Student Financial Responsibility Agreement
Students must consent electronically via Banner Self Service to the below agreement.
The Student Financial Responsibility Agreement (SFRA) informs Illinois Wesleyan University students of the financial responsibilities associated with enrolling for classes and provides valuable information pertaining to payment of tuition and fees, delinquent accounts, financial aid and methods of communication. It also explains the potential consequences that may be taken if a student fails to meet those obligations.
Payment of Fees/Promise to Pay
I understand that when I register for any class at Illinois Wesleyan University or receive any service from Illinois Wesleyan University, I accept full responsibility to pay all tuition, fees and other associated costs assessed as a result of my registration and/or receipt of services. I further understand and agree that my registration and acceptance of these terms constitutes a promissory note agreement (i.e., a financial obligation in the form of an educational loan as defined by the U.S. Bankruptcy Code at 11 U.S.C. §523(a)(8)) in which Illinois Wesleyan University is providing me educational services, deferring some or all of my payment obligation for those services, and I promise to pay for all assessed tuition, fees and other associated costs by the published or assigned due date.) I understand and agree that if I drop or withdraw from some or all of the classes for which I register, I will be responsible for paying all or a portion of tuition and fees in accordance with the Illinois Wesleyan University Withdrawal and Enrollment Changes Policy www.iwu.edu/withdrawal. I have read and agree to the terms and conditions of the Withdrawal and Enrollment Changes Policy. I further understand that my failure to attend class or receive a bill does not absolve me of my financial responsibility as described above
Financial Hold: I understand and agree that if I fail to pay my student account bill or any monies due and owing Illinois Wesleyan University by the scheduled due date, Illinois Wesleyan University will place a financial hold on my student account, preventing me from registering for future classes, obtaining transcripts, or receiving my diploma.
Late Payment Charge: I understand and agree that if I fail to pay my student account bill or any monies due and owing Illinois Wesleyan University by the scheduled due date, Illinois Wesleyan University will assess late payment and/ or finance charges at the rate of 1% per month on the past due portion of my student account until my past due account is paid in full.
Collection Agency Fees: I understand and accept that if I fail to pay my student account
bill or any monies due and owing Illinois Wesleyan University by the scheduled due
date, and fail to make acceptable payment arrangements to bring my account current,
Illinois Wesleyan University may refer my delinquent account to a collection agency
or attorney. I further understand that if Illinois Wesleyan University refers my student
account balance to a third party for collection, a collection fee will be assessed
and will be due in full at the time of the referral to the third party. The collection
fee will not exceed the maximum amount permitted by applicable law. For purposes of
this provision, the third party may be a debt collection company or an attorney. If
a lawsuit is filed to recover an outstanding balance, I shall also be responsible
for any costs associated with the lawsuit such as court costs or other applicable
costs. Finally, I understand that my delinquent account may be reported to one or
more of the
national credit bureaus.
Method of Communication: I understand and agree that Illinois Wesleyan University uses email as an official method of communication with me, and therefore I am responsible for reading the emails I receive from Illinois Wesleyan University on a timely basis.
Contact: I authorize Illinois Wesleyan University and its agents and contractors to
contact me at my current and any future cellular phone number(s), email address(es)
or wireless device(s) regarding my delinquent student account(s)/ loan(s), any other
debt I owe to Illinois Wesleyan University, or to receive general information from
Illinois Wesleyan University. I authorize Illinois Wesleyan University and its agents
and contractors to use automated telephone dialing equipment, artificial or pre-recorded
voice or text messages, and personal calls and emails, in their efforts to contact
me. Furthermore, I understand that I may withdraw my consent to call my cellular telephone
using automated telephone dialing equipment by submitting my request in writing to
firstname.lastname@example.org or in writing to the applicable contractor or agent contacting me on behalf of
Illinois Wesleyan University.
Updating Contact Information: I understand and agree that I am responsible for keeping Illinois Wesleyan University records up to date with my current physical addresses, email addresses, and phone numbers by going to my.iwu.edu, selecting Banner Self Service and updating my address under the personal information menu. Upon leaving Illinois Wesleyan University for any reason, it is my responsibility to provide Illinois Wesleyan University with updated contact information for purposes of continued communication regarding any amounts that remain due and owing to Illinois Wesleyan University in writing at email@example.com.
This agreement supersedes any previous understandings, representations, negotiations and correspondence between myself and Illinois Wesleyan University regarding the specific terms and conditions contained in this agreement, and cannot be modified or affected by any course of dealing or course of performance. This agreement may be modified by Illinois Wesleyan University if the modification is signed by me (electronically or otherwise). Any modification is specifically limited to those policies and/or terms addressed in the modification. This agreement shall be governed by and construed under applicable federal law and the laws of the State of Illinois. If there is any suit, claim, action or proceeding arising out of or relating to this agreement, the parties expressly agree that jurisdiction and venue shall be properly fixed in McLean County, Illinois.