The Student Financial Agreement serves as a crucial legal document in South African educational institutions, establishing the financial relationship between the institution and its students. It is primarily used when students require structured payment arrangements for their education, whether through installment plans, deferred payments, or special financial arrangements. The agreement must comply with South African legislation, particularly the National Credit Act 34 of 2005, Higher Education Act 101 of 1997, and Consumer Protection Act 68 of 2008. It typically includes comprehensive details about fee structures, payment schedules, interest calculations, and the rights and obligations of all parties involved. The document is essential for both private and public educational institutions in South Africa and may need to be adapted based on whether the student is a minor, requires a guarantor, or is receiving scholarships or financial aid.
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1. Parties: Identification of the educational institution and the student (and guardian/parent if student is a minor)
2. Background: Context of the agreement, including the student's acceptance into a program and need for financial arrangements
3. Definitions: Definitions of key terms used throughout the agreement
4. Financial Obligations: Details of fees, payment amounts, payment schedules, and payment methods
5. Payment Terms: Specific terms regarding payment deadlines, late payments, and consequences of default
6. Interest and Charges: Details of interest rates, additional charges, and fees in compliance with the National Credit Act
7. Duration and Termination: Period of agreement and conditions for termination
8. Student Obligations: Student's responsibilities regarding academic progress and communication
9. Institution's Obligations: Institution's responsibilities regarding service delivery and financial administration
10. Default and Remedies: Consequences of default and available remedies for both parties
11. Dispute Resolution: Process for handling disputes between parties
12. General Provisions: Standard legal clauses including notices, amendments, and governing law
1. Bursary/Scholarship Terms: Include when student receives institutional financial aid or scholarships
2. Parent/Guardian Surety: Required when a parent/guardian stands as surety for the student's obligations
3. Work-Study Program: Include when the agreement includes work-study arrangements
4. International Student Provisions: Special provisions for international students regarding forex and additional requirements
5. Insurance Requirements: Include when student must maintain specific insurance coverage
6. Academic Performance Conditions: Include when financial arrangements are linked to academic performance requirements
1. Schedule A: Fee Structure: Detailed breakdown of all fees, including tuition, accommodation, and additional charges
2. Schedule B: Payment Schedule: Specific dates and amounts for scheduled payments
3. Schedule C: Interest Rate Calculation: Detailed explanation of how interest is calculated and applied
4. Appendix 1: Student Information Form: Personal and contact information for student and relevant parties
5. Appendix 2: Direct Debit Authorization: Banking details and authorization for automatic payments if applicable
6. Appendix 3: Terms and Conditions: Detailed terms and conditions referenced in the main agreement
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