Promise to pay: I promise to pay The College of Saint Benedict all tuition and fees, books, supplies, room and board, and other charges incurred by me as a student at the College. I will pay all fees under the Standard Payment Plan or Deferred Payment Plan. I will also pay a FINANCE CHARGE equal to one percent (1%) per month of my adjusted balance as described below. This is an ANNUAL PERCENTAGE RATE of 12 percent.
Prepayment: I may pay any amounts owing under this agreement, in full, at any time. The larger the payment that I make, the less finance charge I will owe.
Payment Plans: Please choose one of the two payment plans listed below before submitting this agreement.
Standard Payment Plan: Under the Standard Payment Plan, I will pay my Obligation on August 10th for fall semester and on January 10th for spring semester. Any additional Obligation incurred later during the semester will be billed by the College and will be due as noted on the statement or under the same terms and conditions described in the section titled Deferred Payment Plan below.
Deferred Payment Plan: Under the Deferred Payment Plan, I agree to pay all tuition and fees, books, supplies, room and board and other charges in four installments for each of the fall and spring terms on or before the due dates listed below. I will also pay a FINANCE CHARGE equal to one percent (1%) per month of my adjusted balance. This is an ANNUAL PERCENTAGE RATE of 12 percent. I will pay at least one-fourth (1/4) of my fall semester balance by August 10th and one-fourth (1/4) of my spring semester balance by January 10th. As of the 10th day of each of the following months (or the first working day thereafter), the College will figure my new amount due by taking my balance owed on the 10th day of the previous month (my previous balance), adding any new fees and charges incurred by me and subtracting payments and other credits (payments include grants, student loans and other financial aid) pay my new balance as follows:
Due Dates and Minimum Amount Due:
|Fall Semester||Spring Semester|
|August 10||1/4 of initial balance||January 10||1/4 of initial balance|
|September 10||1/3 of new balance||February 10||1/3 of new balance|
|October 10||1/2 of new balance||March 10||1/2 of new balance|
|November 7||entire new balance||April 7||entire new balance|
I understand that the College may require that I make payments under the Standard Payment Plan even if I have the Deferred Payment Plan. This option may be exercised by the College if, in the past, I have failed to make the payments as scheduled.
Finance Charge: I will pay a finance charge on the unpaid balance of my Obligation. I will not be charged any finance charge if there is no previous balance, or if credits and payments received by the College since the previous billing exceed or equal the balance at the beginning of the period. The College will figure the FINANCE CHARGE by applying the periodic rate of one percent (1%) per month (corresponding ANNUAL PERCENTAGE RATE of 12%) to the adjusted balance of my account. As of the tenth day of each month (or the first working day thereafter), the College will calculate the adjusted balance by taking the balance I owed at the end of the previous billing cycle and subtracting any payments and credits received during the present billing cycle. Newly billed Obligations will not incur a finance charge if payment in full is received by the College within the same billing cycle. Billing cycles will commence on or about the 10th day of each month.
ANNUAL PERCENTAGE RATE
Grace Period for Repayment of Balances
You have not less than 25 days to repay your balance before a finance charge will be imposed
Method for Computing the Finance Charge
The "adjusted balance" method
Term of Agreement: This payment agreement will continue for as long as I am enrolled at the College and the rights of the College will continue until any balance due is paid in full.
Other Charges: If you pay by check or ACH and the bank returns your check or the ACH debit to us unpaid, you agree that we may add a returned check fee or a returned ACH Debit Fee in the amount of $25 to your account.
Default/collection/remedies: If I do not make my minimum payments on time, the College can require that I make immediate payment of the entire balance including any finance charge. The College has the right to take steps to collect the balance including but not limited to the following: prohibiting the student from scheduling courses for the following semester, removal from current courses; block attendance of graduation ceremony; withholding course credits, academic transcripts and diploma until the balance is paid; turning over the students account to a collection agency; taking legal action to collect the balance due. In the event the College has to incur any expenses collecting this account, I agree to pay all the Colleges cost of collection. This includes, but is not limited to, a collection agency fee and/or reasonable attorney fees. I authorize the College to release financial information about the account to those concerned with collecting the balance due.
Waiver/Modification: The College reserves the right to change or cancel the terms and conditions of this agreement at any time. The College will notify me in advance of any changes if required to do so by law. New terms may be applied to the existing balance on the account unless prohibited by law. The College can limit or cancel my credit privileges at any time without notice. Neither failure nor delay on the part of the College to exercise any right in this agreement should operate as a waiver thereof or preclude any further exercise of that right.
Financial Aid: I agree to allow the College to apply any financial aid (federal, state, College) received on behalf of the student for payment toward tuition, room, board, fees and books as well as other obligations charged to me. I agree to allow the College to use any credit balance to pay current or prior year institutional charges. I permit the College to hold any credit balances in an account in my name. I may withdraw the credit any time after the beginning of the term. I understand no interest will be paid on any credit balance. I may cancel or modify only this section of this agreement at any time by written notification to the Director of Student Accounts. Cancellation or modification may require immediate payment of any remaining balance due on my account and/or cessation of my ability to charge miscellaneous personal obligations.
Account Balances: I authorize the College to apply any credit balance I have, including any balance from my student employment wages, to my billing account at the end of the school year or at the end of my enrollment at the school. I may withdraw the credit any time after the beginning of the term. I understand no interest will be paid on any credit balance.
Notice of billing rights: By submitting this form, I certify that I have read the Payment Agreement and Disclosure Statement and agree to all of its terms. I also authorize the College of Saint Benedict to communicate with my parents/guardian regarding financial matters.
Parent or guardian: (must sign if I am under 18) By submitting this agreement, the co-signor agrees to pay all amounts when due under this agreement. The co-signor has read this agreement and agrees to all of its terms. The co-signor also acknowledges that they have read the following Notice to Co-Signer.
Notice to Co-Signor:
By submitting this Payment Agreement and Disclosure Statement, the parent/quardian is acknowledging receipt of the following Notice to Co-Signor:
You are being asked to guarantee this debt. Think carefully before you do. If the borrower/student does not pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. You may have to pay up to the full amount of the debt if the borrower/student does not pay. You may also have to pay the late fees or collection costs, which may increase this amount. The creditor/College may collect this debt from you without first trying to collect from the borrower/student. The creditor/College can use the same collection methods against you that can be used against the borrower/student, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may be part of your credit record.
Complete the Payment Agreement Form in the Forms Portal.