The university exercises the right to terminate the registration of any student who has an outstanding financial obligation to the university after sufficient notice has been given to the student. The university reserves the right to "hold" transcripts and diplomas as a result of nonpayment of obligations and to forward delinquent accounts to collection agencies and levy a collection fee. "Holds" are removed upon satisfaction of the outstanding obligation. The terminated student may petition for reinstatement of enrollment by satisfying the indebtedness to the university and paying a $50 reinstatement fee.