MU Cashiers - Statement of Financial Responsibility

		15 Jesse Columbia, MO 65211 573-882-3097

THE BILLING AND PAYMENT PROCESS
STATEMENT OF FINANCIAL RESPONSIBILITY

All students are required to complete the Statement of Financial Responsibility once per semester at registration time. The Statement of Financial Responsibility is an acknowledgement of debt incurred when conducting registration activity. The statement below will display in myZou when you conduct registration activity and you will be required to complete the Statement in order to complete the registration activity.

PAYMENT OF FEES
All fees are due and payable to the University and are the student's responsibility to pay as the result of registration or other activity that incurred as charges to the student. A minimum payment option is available for students unable to complete their financial arrangements at the time of registration. Students with delinquent accounts will NOT be allowed to register in subsequent semesters. All payments received are final, no changes or adjustments allowed to the payment amount once the payment has been processed. Reassessment of fees will still occur based on the established reassessment schedule.

LATE PAYMENT FEES
Student accounts will be subject to a late fee of $10.00 when payment is not received and processed by the scheduled due date as communicated on the student's Monthly Billing Statement.

FINANCE CHARGES
The University will assess a 1% per month finance charge on any account that remains unpaid after the payment due date. A finance charge is always assessed on the unpaid balance that has been billed after the payment due date; therefore, it is to the advantage of the student to avoid finance charges by paying the account in full.

RETURNED CHECKS
Any check not honored by your bank will result in a $20 returned check fee. If the returned check, including e-check payments was attempting to pay a prior term balance, your classes may be canceled.

DELINQUENT INDEBTEDNESS
The University will pursue any and all collection efforts and practices including referring the account to a collection agency and/or attorney and reporting to the credit bureau. The account will be assessed all additional collection charges associated with the collection of the debt including but not limited to: collection agency fees, reasonable attorney's fees, court costs and all other charges allowed by law not to exceed 50% of the total charges.

RIGHT TO MODIFY
The University reserves the right to modify by increase or decrease the fees charged for attendance and other services at the University, including but not limited to educational fees, at any time when in the discretion of the governing board the same is in the best interest of the University, provided that no increases can or will be effective unless approved by the governing board not less than thirty (30) days prior to the beginning of the academic term (semester, etc,) to which the fees are applicable, with all modification of fees to be effective irrespective as to whether fees have or have not been paid by or on behalf of a student prior to the effective date of the modification.

WITHDRAWAL
It is the student's responsibility to formally notify the Registrar's Office and to follow proper procedures when withdrawing from the University. Failure to pay fees, failure to receive financial aid, failure to attend class or refusing financial aid does NOT constitute an official withdrawal from the University of Missouri.

IMPORTANT CHANGE FOR CREDIT CARD USERS:
Effective December 29, 2005 the only way to make a credit card payment is online. A service charge of 2.75% will apply. For further information, see http://cashiers.missouri.edu (MasterCard and Discover only.)

PERSONAL BANKING ONLINE PAYMENTS
Payments made with your online banking service may result in a significant delay in the processing. We make no guarantees that your payment can be received and processed by the due date.

FEE REASSESSMENT FOR DROPPING CLASSES OR WITHDRAWAL FROM SCHOOL
Fees will be reassessed for students who officially withdraw from the University or drop classes. Fees included in this reassessment are the Educational Fee; Non-Resident Fee; Student Activity Fee; Information Technology Fee; Course Fee (if applicable). Such fees are reassessed and reduced in accordance with the reassessment schedule for each term found on the Cashier's website: http://cashiers.missouri.edu/refund_schedules.htm

EMAIL AND ONLINE STATEMENTS
Email is the official method of communication by the Cashier's Office. It is the student's responsibility to check and responsibly manage their email account so that important information can be received. As billing statements are available online, your failure to receive a billing statement does not constitute a valid reason for not paying a bill in a timely manner. Actions and charges that result from failure to pay charges on time or to respond to a Cashier's Office message are the student's responsibility.

BANKRUPTCY
Educational and related fees are generally non-dischargeable in bankruptcy and will survive after the bankruptcy has closed. Except in certain limited situations, this means that a student will still owe the debt to the university after the bankruptcy.

