From: by way of Lynn Davis
Date: Wed Nov 15 2000 - 16:41:21 EST
Maria:
Each semester we print an "Interim Promissory Note" (IPN) for the semester
balance less financial aid for each student registered. The IPN is printed
by our administrative computer center through a mail merge program
downloading the student bill and financial aid. Generally, the IPN will
self-destruct once the student bill reaches zero.
The boilerplate on the IPN specifies basically if you are a minor you need
a co signer. Part of the download procedure is to identify those students
who, at the time of printing the IPN, have not reached their 18th birthday.
When so identified, the mail merge program will place an "X" at the front
of the cosignature line so that we can tell at a glance of the IPN that a
cosignature is required.
It is my interpretation of Regulation B, Equal Credit Opportunity, 12 CFR
202.7 (d)(5) that we cannot choose the cosigner.
The accounting office mails out the IPN with the semester bill. The IPN is
required to "clear" the account unless the full balance is paid in cash by
the "clearing date" (two weeks before the first class). The accounting
office monitors the clearing process. If an IPN is received without the
required cosignature, it is returned to the student.
Other "clearing" restrictions apply.
If you don't have cosigner requirements mentioned in your catalog I would
recommend that you do.
Hunt
--On Wed, Nov 15, 2000 12:18 PM -0500 "Maria T. Frey"
<mfrey@northampton.edu> wrote:
> We are interested in knowing of any procedure followed by colleges
> in regard to students under 18 years of age. Do you require
> parent/guardian signature making them legally responsible for
> payment of student charges? If so, can you give a brief
> explanation of how/when you get the signature and what office
> handles this.
>
> TIA for your input.
>
> Maria
>
>
>
>
>
> Maria T. Frey :)
> Bursar
>
> Northampton Community College
> 3835 Green Pond Road
> Bethlehem, PA 18020
> 610-861-5597 voice
> 610-861-5551 fax
> mfrey@northampton.edu
>
Hunt M. Compton Phone 503-434-2455
Staff Accountant Fax 503-434-2630
Linfield College email hcompto@linfield.edu
900 SE Baker WWW: http://www.linfield.edu/
McMinnville, OR 97128
This archive was generated by hypermail 2.1.4 : Fri May 17 2002 - 14:30:04 EDT