1. Implementing a Student Financial Responsibility Agreement
Janet Burkhardt
Oct 08, 2015

2. Topics To Cover University of Denver Facts Collection Costs Defined
Student Financial Responsibility Agreement
NACUBO Advisory
What does NACUBO say about the importance of having an agreement in place?
Agreement Implementation Process
DU Student Financial Services Best Practices

3. DU Facts A Private University dedicated to the Public Good
Founded 1864 – The oldest independent private University in the Rocky Mountain Region
DU enrolls approximately 5,600 undergraduates and 6,100 graduates (55 countries represented)
Home of the 2015 NCAA Men’s Lacrosse Champions
First time the trophy has been west of the Mississippi
#1 in the nation in Study Abroad participation

4. What are Collection Costs?
A collection cost is any cost associated with recovering debt on which the debtor (student) has defaulted on his/her obligation to pay
This could include fees charged by a collection agency or attorneys

5. Collection Costs Why assess these costs to the student?
Significant cost savings for the school
Provides specific consequences to the debtor (student) in the event of a default

6. Requirements to Assess Collection Costs
Contracts with agencies must state collection costs will be assessed
Student must acknowledge an agreement to accept full responsibility to pay collection costs

7. Collection Cost Agreement Types
Student Financial Responsibility Agreement
Perkins Promissory Note
Payment Plan Agreement
Institutional Loan Agreement
Federal Student Loan Agreement

8. Student Financial Responsibility Agreement
Why does NACUBO recommend use of a comprehensive financial responsibility agreement?!?
It is a student service best practice which protects the school, maximizes collections and provides an efficient process
It ensures compliance with federal/state laws and regulations such as:
FDCPA (Fair Debt Collection Practices Act
TCPA (Telephone Consumer Protection Act
Title IV of the Higher Education Act
IRS notification requirements
Seek advice from your legal department

9. Student Financial Responsibility Agreement
NACUBO Advisory Report March 2015
Utilize an electronic agreement located within the registration process
Use an ‘opt-in’ format that incorporates check boxes to agree
Opt-out instructions should clearly delineate the consequences of opting-out
School should accurately implement/follow terms of the agreement

10. Student Financial Responsibility Agreement Implementation Process
Depends on campus leadership, culture, level of IT support, advice of school’s legal counsel – don’t implement an agreement without approval from legal
Review suggestions in the NACUBO Advisory Report
Follow State Laws and comply with the Federal E-Sign Act
Don’t‘ reinvent the wheel – ask other schools for examples
Ensure financial services staff is prepared to respond to student inquiries

11. DU Student Financial Responsibility Agreement
Use of Account
Promise to Pay
1098-T
Other Fees – Returned Check, Late Payment
Collection Agency Fees
Notices
FDCPA
TCPA
Rights, Laws

12. DU Student Financial Services Best Practices
As of August 1st, each student must sign
Hold registration until agreement is signed
Parent/guardians must sign for students under 18
Agreement expires on 18th birthday
Students and staff need view access to signed agreements
Communicate with partner departments
Registrar’s Office
Financial Aid Office

13. Questions?
Janet Burkhardt
University of Denver