you subsequently withdraw, you may be required by federal law to repay some of the Title IV Financial Aid directly to the federal program that provided the aid in accordance with federal law regarding return of Title IV Financial Aid.
Obligation for Installment Payment Plans for Tuition
You understand and agree that if you are approved by the University to pay your tuition through an Installment Payment Plan, then you must enter into and sign a separate Installment Payment Plan Agreement. You understand and agree that if a balance remains on your account when registration for the next semester of classes opens, you will not be allowed to register for classes unless a separate Installment Payment Plan Agreement has been entered into and signed by you. You must sign an Installment Payment Plan for each semester in which tuition is being paid in installments, or in the alternative, the Installment Payment Plan Agreement you sign must specifically state that it covers multiple semesters and list the semesters it covers. You further understand and agree that your registration and your acceptance of these terms and your Installment Payment Plan Agreement constitutes a promissory note agreement (i.e., a financial obligation in the form of an educational loan as defined in Section 523(a)(8) of the United States Bankruptcy Code) in which the University is providing you educational services and deferring some or all of your payment obligations for those services). You promise to pay for all assessed tuition, fees and other associated costs by the published or assigned due date.
Relationship to the University Student Regulations on Financial Obligations and Responsibilities
You understand and agree that (i) this Affirmance is not intended to address or cover each and all of your financial obligations to the University; (ii) you will or may have other financial obligations and responsibilities to the University with associated legal consequences therefore, including those contained in the University Student Regulations at https://www.pfw.edu/offices/bursar-office/payment-refunds/obligations-responsibilities(the “Financial Obligations Regs”); and (iii) if and to the extent there exists any conflict or inconsistency between this Affirmance and the Financial Obligation Regs, this Affirmance shall be controlling. You agree to abide by the Financial Obligations Regs and you agree that the University shall be entitled to the rights and remedies contained therein.
Non-Dischargeable in Bankruptcy
By signing this Affirmance, you acknowledge and agree that the obligation created by the return of Title IV funds and the obligation for installment payment plans for tuition may be subject to the limitations on dischargeability in bankruptcy contained in Section 523(a)(8) of the United States Bankruptcy Code.
You understand and agree that if you fail to pay your student account bill or any monies due and owing to the University by the scheduled due date (or fail to complete student loan exit interview requirements), the University will place a financial hold on your student account, preventing you from registering for future classes, requesting transcripts or receiving your diploma. Degree candidates with delinquent financial obligations to the University must pay or satisfy such debts at least one week before the close of any term. If any such debts have not been paid or satisfied upon terms acceptable to the University before the close of any term, a candidate’s diploma may be withheld from graduation ceremonies, or if the degree is granted without knowledge of such delinquency, the diploma and transcript will be held until the financial obligation has been satisfied.
You understand and agree that if you fail to pay your student account bill or any monies due and owing to the University by the scheduled due date (other than pursuant to an Installment Payment Plan Agreement), the University may charge delinquency interest on any amounts that are not paid in full by the due date. Delinquency interest will begin no earlier than the day after the due date and shall continue until the amount owed is paid in full. Unless a different interest rate is agreed upon in writing for a specific transaction, interest after the due date shall be at the rate of eight percent (8.00%) per annum. In collection of any indebtedness owed to the University, the University shall also be entitled to all additional costs referenced in Indiana Code Section 21-14-2-11, as from time to time amended or recodified. Expenses associated with collection of indebtedness by means of the Indiana state tax set off program shall be added to the indebtedness. Any judgment entered shall be without relief from valuation and appraisement laws. As to all disputes or collections relating to indebtedness owed the University, student consents to exclusive jurisdiction and venue in any competent court within the Indiana county in which the University campus enrolling the student is located, except as pre-empted by 15 U.S.C. 1692(i), as amended or recodified from time to time, other federal statutes, or state laws and regulations, including consumer protection laws but excluding general preferred venue rules and laws.
Collection Costs and Fees
You understand and accept that if you fail to pay your student account or any monies due and owing to the University by the scheduled due date, and fail to make acceptable payment arrangements to bring your account current, the University may refer your delinquent account to a collection agency and incur additional collection costs and fees. As provided in Indiana Code Section 21-14-2-11, you further understand and agree that you are responsible for paying collection agency fees, which may be assessed based on a percentage not to exceed thirty three and one third percent (33.3%) for domestic collections or up to fifty percent (50%) of the balance in cases of litigation. Court costs and attorney fees may also be assessed. Collection fees outside of the United States may range up to 54%. Finally, you understand that your delinquent account may be reported to one or more of the national credit reporting agencies.
Returned Checks or Payments
All returned checks, drafts or other payment orders are subject to a service charge not exceeding the maximum allowed by Indiana law.
Consent to Contact for Debt Collection Purposes
You authorize the University and its employees, agents, representatives, attorneys, vendors and contractors (including collection agencies) to contact you on a current or future home telephone and/or cellular telephone number(s), and via e-mail, for the purpose of collecting any portion of the financial obligations, which are past due, or to receive general information from the University. You authorize the University and its employees, agents, representatives, attorneys, vendors and contractors (including collection agencies) to use automated telephone dialing equipment, artificial or pre-recorded voice or text messages, and personal calls and e-mails, in efforts to contact you. You agree to keep the University informed and updated in the event of a change in your cellular telephone number, home telephone number, mailing address or email address.
You understand that administrative, clerical or technical billing errors do not absolve you of your financial responsibility to pay the correct amount of tuition, fees and other associated financial obligations to the University.
You understand and agree that this Affirmance shall be governed by, and construed under, the internal laws of the State of Indiana.
This Affirmance supersedes all prior understandings, representations, negotiations and correspondence between you and the University regarding your financial obligations to the University. This Affirmance constitutes the entire agreement between you and the University with respect to your financial obligations to the University and shall not be modified or affected by any course of dealing between you and University staff unless (i) such modification is in an agreement signed by you and an authorized representative of the University, or (ii) such modification is required by state and/or federal laws, rules or regulations or the Trustees of Purdue University.