The University has implemented a new Financial Responsibility Agreement that must be signed electronically by students at the beginning of each new semester, according to an Aug. 15 email from the office of Student Financial Services.

According to the email, the new Financial Responsibility Agreements have been implemented to make sure that students understand their “financial obligations to the University” and are in line with “national best practices and new regulations.”

The agreement details the financial policies that are currently in place for students. The first part of the agreement outlines the requirement that students will fully pay their tuition, fees and other University-associated costs, as well as the consequences that could result from late or incomplete payments — including financial holds on student accounts, late payment charges and the potential referral of the student account to a collection agency. The agreement also details that the student must have an understanding of the $500 deposit required when admitted to the University and the University’s method of billing.

According to Sherri Avery, the executive director of student financial services, the University decided to create the Financial Responsibility Agreement for several reasons. “Enrollment at Brandeis creates a financial obligation and we feel it is important that we be as transparent as possible with our students about the financial responsibilities associated with enrollment,” Avery wrote in an email to the Justice.

She also noted that the National Association of College and University Business Offices recently recommended that all colleges and universities implement this type of financial agreement for students, and that this practice is also recommended by other “national higher education professional organizations.”

The Financial Responsibility Agreement also keeps the University in compliance with Fair Debt Collection Practices, as well as the Telephone Consumer Protection Act.

According to Avery, while there are some cases of Brandeis students paying their tuition late or leaving the University with a balance remaining in their account, the number of cases in which this happens at Brandeis is “very low” compared to other colleges and universities across the country. “I think it is important for students to understand the parameters for both Brandeis and external collection efforts, should that become necessary,” Avery wrotew.

She also noted that the agreement does not change any of the previous policies that were in place regarding tuition payments or financial obligations — rather, it is just another reminder to students of University policies regarding tuition, late fees and withdrawals that they must follow.