PAYMENT OPTIONS
The student's account is billed for the full account balance for each payment date; however, a minimum payment amount is allowed. The minimum payment amount is derived by dividing the current term charges by the number of scheduled payment dates remaining in the semester, and adding the total of any previous semester remaining balance. The Fall (August-December) and Spring(January-May) Semesters each have 5 months of payments. The Summer Session (May-July) has 2 months of payments.
The required minimum payment must be made by the due date to avoid having classes cancelled. You may also pay the total due or any amount greater than the required minimum. Any payment amount less than the total due results in a 1% monthly finance charge on the unpaid billed balance. Enrollment is not complete until the minimum payment is made.

FINANCIAL AID AND SCHOLARSHIPS
Financial aid and scholarships ("aid") that have been approved but have not yet paid to the student account are considered to be "anticipated". Anticipated aid is deducted from the current term balance in the Billed Balance Calculation area of your monthly billing statement. The balance remaining will be billed to the student and the minimum payment must be paid by the due date to avoid having classes cancelled. The remaining balance will also be subject to the 1% monthly finance charge. When the aid is received, it will be applied to the student account but there will be no reduction in the amount due since the aid was already taken into consideration and deducted from the current term balance. Current term aid should not be used to pay past term balances. Aid is intended to be used for the semester for which it was applied.

THIRD PARTY SPONSORSHIP
If the Cashiers Office has valid approval from the Third Party Sponsor prior to the student registering in classes, then the sponsor credit will calculate and show on the student's account once they have selected classes. If the credit does not show once the student has selected classes, then the student should contact Sponsor Billing at: Cashiers Office, University of Missouri-Columbia, 15 Jesse Hall, Columbia, MO 65211; Attn: Sponsor Billing; 573-882-9138.
If you do not have full sponsorship for all your fees, you must make at least the minimum payment in order to hold your classes! If you make the minimum payment, you will be subject to a 1% monthly finance charge on the unpaid billed balance. If you owe a past term balance, it must be paid in full.

IF A PAYMENT DUE DATE IS MISSED
A late fee of $10.00 will be added to your Student Account if at least the Minimum Payment is not received by the Due Date shown on the Monthly Billing Statement.
If we do not receive this payment, you may also be subject to sanctions, including denial of access to the Student Recreation Center, elimination of student charge privileges, and inability to add/drop classes. Failure to pay will also result in denial of future registration access and withholding of transcripts or diplomas.
If your Student Account continues to be delinquent, your classes will be subject to cancellation. If you went through Early Registration, you will have to register again through regular registration to re-enroll in classes after we receive the required payment. If you re-register after classes have begun, this will be considered a "late registration" and you will incur a Late Registration Fee equal to one credit hour of Educational Fee at the Undergraduate rate. If your classes are cancelled due to non-payment, any refund to you will be subject to the University's refund schedule.
Past Due amounts owed the University must be satisfied by payment in full. If necessary, the University will pursue appropriate collections practices, which may include referrals to a collection agency for accounts that remain Past Due. The account will be assessed all additional collection charges associated with the collection of the debt including but not limited to: collection agency fees, reasonable attorney's fees, court costs and all other charges allowed by law not to exceed 50% of the total charges.

PAYMENT METHODS
Cashiers checks, money orders, and travelers checks are acceptable payment methods.
Personal checks - the amount of the personal check may not exceed the amount due from the student. A student whose checks are returned from the bank unpaid will incur a $20 service charge per check. A student presenting a check for fees to the University that is returned unpaid and remains unpaid after the close of the regular registration period will be considered a late registrant and will be subject to the late registration fee; the enrollment may also be subject to cancellation.
MasterCard and Discover - Cashiers accepts payment on the student's account up to the credit limit of the cardholder. The charge amount may not exceed the amount due. Credit card payments may only be made through our third party vendor which can be accessed through myZou. Please be aware that a 2.75% service charge will apply. Refunds based on credit card payments will be refunded to the credit card.

LATE REGISTRATION FEE
Any student registering on or after the first day of classes will be assessed a late registration fee equal to the cost of one credit hour of Educational Fee at the undergraduate rate.