1) Agreement to Pay Tuition
I agree to pay the University the tuition and fees in the amount of $36,530, which is separate from room and board costs, once I have received a qualifying job offer (described below) within 12 months of full-time job search after my last day of class in the Master’s in Software Development (MSD) program. If I don’t complete the program in its entirety, then I owe a prorated amount of the program tuition and fees in accordance with current Maharishi International University policies.
I am electing to enter into this Agreement instead of arranging for payment using student loans under Title IV Federal Financial Aid or another method of payment. This tuition waiver does not apply to tuition and fees paid using Title IV Federal Financial Aid (see Reductions in Charges and Financial Aid).
A qualifying job offer is for:
- A position as an employee, apprentice, or contractor
- $4,167 per month gross before tax and witholdings or higher (annual rate of $50,000/year)
- At least 75 days in duration (not necessarily consecutively)
- In the field of software development or working with code
2) Deferring the Agreement to Pay Tuition
To remain eligible for deferring the tuition cost during the 12-month job search period, I must be actively job seeking and meet all the following job search requirements for 12 months following my last day of class:
- Begin my job search within three weeks of my last day of class
- Be responsive to communications from the University Career Services team, including but not limited to Career Coaching and Business Development, within three business days (or within reason accounting for unforeseen or extenuating circumstances);
- Complete two mock interviews with my Career Coach or other representative of the University;
- Be available, if invited, to interview for a minimum of three interviews per week;
- On a weekly basis, update my job-search tracking report with a written summary of job-seeking activities;
- Spend at least 35 hours/week on applications, interviews, and other job-search activities approved by the University Career Strategies Department. Keep a journal of such activities;
- Submit responses to any code-challenges associated with any job application on-time or within one week of receipt if due date is not specified;
- Upon request by the University, provide evidence of attending all scheduled interviews;
- Post at least 5 GitHub commits per week to my public GitHub profile;
- Post at least 1 technical blog post per week on a public URL that can be verified by the University;
- Email my Career Coach within one business day of receipt of any job offer, including the date of the job offer, name and address of the entity extending the offer, and the title and compensation rate of the position being offered;
- Be willing to work in-person within a reasonable commuting distance from the main work or residence address from which I am job-seeking, and be willing to work remotely; and
- Have not received and accepted an offer for any paid full-time job (an average of 30 hours or more per week) or two (2) or more part-time jobs aggregating an average of 30 hours or more per week) as an employee, apprentice, intern or independent contractor during my job search.
3) It is my sole responsibility to keep track of all job search required activities
The University recommends that I keep a written log of my activities, backup all data, and make copies of relevant documentation. The University may, at any time during the 12-month job-search period following my completion of the Master’s in Software Development, verify that I am fulfilling the job search requirements and ask me for proof of such fulfillment. Failure to present proof of fulfillment of the job search requirements may result in forfeiture of the tuition waiver.
4) Tuition Waiver
If I do not receive a qualifying job offer within 12 months of graduating the program and have followed all the job-search requirements listed, I am eligible for a waiver of the entire MSD tuition unpaid. This waiver only applies to tuition costs and not to housing, meals, or personal expenses. To receive the waiver, I agree that I will submit a request for a tuition waiver to the University via email to email@example.com no later than 13 months after my last day of class setting forth the following: my full name and contact information (address, phone number, email address); and certifying that I:
- Successfully completed the Master’s in Software Development program;
- Met all job search requirements (and any other applicable requirements);
- Was unable to obtain a qualifying job offer (as defined above) within 12 months of my last day of class; and
- Am entitled to a full tuition waiver pursuant to these Terms.
The University will review tuition deferral and waiver requests and may seek from me further information and verification relating to my request, which I must provide within 5 business days of the University’s request for information. If the University determines that I am entitled to a tuition deferral or waiver under the Terms of this Agreement the tuition waiver or deferral will be processed within 30 days of this determination.
My eligibility for the tuition waiver will terminate upon the earlier of: (i) receiving a qualifying job offer (as defined above); (ii) termination by the University due to my failure to meet the job search requirements specified above; or (iii) my termination in the program by the University due to my failure to comply fully with the material Terms of this Agreement.
Dispute Resolution: If there is any dispute between the parties it is agreed to be tendered for resolution through third-party neutral mediation, and if unsuccessful, through binding arbitration.
5) The Tuition Waiver does not apply if:
- I don’t graduate the program
- I accept a full-time job paying less than $50,000/year within 12 months of my last day of class
- I fail to receive a qualifying job offer within 12 months of my last day of class if more than one month of that time was spent not in full-time job search
6) Review of My Tax Returns
For the tax year that I graduate, the following tax year, and any future tax years in which I still owe money to the University, I agree, no later than April 15 of the following year, either (a) to file my U.S. federal income tax returns or (b) to notify the University of any extension I seek for filing federal income tax returns. Moreover, if the University requests, I agree to complete, sign, and provide to the University IRS Form 4506-T or Form 4506T-EZ (or any successor form), designating the University as the recipient of my tax return information for returns covering any and all months of my Payment Period, within thirty (30) days of the University’s request. I agree to perform any similar requirements or procedures for any other applicable country’s taxing authority.
