Financial Resolution || Oakwood University

Financial Resolution

Policies & Procedures:

Since you are responsible for your account, (even if your parents are making the payments), take charge of every aspect of your account. If you are not the one making payments on your account, check with your parents to make sure that they are receiving the statements and are making payments . Also, periodically check your account to make sure all credits that you registered with have been posted and that all tuition charges are correct. Please do this by viewing your account online (My Oakwood). You should contact the Record’s Office for your login and password.PLEASE REMEMBER THAT YOUR ACCOUNT SHOULD BE PAID-IN-FULL BY THE END OF EACH SEMESTER.

If after a month from being enrolled, you have not received a statement, please notify the Student Accounts Office so that, together, you may resolve this problem. You will still be liable for making payments on your account even though you may not have received a statement. Please, also, note that you may receive a transcript (official or unofficial) once your account has been paid-in-full.

  • Always include your social security number or ID number when making payments on your account.

  • Keep up with your account. Do not go home at the end of each semester without knowing the status of your account. To pinpoint problems quickly, it is to your advantage to resolve any discrepancies during the current semester.

  • If you have registered with a scholarship that has not been posted within a reasonable time after registration, you should notify the department or agency responsible for awarding the scholarship to find out the status of your award. You will be responsible for the payment if the scholarship is not paid by the department or agency.
  • The same principle is true regarding Pell, SEOG and bank loans that were used for Financial Clearance. If the government should ask us to return the funds while you are currently enrolled or even after you have left Oakwood University, you are still responsible for paying the amount that has been returned to them.

Unless you are a returning student, accounts that are not paid in full within sixty (60) days after the end of each semester, and/or have not called to make monthly payment arrangements, will be turned over to Williams and Fudge, Inc., our collection agency. You will not be able to enroll for any semester after that until the collection agency has notified us that your account has been cleared.

After receiving the list of names from us, the collection agency will send you a forty-five (45) day Pre-Collect Letter, which will give you an additional forty-five (45) days to dispute or pay Oakwood University before your name is turned over to them. After this point in time, your name may be reported to the Credit Bureau and you will be charged a collection fee ranging from thirty-three and one-third (33 1/3)% up to thirty-eight (38)% of the outstanding balance. For example: If your balance is $1000.00, at the 38% rate, you would be charged $380.00. So the total amount you would have to pay would be $1380.00. Therefore, it is to your advantage to keep a good credit rating and also save $380.00 by responding to the letters we send out for “Preventive Measures”.

Call us to see what we may be able to work out together. Once your name has been sent to Williams and Fudge, at that point, it is out of our hands, and we can no longer assist you, nor can we accept any payments from you. Any payments received at Oakwood University after your name has been turned over to Williams and Fudge will be forwarded to them and any necessary col- lection fees will be charged to your account as well.

The only way to prevent this and a possible bad credit rating is to commit yourself to making an honest effort to pay an honest debt by planning ahead. Plan not only to get into Oakwood University by paying the 70%, but plan also to pay the 30% balance as well.

We are here to serve you and we want your experience at Oakwood University to be a pleasant and rewarding experience as you “enter to learn and depart to serve”.

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