The agreement provides important information to students about the cost of their education and the financial policies associated with their enrollment at Babson College. It aims to provide clear guidance on financial obligations, payment deadlines, and consequences for non-compliance. All students are required to review and acknowledge this agreement each academic year. For more information on the SFRA, please visit https://www.babson.edu/tuition-and-financial-aid/manage-your-account/student-financial-responsibility-agreement-faqs/
DELINQUENT ACCOUNT/COLLECTION
Financial Hold: I understand and agree if I fail to pay my student account bill or any monies due and owing Babson College by the scheduled due date, Babson College may place a financial hold on and/or assess late fees to my student account, preventing me from registering for future classes, obtaining transcripts and/or receiving my diploma.
Late Payment Charge: I understand and agree if I fail to pay any balance on my student account bill or any monies due and owing to Babson College by the scheduled due date, Babson College may assess late payment as noted at https://www.babson.edu/tuition-and-financial-aid/manage-your-account/ the past-due portion of my student account until my past-due account is paid in full.
Collection Agency Fees and Costs: I understand and agree if I fail to pay any balance on my student account bill or any monies due and owing to Babson College by the scheduled due date and fail to make payment arrangements acceptable to Babson College to bring my account current, Babson College may refer my account to a third party, which may be a debt collection agency or an attorney. I further understand if Babson College refers any portion of my student account balance to a third party for collection, I am responsible for paying all fees and costs (including, but not limited to, collection fees and costs) associated with attempting to collect the monies due and owing. I understand collection fees and costs will be assessed and will be due and owing in full at the time of the referral to the third party. The collection fees and costs will be calculated at the maximum amount permitted by applicable law but will not exceed thirty-three and one third percent (33.33%) of the amount outstanding together with all fees, costs and expenses including reasonable attorneys’ fees and expenses, necessary for the collection of my delinquent account. For purposes of this provision, the third party may be a debt collection company or an attorney. If a lawsuit is filed to recover an outstanding balance, I shall also be responsible for any costs and fees Babson College incurs associated with the lawsuit such as court costs or other applicable costs. Finally, I understand that my delinquent account may be reported to one or more of the national credit bureaus in accordance with applicable laws.
RETURNED PAYMENTS/FAILED PAYMENT AGREEMENTS
If a payment made to my student account is returned by the bank or other payor for any reason, I agree to repay the original amount of the payment plus the returned payment and other similar fees, if any, as noted at https://www.babson.edu/tuition-and-financial-aid/manage-your-account/payment-options/. I understand that multiple returned payments and/or failure to comply with the terms of any payment plan or agreement I sign with or for the benefit of Babson College may result suspension of my eligibility to register for future classes and/or other Services at Babson College.