A student may not graduate or receive any diploma, certificate, grades, or letter of degree verification until all financial obligations (including student loans wherein collections are administered by the university) have been satisfied in accordance with policies described under Additional Information for Graduate and Professional Students. Any diplomas, certificates, grades, or letters of degree verification shall be retained by the university as a security interest until all such obligations are satisfied. Release of any such security interest prior to or subsequent to any default by the debtors shall not be considered a binding precedent or modification of this policy.