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If you don't pay, after a set amount of time, they will send your account to collections. You will start receiving phone calls every day and it will show up on your credit report. The amount of time before they give up trying to nicely collect on your financial obligation will depend on policy which may be set at a local or national level. Your treasurer or financial advisor would have more detailed information on the process.
You could try sitting down with your advisory board to work out an arrangement. You might be able to get them to waive the cost of the shirts and just have you pay the national fees for the semester.
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