Common use of Repayment of Debt Clause in Contracts

Repayment of Debt. If the student and/or institution must repay the NRC, the amount owed to the NRC is a valid debt of the Federal government subject to all laws and provisions governing the administration of the debt. In accordance with Federal regulations, if payment is not received by the NRC within 30 days from notification of indebtedness, the debt becomes past due and will be subject to interest, penalties, and administrative charges incurred by the Federal government to service the debt. After 120 days of being past due, the debt will be referred to the Department of the Treasury for collection. If a single lump sum payment is not possible, the debtor may request an installment repayment agreement. Any such request must be made in writing and sent to the NRC Office of the Chief Financial Officer (Xxxx.Xxxxxxxx@xxx.xxx), along with a sufficient justification. An installment repayment agreement can be up to 3 years in length and will include all applicable interest, penalties, and administrative charges incurred by the Federal government to service the debt. Failure by the debtor to meet the terms and conditions of the installment agreement will result in the debt being referred to the Department of the Treasury for collection and subject to the various collection actions administered by the Department of the Treasury. For additional information, the debtor may contact the NRC Office of the Chief Financial Officer at (000) 000-0000.