Sponsor: Office of Financial Affairs
Audience: All students of The American University of Science
Effective Date: September 3, 2021
Next Review Date: September 3, 2024
Review History: This policy is subject to annual revision and may change without prior notification; all modifications will be officially published post-finalization to ensure stakeholder awareness.
A. STATEMENT OF PURPOSE
This policy is established to delineate the obligations of students for the timely remittance of tuition and associated fees to The American University of Science (hereinafter referred to as "AUS" or "the University"). The policy is intended to protect the financial stability of the University, which is essential for sustaining its commitment to providing high-quality educational services.
B. SCOPE OF APPLICABILITY
This policy applies to all students of AUS, encompassing all academic programs and administrative departments, thereby ensuring its comprehensive applicability and enforcement.
C. DEFINITIONS AND PRINCIPLES
1. Definitions
Late Payment Fee: A financial penalty imposed on a student’s account following the failure to comply with the established payment deadlines as stipulated by the University.
2. Principles
Financial Accountability: This principle emphasizes the critical importance of adhering to the financial deadlines set by the University, reinforcing the academic integrity and fiscal responsibility expected of all students.
D. PROCEDURAL GUIDELINES
1. General Procedures
The Office of Financial Affairs is responsible for issuing electronic billing statements at the beginning of each semester to all students with outstanding balances. These statements are transmitted via the students’ designated University email addresses.
2. Procedures for Special Circumstances
Students facing financial hardships are encouraged to engage with the Office of Financial Affairs to explore possible adjustments or accommodations regarding their payment schedules.
E. ROLES AND RESPONSIBILITIES
The implementation and enforcement of this policy are the prerogatives of the Office of Financial Affairs, which oversees all financial transactions and collections. The Office of Academic Affairs is tasked with the enforcement of academic sanctions related to financial delinquency, such as restrictions on enrollment and withholding of degrees.
F. IMPLEMENTATION MEASURES
1. Deployment Strategy
Details regarding this policy are disseminated through official University communications to all enrolled students at the onset of their academic engagement and reiterated prior to each academic term.
2. Resource Allocation
The University allocates adequate resources, including personnel and technological tools, to the Office of Financial Affairs to ensure effective policy implementation.
G. ENFORCEMENT AND COMPLIANCE
1. Monitoring Mechanisms
The Office of Financial Affairs conducts regular audits and reviews of student accounts to monitor compliance with financial obligations.
2. Sanctions for Non-Compliance
Non-compliance with payment deadlines incurs a mandatory late payment fee of $50.00 for each month the account remains unsettled, applied seven calendar days after the due date. Persistent delinquency beyond this period will result in additional academic and administrative sanctions, including suspension of registration privileges and restricted access to University facilities, enforced by the Office of Academic Affairs.
H. REVIEW AND AMENDMENT
1. Scheduled Review
This policy is subject to an annual review to ensure it remains congruent with current financial regulations and University statutes. The policy may be amended without prior notice but will be published immediately upon approval.
2. Amendment Process
Amendments to this policy require a thorough examination by the Office of Financial Affairs and must be ratified by appropriate University governance bodies.
I. ASSOCIATED DOCUMENTS AND LEGAL REFERENCES
This policy adheres to relevant state and federal regulations that govern financial operations within higher education institutions, thereby maintaining legal and ethical standards.
J. APPENDICES AND ADDITIONAL RESOURCES
Supplementary materials, such as the Payment Terms Agreement and the Late Payment Fee Waiver procedures, are available through the Office of Financial Affairs' web portal, assisting students in understanding and fulfilling their financial obligations to the University.
