Financial Contract

Financial Contract and TITLE IV/CREDIT BALANCE AUTHORIZATION







Title IV Financial Aid Release Approval

If you are eligible for Title IV financial aid (e.g. Pell Grant, Stafford Loans, PLUS Loan) in excess of current allowable charges (such as tuition, fees, and room and board (if the student contracts with the school) and you wish to have other charges (such as expenses like books, parking fee, health insurance, non-institutional housing charges, fraternity dues/housing, telephone charges, late payment fees, library fees or parking violations, etc.), you must authorize Bethel University to pay these charges. Proceeds from your financial aid may be used for prior year charges, not to exceed $200.  

A student or parent may cancel or modify an authorization at any time. A cancellation or modification is not retroactive—it takes effect on the date that the school receives it from the student or parent. If a student or parent cancels an authorization to use FSA funds to pay for other allowable charges, the school may use FSA funds to pay any authorized charges incurred by the student before the notice was received by the school.

 

Please initial only ONE choice.


Yes, I authorize Bethel University, during my entire enrollment period(s), to utilize any credit balance that may result on my student account from application of Federal Title IV aid, loan funds, scholarships, or other payments to cover charges such as:  room/board, books, supplies, insurance, fines, etc.

No, I do not authorize Bethel University to use my Title IV aid to pay charges other than tuition, fees, and room/board (if the student contracts with the school). By refusing authorization, I understand that all expenses are my responsibility to pay.



CREDIT BALANCE
An FSA credit balance is created when the total of all FSA funds credited to a student’s account exceeds the total of tuition, fees, room, board, and other eligible educational charges on a student’s account.  Unless a student or parent (in the case of a Parent PLUS loan) authorizes a school to hold a credit balance, the credit balance must be paid to the student or parent as soon as possible, but no later than 14 calendar days after the balance is created (or 14 calendar days after the first day of class if the credit balance was created before the first day of class). Students attending Bethel University’s College of Liberal Arts are not required to request a credit balance created by FSA funds.  The refunds are processed automatically within 14 days that the credit balance occurs. 

DEFAULT ON ANY UNPAID BALANCE

If I, the undersigned, fail to pay the entire indebtedness of my account I understand I will be held responsible for any collection actions that will occur. I understand that my transcript will not be released until all outstanding amounts are paid.  I agree to pay all attorney’s fees and any other collection costs and charges, up to 50%, for the collection of any amount not paid when due.  I also understand that any charges incurred during my enrollment period(s) at Bethel University, a not-for-profit organization, shall be considered an educational benefit and therefore non-dischargeable.  I agree that, in the event I withdraw from Bethel University, the provisions for refund in the Bethel University catalog will apply and that I will immediately pay any net amount that might be due at that time, including any necessary collection costs.  I further understand and agree that I will notify the Bethel University Business Office of any address change(s).  All payments and correspondence are to be made to Bethel University, Attention: Business Office, 325 Cherry Avenue, McKenzie, TN 38201.


I have read, understand, and agree to the conditions and terms of this contract.