Title: Financial Hold Policy
Procedure No: STO-40
Effective Date: 09-01-2009
Issuing Authority: Student Accounts Office
Contact: Student Accounts at tuition@stolaf.edu, 507-786-3296 or 866-640-4702
Last Updated: 05-07-2024
Purpose of Procedures:
To ensure that students have paid their current balance before allowing them to register, request official transcripts or receive their diploma.
Who needs to know these Procedures:
All St. Olaf College students who are registered for the current term.
Procedures:
The following holds will be placed on the student account based on the student account balance.
Unpaid Balance Hold
The Student Accounts Office will place registration holds on the accounts of all active students who have an outstanding balance of $1,000 or more. These holds will remain in place until the balance on the account is paid below $1,000. The hold will prevent students from registering, making changes to their current registration, or receiving their diploma. The Student Accounts Staff will review each request for a transcript and potentially release a transcript to ensure that we are in compliance with State and Federal Regulations. If a student will be receiving a loan to cover the balance owed, the Student Accounts Office must know the disbursement date before the hold will be removed. Completing the application alone will not remove the hold.
Transcript Hold
The Student Accounts Office will place a transcript hold on the accounts of all students who have an outstanding balance. This hold will remain in place until the balance on the account is paid below $250. The Student Accounts Staff will review each request for a transcript and potentially release a transcript to ensure that we are in compliance with State and Federal Regulations. This hold also prevents the release of the Diploma.
Tuition Collection Hold
The Student Accounts Office will place a Collection Hold on any student who leaves the college with an outstanding balance due. This hold will remain in place until the account is paid in full. This hold will prevent students from returning to St. Olaf, registering for classes, or receiving their diploma. The Student Accounts Staff will review each request for a transcript and potentially release a transcript to ensure that we are in compliance with State and Federal Regulations.
Removal of holds can only be done by the Student Accounts Office.