7) Payment of Tuition Upon Hire, Bank Loan:
- Securing the Bank Loan: Upon being hired, I agree to secure a loan to pay for any unpaid program costs. (I also have the option to pre-pay for all or part of these costs.) The University has an arrangement with a local bank, MidWestOne Bank, which offers me a loan for the tuition costs without collateral. The bank will require some information from me as they plan to extend credit to me once I have been hired. The bank will require me to sign a bank loan agreement. My bank loan will be at an interest rate set by the Bank based on its rates at the time of the loan. Loan repayment schedules range depending on the size of the loan and salary earned.
- Please note that when a job is obtained, the amount of the monthly bank loan payments will be determined using estimated living expenses for single individuals, even if I am married. Also, when I start working, my M.U.M. debt is my first priority. I am not allowed to include personal debts as part of my loan calculations.
- Direct Deposits: A requirement of the Program is that I must arrange with the employer for an electronic direct deposit of the paycheck into my checking account at the local bank in Fairfield which issues the loan. The bank will automatically withdraw the loan payment each month from my checking account. For example, if my monthly gross income is $4,000 and the withholding taxes are $900, then the paycheck will be for $3,100. Upon receiving $3,100 into my checking account through direct deposit from the employer, the bank will deduct the loan payment of $1,000, for example, leaving a balance of $2,100 in my account. If the employer will direct deposit my paycheck into 2 different bank accounts, then only the monthly loan payment need be deposited into the Fairfield bank, and the balance can be deposited into my local account. Failure to use Direct Payroll Deposit to fund my loan payment results in an annual fee of $500 charged to me. If my employer cannot direct deposit into 2 different accounts, the University suggests one of the 4 options below to gain access to the balance of my money above the monthly loan payment amount:
- Write myself a check on my Fairfield bank account for the balance of my money and deposit it into my local account (example: $3,100 was directly deposited to my Fairfield account, my loan payment is $1,000, write a Fairfield check for $2,100 to myself and deposit it in my local bank account).
- Use my Fairfield bank debit card or ATM card to withdraw the balance at a local ATM machine.
- Initiate a wire transfer to deposit the balance of my paycheck into my local bank account. It is possible to do this over the Internet with online banking.
- Have my local bank set up a monthly automatic electronic transfer. Most banks will help me transfer money into my account from another bank without a fee. Set up the automatic transfer for the day after my paycheck is deposited into my Fairfield bank account.
- Default on Loan or Delayed Payments: Failure by me to make any monthly loan payment within 30 days of the payment due date will be considered a default on the loan for the purposes of this Agreement. If I default on the bank loan specified in this Agreement, the University may elect to pay part or all of the outstanding balance of my loan to the bank. In this event I will be liable to immediately pay to the University the full amount paid by the University to the bank. If the University pays part or all of my outstanding loan balance due to a default by me, the bank will nonetheless enter that loan default on my national credit record. If within 30 days I do not repay the University for making a loan payment, the University may also elect for an administrative and interest fee of 10% of the amount the University paid. This fee, and the loan amount paid by the University, would be applied to my account. This procedure applies for any loan payment the University makes on behalf of me, whether the loan payment was delinquent or not. The provisions of the promissory note signed with the bank by me further establish my responsibilities. The University will apply a $500 administrative charge for not setting up direct deposit within 60 days of being hired. It may take my employer one or two pay cycles to set this up.
- Legal and Collection Costs: In the event that I violate either this Agreement or the Bank loan agreement, I will be required to pay all legal and collection costs incurred by the University in enforcing these agreements.
8) Consent to Credit and Income Verification; Credit Reporting
I authorize the University to obtain my credit report, verify the information that I provide, and gather additional information that may help the University assess and understand my performance under this Tuition Waiver Agreement. I understand that the University may verify my information and obtain additional information using a number of sources, including but not limited to consumer reporting agencies, other third-party databases, past and present employers, other school Registrars, public sources, and personal references provided by me. If I ask, I will be informed whether or not the University obtained a credit report and, if so, the name and address of the consumer reporting agency that furnished the report. I also understand and agree that the University may obtain a credit report and gather additional information, including from the sources described above. I consent to the University sharing my information with the University’s affiliates and financing parties, which the University will do using reasonable data security procedures.
I authorize the University to report information about this Tuition Waiver Agreement to credit bureaus. The University may inform credit bureaus about my positive payment behavior when I make payments as agreed. However, this also means that late payments, missed payments or other defaults under this Tuition Waiver Agreement may be reflected in my credit report.
Dispute Resolution: If there is any dispute between the parties it is agreed to be tendered for resolution through third-party neutral mediation, and if unsuccessful, through binding arbitration with each party to bear their respective costs.
9) Electronic Delivery
The University may decide to deliver any documents or notices by electronic means. I agree to receive such documents or notices by electronic delivery and to participate through an online or electronic system established and maintained by the University or a third party designated by the University.