Student Financial Responsibility Agreement Template for Australia

The Student Financial Responsibility Agreement serves as a legally binding contract between educational institutions and students in Australia, establishing clear terms for financial obligations throughout the student's enrollment. This document is essential for educational institutions to manage student financial relationships effectively while complying with Australian regulations, including the Higher Education Support Act 2003, ESOS Act 2000, and Australian Consumer Law. It should be implemented during the enrollment process and typically includes comprehensive details about tuition fees, payment schedules, refund policies, late payment penalties, and specific provisions for both domestic and international students. The agreement helps institutions maintain financial stability while providing students with clear understanding of their financial commitments and rights.

1. Parties: Identifies the educational institution and the student entering into the agreement

2. Background: Explains the context of the agreement and its purpose in establishing financial responsibilities

3. Definitions: Defines key terms used throughout the agreement including 'Fees', 'Payment Due Date', 'Academic Period', etc.

4. Scope of Agreement: Outlines what is covered by the agreement and its relationship to other institutional policies

5. Financial Obligations: Details the types of fees and charges the student is responsible for paying

6. Payment Terms: Specifies when and how payments must be made, including payment deadlines and accepted payment methods

7. Late Payments and Penalties: Describes consequences of late or missed payments, including late fees and administrative holds

8. Withdrawal and Refund Policy: Explains the financial implications of withdrawing from courses or programs

9. Default and Collections: Outlines what constitutes default and the institution's rights regarding debt collection

10. Dispute Resolution: Describes the process for resolving financial disputes

11. Term and Termination: Specifies how long the agreement remains in effect and conditions for termination

12. General Provisions: Includes standard legal provisions such as governing law, amendments, and severability