Texas Tech University

Financial Guarantee


Overview:

Presentation of a financial instrument does not guarantee approval. Texas Tech University reserves the right to decline acceptance of a guarantee for any reason. If a financial guarantee is not accepted by the institution, the matriculating student must make alternate arrangements for payment of all tuition and fees.

During peak times, approval of financial guarantees may take up to six weeks. The financial guarantee must be approved and in place SEVEN (7) days BEFORE the established Texas Tech University tuition payment deadlines set by the institution each semester. Any guarantees presented after this date will be reviewed on a case-by-case basis, but the student must personally enroll in a payment plan with Student Business Services until a final review is complete.

To cancel a financial guarantee prior to the stated end date, the sponsor must notify the Sponsored Student Office in writing SEVEN (7) days BEFORE the first day of classes for that semester. Cancellations will not be accepted once classes have begun. Texas Tech University will not act as agent to recover any funding that is deemed to be owed by the student to the sponsor.

Because of the Family Educational Rights Privacy Act (FERPA) and the Privacy Act of 1974, the university may not release information regarding financial or academic records without the written consent of the student.

Guidelines:

  • The contact information for the advisor/representative that can make decisions regarding the student and their academic program.
  • A contact name, telephone, fax and e−mail address for the person directly responsible for third−party payment.
  • Indication of sponsorship duration, either a certain number of years or for the duration of the student's degree.
  • Indication if sponsorship is limited to a specific major and if the sponsor has approval rights of the student's major. If so, what are the consequences of a student's failure to meet the criteria to progress through the chosen major?
  • Written acknowledgement that all refunds and credits will be applied to the student's tuition and fee bill to the advantage of the sponsor. Students will only be given refunds if the financial aid awarded by the university exceeds mandatory charges in a given semester.
  • Health insurance is mandatory for international students. Sponsored students must either be covered by a sponsor policy prior to arrival at the university or the sponsor will be billed for TTU student health insurance on the tuition/fee invoice. If the sponsor is providing insurance for the student, basic information on the applicable policy must be provided, and a waiver from the mandatory TTU insurance will be processed on behalf of the student by this office.
  • Sponsor must acknowledge in writing that student health insurance coverage purchased through Texas Tech University is for the student ONLY. Family members and dependents must be covered independently and premiums paid in advance by either the sponsor or the student.
  • If sponsorship is contingent on a grade requirement it must be specifically stated, along with consequences of academic probation or suspension.
  • Precisely what the sponsor will pay for must be clearly articulated, (i.e. tuition, fees, room and board, student health visits).
  • If the student will be receiving an independent stipend, the amount per month or year must be disclosed.
  • Definition of those charges for which the sponsor will not pay, for example, library fines, parking permits or citations, health center visits, etc.
  • Indication if summer sessions are authorized.
  • If the sponsoring agency does not provide a U.S. or Canadian mailing address, the agency must agree in writing to accept electronic invoices from the university.
  • Written agreement to pay a sponsored student fee as set by the university each session that the student is enrolled.


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