Student Accounts Financial Agreement
I, the above-named student at Oklahoma Wesleyan University (OKWU), understand that I am registering for educational services at OKWU. I hereby acknowledge and agree that I am fully responsible for the cost and expense of all tuition, fees, housing, food plans, books, fines, and/or other related educational expenses (Charges) at OKWU. I hereby also acknowledge and agree to abide by the terms and conditions of this Financial Agreement for Educational Services (Financial Agreement) at OKWU and recognize that it is applicable to the Terms as well as any previous terms I have attended at OKWU.
Financial Agreement for Educational Services at Oklahoma Wesleyan University
Under this Financial Agreement, the University may allow a credit on a student’s account for educational services to cover the cost of tuition, fees, housing, food plans, and fines, and that I must make payment arrangements to cover these costs over the course of the academic term.
Terms and Conditions:
- I hereby accept and agree that the University may allow an extension of credit upon my student account in an amount equal to the Charges as established by OKWU for the academic term.
- I hereby agree that the extended credit amounts on my student account shall be used solely and strictly to pay for the costs of Charges in the manner and method as set by OKWU Student Services. To view an outline of tuition, fees, housing, and food plan costs, visit the Student Accounts section in the University Catalog.
- I understand that if I incur any additional charges, such as costs associated with payment plan fees, fines, books, bank returned checks, or other miscellaneous costs, that such expenses will be placed on my student account; I hereby agree that I am solely and fully responsible for the payment of these expenses to OKWU.
- I understand that in the event I withdraw from OKWU, I shall do so according to the guidelines established by OKWU in the Refund Policy section of the University Catalog. If I withdraw, I understand and hereby agree to pay OKWU for all charges associated with these classes and residency at OKWU, if applicable, as calculated according to OKWU’s Withdrawal Policy. If I withdraw from the university, my full balance becomes due immediately. If I am unable to pay the full balance, I will coordinate with the OKWU Student Accounts Office to create a payment arrangement. Failure to establish a payment arrangement and/or pay the balance may result in being sent to an outside collection agency.
- I understand that I am responsible for maintaining my current address and phone number even if I am no longer enrolled at OKWU by notifying the Registrar’s Office immediately of any change.
- I agree that this Financial Agreement creates certain financial responsibilities which constitute a loan between me and OKWU to assist in the financing of my education, and I further understand that such financial assistance may not be dischargeable in accordance with the United States Bankruptcy Code in any bankruptcy proceeding before the United States Bankruptcy Court.
- All students are required to be in good standing on their OKWU Student Account to register for the upcoming term. Good standing means the student is current on a monthly payment plan or has a balance due under $2,000.00 with payment(s) made within the current term on their account.
- All students are required to pay their balance in full before attending classes at the beginning of each term/session or if approved by OWKU Student Services, establish a Payment Plan that will allow for full payment during the term.
- I understand that if I am unable to pay the Charges in full prior to the start of classes, I will coordinate with the OKWU Student Services to create a payment arrangement under which I shall make deferred payments toward the balance of my OKWU student account to repay the University by the end of the term the amount(s) credited to me. Due dates shall be set at the time of payment arrangement.
- I hereby agree that if I fail to make the minimum payment amount(s) in accordance with the payment arrangement or plan and/or pay the University the full amount of monies owed, the following conditions will apply:
o The University may assess a 6.0% per annum late fee based on the minimum amount due;
o The University may place a hold on my ability to register for future courses until the balance of my account is paid in full;
o The University shall place a hold on the release of my academic records (includes transcripts and/or diploma) until the balance of my account is paid in full;
o The University may refer my outstanding debt to an external collection agency for collection pursuant to state and federal law, which may result in collection costs of up to 50% being added to any outstanding balance or debt. In the event of a referral of my debt to an external collection agency, I hereby agree to be responsible for all collection costs of up to 50% incurred by the University, including any service charges and/or interest. In the event the services of an attorney are required to collect an unpaid balance, I acknowledge that I will be responsible to pay all lawful attorneys’ fees, plus all court and other collection costs;
o This Financial Agreement shall be construed in accordance with Oklahoma law and any lawsuit to collect unpaid fees may be brought in the appropriate court sitting in the State of Oklahoma regardless of my domicile at the time of bringing such suit. In the event of litigation, I agree to pay all costs associated with such, including but not limited to, attorney and legal fees; and/or
o The University and/or an external collection agency may report my delinquent debt, which may negatively impact my credit history and score, to a national credit bureau.
· Reimbursements will not be issued until the account balance is Paid in Full.