Additional Terms and Conditions of EDUfund
Last modified: October 1, 2012
Welcome to the EDUfund service website (“EDUfund Site”), owned and operated exclusively by EDUrent, LLC (a Florida Limited Liability Company)(“EDUrent”, “we” or “us”). EDUfund is a specific service (“EDUfund”, “EDUfund Service”, or the “Service”) of EDUrent.com providing a the prospective students of our partner educational institutions to place funds in an escrow account to be used do defray education expenses. Set forth below are the additional terms and conditions for use of EDUfund. By using our Site and Service, you are agreeing to all additional terms and conditions as provided hereunder as well as all terms and conditions as set forth in the EDUrent, LLC, EDUrent.com, EDUfund, EDUmate, and EDUfind Terms and Conditions.
In order to use EDUfund you must first register for an EDUrent.com account. Prior to use of any services, please read all terms and conditions carefully. Use of our Site does not give you ownership of any intellectual property rights or the content you access. In connection with your use of our Site and Service, we may send you service announcements, administrative messages, and other information.
A. Any student of any of our select partner educational institutions can create an EDUfund account to place money in escrow to help defray the costs of their education prior to arrival at one of our partner educational institutions.
B. The student, their family members, their friends, or anyone who chooses to contribute, can deposit funds to the student’s EDUfund account to pay for items such as application fees, deposits, rents, etc. The funds held in escrow in the student’s EDUfund account, minus any fees as set-forth in the terms in conditions, belong exclusively to the student for use in any manner the student sees fit upon arrival at one of our partner educational institutions.
C. The funds deposited to the student’s EDUfund account will be held in an interest or non-interest bearing escrow account in accordance with federal and state law.
D. At any time prior to arrival at the student’s authorized educational institution, the student may request withdraw of his or her funds from his or her EDUfund account, which will then be processed by EDUrent, LLC within three (3) business days of the request. The request to withdraw funds must be submitted via the EDUfund page on the EDUrent.com website. The requested funds will be sent to the student via U.S. Mail or other equivalent carrier at the sole discretion of EDUrent, LLC in the form of a check to the address on file.
E. EDUrent, LLC shall not be liable for delays of delivery or receipt of funds due to unavoidable hardware, software, actions of third parties, bank processing delays, courier delays, or other unforseen delays, including, but not limited to, acts of God.
F. EDUrent, LLC makes no warranties, either expressed or implied, as to the final use of the student’s funds by the student. The student owner of the EDUrent account bears the sole responsibility and sole discretion of how and when to use the funds held in escrow in his or her EDUfund account.
G. EDUrent, LLC shall charge no fees to deposit funds into the student’s EDUrent account. EDUrent, LLC shall charge a processing fee of seven percent (7%) of the gross amount of deposits held in the student’s EDUfund account upon distribution of said funds to the student. The seven percent (7%) processing fee shall be subject to change per the terms and conditions agreed to at the time of any deposit into the student’s EDUfund account. Other fees may be charged by the depositor’s credit card company, bank, or other institution, and any such fees are the sole responsibility of the student, family member, friend or other depositor into the student’s EDUfund account.
H. The funds held in the student’s EDUfund account will be distributed one (1) time only, at which time the student’s EDUfund account shall be closed and no longer accessible.
I. EDUrent, LLC will expedite disbursement from the student’s EDUfund account
for an additional fee as follows:
1. Disbursement of funds via check less than three (3) business days from
request: $20.00; or
2. Wiring of funds less than three (3) business days from request: $20.00
(PLUS cost of wire fees, approximately $30.00).
J. EDUrent, LLC will not collect any additional funds for the student’s EDUfund account after the student’s designated move-in date at their choice educational institution or the date upon which the first day of classes commences, whichever occurs first. At the time of the designated move-in date or the first day of classes, whichever occurs first, EDUrent, LLC will automatically disburse all funds held in the student’s escrow account to that student via the method set-forth above.
K. Student’s EDUfund accounts shall only be funded by, and receive contributions from, those individuals, groups or others whom the EDUfund account holder authorizes and supplies the link to their account to.
L. EDURENT, LLC IS NOT A BANK, MONEY PROCESSOR, OR ANY OTHER TYPE OF MONEY LENDER OR BANKING INSTITUTION, AND IS NOT GOVERNED BY THE RULES AND REGULATIONS OF THE BANKING INDUSTRY AND IS NOT OTHERWISE INSURED VIA THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC). EDURENT, LLC IS A REAL ESTATE BROKERAGE AND FOLLOWS THE RULES AND REGULATIONS OF THE STATE AND FEDERAL ESCROW RULES, REGULATIONS AND REQUIREMENTS AS REQUIRED BY LAW. WHERE REQUIRED BY LAW, EDURENT, LLC WILL NOT CHARGE A PROCESSING FEE.
III. Privacy Protection
EDUrent’s privacy policies explain how we treat your personal data and protect your privacy when you use our Site and services. By using our services, you agree that EDUrent can use such data in accordance with our privacy policies.
IV. Modifying and Terminating our Services
We are constantly changing and improving our Services. We may add or remove functionalities or features, and we may suspend or stop a Service altogether.
You can stop using our Services at any time, although we’ll be sorry to see you go. EDUrent may also stop providing Services to you, or add or create new limits to our Services at any time. We believe that you own your data and preserving your access to such data is important. If we discontinue a Service, where reasonably possible, we will give you reasonable advance notice and a chance to get information out of that Service. We may modify these terms or any additional terms that apply to a Service to, for example, reflect changes to the law or changes to our Services. You should look at the terms regularly. We will make every effort to post notice of modifications to these terms on this page; however, you take sole responsibility to ensure your familiarity with the terms and conditions contained herein with or without notice of changes hereto. If you do not agree to the modified terms for a Service, you should discontinue your use of that Service. If there is a conflict between these terms and the additional terms, the additional terms will control for that conflict.
These terms control the relationship between EDUrent and you. They do not create any third party beneficiary rights.
No delay or failure to enforce any of any terms and conditions as promulgated by EDUrent, LLC shall constitute a waiver of any of our rights. Only a specific, written waiver executed by an authorized representative of EDUrent, LLC shall have any legal effect.
If any clause or provision contained within any terms and conditions related to the use of our Services is determined to be illegal, invalid or otherwise unenforceable, the clause or provision shall be deemed to be deleted from the terms and conditions and have no effect on the enforceability of the remaining clauses and provisions.
VII. Governing Law and Jurisdiction
VIII. Complete Agreement
Any and all terms, conditions, provisions, and the like, contained within the EDUrent family of services represents the entire agreement between you and EDUrent, LLC, and govern your use of the service. You may also be subject to additional terms and conditions as may be noted under the specific Services which you are utilizing.
Please report any violations of any Terms and Conditions to our customer service.