FN29 Student Financial Hold
TABLE OF CONTENTS
- PURPOSE
- SCOPE
- DEFINITIONS
- POLICY
- EXCEPTION PROCESS
- FURTHER INFORMATION
- CROSS REFERENCES
- POLICY STATUS
- REVISION HISTORY
PURPOSE
The Pennsylvania State University (University) expects students to meet any financial obligations to the institution, both during their enrollment and upon graduation.
SCOPE
This policy is applicable to students currently, or previously, enrolled in the University.
DEFINITIONS
Financial Hold - a restriction as identified below imposed by an institution as a result of a student not paying their financial obligation in full by the designated due date.
Financial Obligations - Any amount owed to the University from any source.
Past-Due - A student account is past due whenever payment is not received by the payment due date.
POLICY
STUDENT ACCOUNT CHARGES
Financial transactions such as tuition, fees, room and dining charges, miscellaneous charges including but not limited to library fees, lab fees, and study abroad fees are billed and collected through student accounts by the Office of the Bursar. Additionally, charges incurred at the Penn State Bookstore for books and course materials are remitted to the Office of the Bursar and assessed on student accounts.
Student account charges must be paid by the designated due date on the student account billing statement. Student accounts with past due balances are subject to financial holds. University administration establishes the institutional dollar threshold for the placement of a hold on a student account.
PLACEMENT OF THE HOLD
A hold is placed on a student record for failure to pay charges assessed on a student account in excess of the institutional dollar threshold by the designated due date. This financial hold prevents the release of diplomas as well as future semester enrollment. Withholding the diploma for past due balances is consistent with the terms and conditions of the Student Financial Responsibility Agreement and with the payment expectation of the University.
IMPACTS OF HOLD
Financial holds have the following impacts:
- Prevents issuance of diploma
- Prevents future semester enrollment
- Cancels future semester enrollment if hold is unresolved by the end of the semester
RELEASE OF THE HOLD
Once a student satisfies the financial obligation, the hold is released, the student is permitted to enroll in classes, and/or the Office of the Registrar may issue the diploma. All balances must be paid in full for the hold to be released.
COLLECTIONS
Failure to resolve a financial hold may result in further collection efforts by the University. Any fees associated with University collection efforts will be added to the outstanding balance owed by the student. Additional fees associated with the University's collection efforts may include, but are not limited to, collection agency fees, litigation/attorney's fees, and court costs. Student accounts more than one (1) year past due may be reported to one or more of the national credit bureaus.
RESPONSIBILITIES
STUDENT
- Read and consent to the terms and conditions of the Student Financial Responsibility Agreement before enrolling in classes.
- Pay outstanding obligations by the designated due date.
OFFICE OF THE BURSAR
- Bill charges and process payments on the student account.
- Place hold on student accounts when past due and notify students. Release the hold upon satisfaction of the outstanding financial obligation.
- Initiate collection efforts on past due accounts.
EXCEPTION PROCESS
Contact the Office of the Bursar to determine if an exception process exists.
FURTHER INFORMATION
See the Office of the Bursar's website for additional information.
For questions or additional details, please contact the Bursar's Office.
To request changes to the policy, please contact the Office of Systems & Procedures by submitting a GURU Technical Support Request form.
CROSS REFERENCES
Bursar's website
POLICY STATUS
October 21, 2024 - new policy.
REVISION HISTORY
Original - October 21, 2024.