THIS AGREEMENT (the "Agreement") is made this day of _____________ , 20 _____ between ROBERT
MORRIS UNIVERSITY (the “University”) and the "Student" _____________________________ whose home
residence is: _________________________________________________________________________________
Home Telephone: ( ) _________________ Work Telephone: ( ) __________________
Student No.: ________________________
1. In consideration of the extension of credit to the Student by the University, at the University's option,
from time to time, for educational services including, among other things, the following items:
(a) fees and/or tuition:
(b) instruction:
(c) consultation:
(d) room and board for resident students:
(e) use of classrooms, libraries, and laboratories; and
(f) merchandise (collectively, "Educational Services")
purchased under this Agreement, the Student hereby agrees to pay the amount incurred, assessed and charged
to his/her account for Educational Services along with a FINANCE CHARGE AT THE ANNUAL
PERCENTAGE RATE OF 15% (1.25% monthly periodic rate) assessed on the BALANCE SUBJECT
computed by: (a) deducting from the previous balance outstanding at the beginning of the billing cycle any
and all payments or credits of any kind made by the Student and received by the University during the billing
period; and (b) adding any and all additional Educational Services purchased under this Agreement during
the billing period. All monthly statements are payable upon receipt thereof (and in any event shall be paid
within 21 days from the Billing Date) and the Student hereby agrees to pay at least the monthly minimum
installment due in accordance with the minimum payment schedule which appears in Section 3 of this
2. The Student may pay more than the monthly minimum installment at any time without penalty. If the Student
pays the full amount of the New Balance on his/her statement within 21 days of the BILLING DATE, the
Student shall avoid the assessment of any FINANCE CHARGE on his/her next statement with respect to
the New Balance.
3. Minimum Payment Schedule.
a. 33.3% of all fees for Educational Services purchased at the time of registration or purchase.
b. First installment equals 50% of "NEW BALANCE".
c. All subsequent installments equal "NEW BALANCE".
d. The first installment shall become due during the first Billing Period after classes begin. Subsequent
installments shall become due during each following Billing Period.
4. The Student understands that the University reserves the right to deny the Student credit for future semesters.
However, the credit provided pursuant to this Agreement will continue on the Student’s account until
revoked by the University.
5. The University shall have the right to assess and the Student hereby agrees to pay a late payment fee or 5% of
the payment due or $5, whichever is less, on any payment received more than 10 days after the date on which
the payment was due. In addition, checks returned for any reason will be subject to a $25 handling fee per
6. If the Student fails to make any two minimum payments when due during any 12-month period, the University
may declare the Student's entire balance, including accrued finance charges and late payment fees, due and
payable 10 days after giving the Student written notice of default and after the Student's failure to cure such
7. The Student understands that failure to pay any installment in full and by the due date may result in the
Student's classes being cancelled without advance notice.
8. The University may make changes in the future in the terms of the Student's account by mailing to the Student
written notice of any such changes prior to the effective dates of such changes, as prescribed by law.
9. The Student hereby agrees not to register for classes without the written permission of the office of Student
Financial Services of the University while owing any part of the prior semester's assessments for Educational
10. The Student agrees that the University Registrar may withhold the Student's academic records, including
transcripts and diplomas, during any period of default hereunder.
11. The Student agrees to promptly notify the University of any change of address. In the event the
Student fails to notify the University of any change of address, or fails to communicate with the
University for a period of 45 days after any default in making payments due under this Agreement, the
University shall have the right to employ a collection agency, list the account with a credit reporting
agency and/or use any other legal means to collect this debt, and assess against the Student, all
expenses incurred, including, without limitation, reasonable attorneys' fees.
12. The Student understands that all fees for the Educational Services must be paid in full, this Agreement
notwithstanding, before any financial aid will be disbursed to the Student.
13. The Student expressly waives demand of payment, presentment for payment, notice of dishonor, notice of
non-payment and all other notices except those required by law.
14. The Student understands that the University may, without notice to the Student and without affecting the
liability of the Student, renew and/or extend this Agreement, accept partial payment thereon, or settle or
compromise any amounts due or owing under this Agreement.
15. Notice is hereby given that the University may, at its option, report good and bad credit information (i.e.,
credit ratings, etc.) to credit bureaus and other appropriate non-campus organizations.
16. Notice is hereby given that the University, in the usual conduct of its credit-granting and collection activity,
may release the debtor's social security number to non-campus organizations.
17. Notice is hereby given that the University, its agents, representatives, attorneys and contractors (including
collection agencies) may contact students through their mobile phone, home phone and email, including by
way of text and automated message calls, for purposes of collection of any portion of past due student
financial obligations. Notice is hereby given that the University, in the usual conduct of its credit-granting
and collection activity, may release the debtor's social security number to non-campus organizations.
18. The Student understands that the billing rights statement printed on the back of this Agreement and made a
part of this Agreement outlines the Student's rights and the University's responsibilities under §§ 226.12( c)
and 226.13 of the Federal Truth in Lending Act.
