Student Account Financial Disclosure

Students at Augsburg College are obligated to pay Term Fees when they register for each academic term. “Term Fees” include tuition, room and board charges and other fees assessed in advance when students register for courses. These fees are subject to refund only to the extent allowed under the Augsburg College Tuition Refund Policy.

Augsburg will send a Statement of Account to each student prior to the start of each term and every month after that, by email notification via the student’s Augsburg email account, or the U.S. Postal Service, as long as the student has a balance or new activity on their account. Each statement will itemize any new charges and credits (such as financial aid or payments) made to the account.  Each student is responsible for all term fees and other charges regardless of whether financial aid is received or employers or other third parties pay as agreed. Augsburg’s Student Financial Services department will assist students in completing the documentation required for financial aid or by employers and third parties, but students are ultimately responsible to ensure that all requirements of grantors, lenders, employers and other third party payers are met on a timely basis.   Each student is responsible for all term fees and other charges regardless of whether financial aid is received.

Augsburg College may require someone to co-sign on the students’ obligations in special cases, such as when a student has a history of late or missed payments. When a co-signer’s signature is required, both students and co-signers are responsible for payment of all costs incurred (including collection costs if applicable).

Results of Balances Not Paid in Full

Augsburg will notify each student if her or his account is not paid in full by the due date required. If the student does not pay the delinquent amount by the due date, there are penalties assessed to the account.

Late Fees/Finance Charges

Augsburg may charge late fees and interest on delinquent accounts. Missed or late payments will be subject to a late payment charge and/or a finance charge on the overdue balance from the date the balance was due until payment in full is received. If your account is not paid in full on the first day of the term, finance charges at the rate of 8% per year (.67% per month) will be added onto your student account balance. For example, this means that for every $1,000 owed you will receive $6.70 a month in finance charges.

Past Due Accounts

If the student does not set up a formal payment plan with Augsburg’s Student Financial Services department, Augsburg reserves the right to demand payment of the entire balance owed by that student and to take steps to collect it. Augsburg may cancel the student’s registration, prevent the student from registering for future terms, withhold transcripts or diplomas, remove the student from on-campus housing, turn the student’s account over to a collection agency or take legal action to collect any past due balance. Each student authorizes Augsburg to release financial information about her or his account and other pertinent information such as address and phone number to third parties who are dealing with the collection of the account balance.  Each student may also be charged up to an additional 40 percent to cover costs of collecting delinquent accounts, including any reasonable legal fees.  Please note that, due to the Bankruptcy Reform Act, educational benefits are exempt from discharge under bankruptcy. In other words, tuition and institutional receivables will not be dischargeable.

The terms of this agreement remain in effect for as long as a student is enrolled, whether continuously or periodically, regardless of enrollment level.

If you don’t understand this information or have questions about your tuition, student account or financial aid, please contact Student Financial Services at 612-330-1046 or email us at studentfinances@augsburg.edu.

                                                                                                                                                                                                                                                                                                                                             Revised on   3/21/2013