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Scope

This policy impacts all students with outstanding student account balances.   Including tuition and fees as well as institutional loan balances.

Reason for Policy

°ÄÃÅÁùºÏ²Ê¸ßÊÖ campuses collectively agree to the following policy as it relates to financial holds for accounts that have delinquent indebtedness. 

Policy Statement

The University will pursue all collection efforts and practices in collecting any unpaid balance. These practices include placing phone calls, mailing/emailing invoices and collection notices, utilizing the Missouri Department of Revenue’s Debt Offset Program to intercept state tax refunds, referring the account to a collection agency, having the debt reported on credit bureau reports, and referring the balance to an attorney to pursue the balance via litigation. Past due balances will be assessed a monthly late fee and finance charge if payment is not made by the statement due date.  If the account balance is referred to an outside collection agency the account may be assessed an additional collection fee up to 30 percent of the outstanding balance. This one-time fee is used to offset any and all costs and expenses, including reasonable attorney’s fees. The University will also assess any additional expenses incurred in collecting the debt as allowed by law.

While collection efforts are underway, the University will utilize financial holds on student accounts which will limit the student’s ability to conduct enrollment activities, student charge, and possibly access their diploma. When an account is placed on a financial hold, the amount of the hold must be satisfied before the hold is released.  

Each campus will create procedures that determine when and how financial holds will be utilized. The procedures will be administered by the campus Cashiers Offices under the guidance of the campus Cashiers Office Director. The Director of each campus Cashiers Office has the authority to make exceptions to the outlined procedures. 

Definitions

Financial Hold – A hold placed on a student account in relation to past due balances which limits the ability of a student to obtain a diploma, student charge, and/or register or enroll in courses.

Past Due – Includes balances that are remaining on a student’s account past the stated due date.

Accountabilities

Campus Cashier’s Office:

• Monitor student accounts for past due balances
• Pursue all necessary and reasonable collection attempts of outstanding balances
• Place a student’s account on hold as outlined in policy
• Create and maintain procedures for exceptions to this policy
• Release financial holds once all conditions for release have been met

Additional Details

Forms

Related Information

History

Procedure