19. This agreement shall be governed by the laws of the Commonwealth of PA, without regard to the conflict of
law provision.
20. Definitions:
a. Billing Date: The close of business on the 15th day of each month.
b. Billing Period: The interval between the close of business on the 15th day of one month and the close
of business on the 15th day of the following month.
c. New Balance: The unpaid balance as of the Billing Date.
(1) Do not sign this Agreement before you read it or if it contains any blank space.
(2) You are entitled to a completely filled-in copy of this Agreement.
(3) Under the law you have the right to pay off in advance the full amount due, and under certain
conditions to obtain a partial refund of the finance charge.
The Student hereby applies for acceptance into the University’s Installment Credit Program and acknowledges
receipt of an exact, completed copy of this Agreement.
Witness ___________________________________ Signature of Student ____________________________________
Date: ________________________ , 20 ________
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The Federal Truth in Lending Act requires prompt correction of billing mistakes.
1. If you want to preserve your rights under the Act, here is what to do if you think your bill is wrong or if you need
more information about an item on your bill:
A. On a separate sheet of paper, write (you may telephone your inquiry, but doing so will not preserve your
rights under this law) the following:
i. Your name and account number.
ii. A description of the error and an explanation:; (to the extent you can explain) why you believe it is
an error. If you only need more information, explain the item you are not sure about and, if you wish, ask
for evidence of the charge such as a copy of the charge slip. Do not send in your copy of a sales slip or
other document unless you have a duplicate copy for your records.
iii. The dollar amount of the suspected error.
iv. Any other information (such as your address) which you think will help the creditor identify you or
the reason for your complaint or inquiry.
B. Send your billing error notice to the address on your bill which is listed after the words: "Inquiries regarding
this account should be submitted to. . ."
Mail your billing error notice as soon as you can, but in any case, early enough to reach the creditor
within 60 days after the bill was mailed to you. If you have authorized your bank to automatically pay
from your checking or savings account any credit card bills from that bank, you can stop or reverse
payment on any amount you think is wrong by mailing your notice so the creditor receives it within 16
days after the bill was sent to you. However, you do not have to meet this l6-day deadline to get the
creditor to investigate your billing error claim.
2. The creditor must acknowledge all letters pointing out possible errors within 30 days of receipt, unless the
creditor believes the bill was correct. Once the creditor has explained the bill, the creditor has no further
obligation to you, even though you still believe that there is an error, except as provided in section 5 below.
3. After the creditor has been notified, neither the creditor nor an attorney nor a collection agency may send you
collection letters or take any other collection action with respect to the amount in dispute; but periodic statements
may be sent to you, and the disputed amount can be reported to a credit bureau or to other creditors as delinquent
until the, creditor has answered your inquiry. However, you remain obligated to pay the parts of your bill not in
dispute. "
4. If it is determined that the creditor has made a mistake on your bill, you will not have to pay any finance charges
on any disputed amount. If it turns out that the creditor has not made an error, you may have to pay finance
charges on the amount in dispute, and you will have to make up any missed minimum or required payments on
the disputed amount. Unless you have agreed that your bill was correct, the creditor must send you written
notification of what you owe; and if it is determined that the creditor did make a mistake in billing the disputed
amount, you must be given the time to pay which you normally are given to pay undisputed amounts before any
more finance charges or late payment charges on the disputed amount can be charged to you.
5. If the creditor's explanation does not satisfy you and you notify the creditor in writing within 10 after you receive
this explanation that you still refuse to pay the disputed amount, the creditor may report you to credit bureaus and
other creditors and may pursue regular collection procedures. But the creditor must also report that you think you
do not owe the money, and the creditor must 1et you know to whom such reports were made. Once the matter has
been settled between you and the creditor, the creditor must notify those to whom the creditor reported you as
delinquent of the subsequent resolution.
6. If the creditor does not follow these rules, the creditor is not allowed to collect the first $50 of the disputed
amount and finance charges, even if the bill turns out to be correct.
Instructions: Please print legibly filling in form completely
Name _________________________________________ Social Security No.______________
Last First MI
Address ______________________________________________________________________
Street/Box No. City State Zip
Telephone No. (______) ________________________ Cellular No. (____) _____________
Drivers License No. ______________________ State ______ Exp. Date _______________
Email Address (Please list one most frequently used):
Employer Information
Employer Name ________________________________ Phone No. (____) ______________
Address _____________________________________________________________________
Street/Box No. City State Zip
Personal References
(You may use relatives, neighbors, co-workers, and/or friends. Personal references should not be people with
whom you reside. Please include your relationship to the person listed.)
Name _________________________________________ Phone No. (____) ______________
Address _____________________________________________________________________
Street/Box No. City State Zip
Relationship to You: Relative Other than Parent Neighbor Friend Co-worker
If not a Relative, How long have you known this person: _______________________________
Name _________________________________________ Phone No. (____) ______________
Address _____________________________________________________________________
Street/Box No. City State Zip
Relationship to You: Relative Other than Parent Neighbor Friend Co-worker
If not a Relative, How long have you known this person: _______________________________