The Bursar's Office is responsible for the collections of outstanding receivables and the Federal Perkins Loans. The collection processes are for students who are no longer enrolled at the University, due to graduation, separation and/or withdrawal. No transcripts or other information relating to any student records at the University shall be released or delivered to the student or on behalf of the student until all debts to the University and all of it affiliates have been paid.
Students who graduate or withdraw from the University with an outstanding debt due the University are immediately placed in collections. The internal collection process includes several attempts of written correspondence and telephone calls. Failure to respond to our internal collections process, results in the account being reported to the appropriate credit bureau, which negatively impacts the individual's ability to obtain future credit. Once the account is reported to the credit bureau, it is prepared for a third-party collection agency.
The Federal Perkins Loan program provides low-interest loans to students to help them meet their educational expense. The Federal Rules and Regulation govern the Federal Perkins Loan. A student has a nine-month grace period after departure from the University. This loan is a debt that must be repaid, just like a loan for a car or a house. How you approach this obligation will have an impact on your ability to receive additional credit in the future.
Under Federal Regulation, the University is mandated to report all loans to a credit bureau. Late payment will affect your credit profile. Failure to make timely payment will result in the account going into "default". Default status makes an individual ineligible for future federal funds at any university. Once the account goes into "default" it is accelerated for the balance in full and referred to third-party collection. The borrower is responsible for any additional charges due to collection cost and legal fees.