Payment and Initial Disclosure Agreement

Students are responsible for the timely payment of all tuition, fees, and charges due at Montreat College (hereafter referred to as “the College”). The Federal Truth-in-Lending Act requires complete disclosure of the terms and conditions controlling payment of the student’s obligations. In order to comply with those federal statutes and regulations, the College requests that the student carefully review the following disclosures, terms and conditions before signing this agreement. If the student has any questions, he/she should call the Student Financial Services Office at (800) 545-4656.

This payment agreement will cover the student’s financial obligations for the College for so long as the student continues to incur obligation to the College and/or has an outstanding balance on financial obligations to the College. The College reserves the right to modify the terms and conditions of this disclosure statement, prior to registration for any semester, by sending a written notice to you at your last known billing address. You are responsible for providing the College with your current billing address and phone number via the Student Financial Services Office.

A student with a balance on his/her account on the billing date of any month will receive a monthly statement with the amount owing designated as the new balance. Payments are due on or before the due date listed on the bill. Payments, credits or changes received or made after the bill date will be reflected on the student’s online PDF statement immediately and can be accessed from your student portal.

Full payment of any previous obligations is due prior to registration. Any student’s account that has a delinquent balance will not be allowed to complete registration for a future semester until the account is paid in full. Any changes in the student’s financial obligations caused by a change in schedule or in aid are available for the student to view immediately using Self-Service on the Montreat College website. The statement will itemize payment obligations to the College including, but not limited to, the following: tuition, room, board, course fees, activity fees etc. The statement will reflect any credits known at the time due you for the semester, such as financial aid awards in the form of grants or loan aid, deposits, etc.

A $50 fee will be charged to those who pay late without securing prior approval from the Student Financial Services Office. Past due accounts are subject to further late payment penalties and interest fees. There will be a finance charge of 1.5% per month on all delinquent balances, assessed on the 15th of the month. The College has the right to take steps to collect the balance, including but not limited to the following: prohibiting registration for future courses, withholding course credits, academic transcripts and diplomas until the balance is paid; turning over the student’s account to a collection agency; and taking legal action to collect the balance due. The student authorizes the College to release financial information about his/her account to those concerned with collecting the balance owed. If the College incurs any expenses in collecting the student’s account, the student shall pay the College’s cost of collection up to 15% of the total delinquent balance. This includes, but is not limited to a collection agency fee and/or reasonable attorney’s fees.

AUTHORIZATION: – I authorize the College and its respective agents and contractors to contact me regarding my delinquent account at the current or any future number that I provide for my cellular phone or other wireless device using automated telephone dialing equipment or artificial or pre· recorded voice or text messages.

The College’s duties and obligation under the Contract shall be suspended immediately without notice during all periods that the College is closed because of forced events including, but not limited to, any fire, act of God, war, governmental action, act of terrorism, epidemic, pandemic or any other event beyond the College’s control. If such an event occurs, the College’s duties and obligations in this Contract will be postponed until such time as the College, in its sole discretion, may safely reopen. The undersigned’s obligation under the terms of this contract will continue notwithstanding.

This Agreement creates a legal obligation to pay tuition and required/applicable fees and is required to be signed by each student prior to beginning classes. I have read the above conditions and understand my financial responsibility to Montreat College.

If you withdraw from a class or if your aid is adjusted, you remain responsible to payment of your account. Refunds, if applicable, will be issued pursuant to College policies on withdrawals and refunds in the Academic Catalogue. If federal, state or other aid must be returned to the source for any reason, the balance due is the responsibility of the student and must be repaid to Montreat College immediately.

In case of errors or inquiries about your bill, send your inquiry in writing to the Student Financial Services Office, Montreat College, P.O. Box 1267, Montreat, NC 28757 and include the student’s name, account number, and a description of why you believe the statement is in error. You may also call with your questions to (800) 545-4656.

You may also call the Student Financial Services Office (800)-545-4656 for an explanation, but if you are not satisfied, your notice in writing must reach the Student Financial Services Office within 15 days after receiving delinquency notice in order to preserve your rights under the Federal Truth-In-Lending Act.

The Academic Catalog is available online at https://www.montreat.edu/academics/academic-catalog.

FERPA prohibits Montreat College from providing certain information regarding student records to any third party, including spouse. Unless the student completes the “FERPA Release Authorization” form, we are unable to share details including (but not limited to) tuition, fee and other account charges, student account payments and student account status, and tuition overpayment refund checks with anyone other than the student, regardless of who has remitted payment to the student’s account. The “FERPA Release Authorization” form is available online at https://www.montreat.edu/registrar/ferpa/.

AUTHORIZATION: – I authorize Montreat College to:

• Use Federal Title IV funds (Pell Grants and/or Federal Direct Loans) to cover all charges on my student account including tuition, fees and other institutional charges that I may incur.
• Apply Federal Title IV Financial Aid to prior-year charges with my current year’s financial aid up to a maximum of $200, if I have enough financial aid to cover my current year charges and have excess financial aid.

***** RETAIN A COPY OF THIS DOCUMENT FOR YOUR RECORDS *****
(A copy will be sent to the email address you provide)

This agreement shall remain in effect for the duration of the individual’s enrollment at Montreat College. Both the Student and the College agree and acknowledge that this Payment and Initial Disclosure Agreement can be executed electronically and, when signed electronically, it is binding in every way as if it had been signed by handwriting by the authorized party.