Best Practices for Student Financial Responsibility Agreements: AR 24-02
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 2024 version of the advisory—
- Is updated to reflect recent laws and regulations on withholding official transcripts
- Addresses changes to regulations focused on class action bans and pre-dispute arbitration
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.
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