Long-Term Educational Loan
Promissory Note
The UNDERSIGNED (hereinafter called the “BORROWER”), promises to pay to the order of the University of Cincinnati, (hereinafter
called “UNIVERSITY”) located at Cincinnati, Ohio, the sum of
dollars, $
, when this note becomes due as set forth in
Section (1) plus interest as set forth in Section (II), plus any and all other charges which may become due as provided in this note.
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
DATE NOTE BECOMES DUE: This note will become due the first day of the
month after the BORROWER’s graduation
from the UNIVERSITY or after BORROWER ceases to carry at least one-half the normal academic work load at the
UNIVERSITY, whichever occurs first.
INTEREST: BORROWER agrees to pay an amount equivalent to simple interest on the outstanding balance from the date the
note becomes due until the loan is paid in full. The interest rate on this loan will be
prior to the note becoming due
as defined in Section (I) and
after this loan becomes due until the loan is paid in full.
REPAYMENT: BORROWER agrees to make monthly payments commencing with the first day of the month after this note
becomes due, as provided in Section (I) above. The minimum monthly payment shall not be less than $25 plus accrued
interest. Prior to the due date of this note, the UNIVERSITY will send to the BORROWER a Repayment Schedule which will
show the particular repayment term that will become part of this note. Maximum term, in months, is
.
PENALTY CHARGE: If the BORROWER fails to make timely repayment of all or any part of a scheduled installment, the
BORROWER may be charged a late payment fee for each monthly installment interval or part thereof. Subsequent
payments shall first be applied to make up any preceding past due payments and interest.
FOREBEARANCE AND DEFERMENT: If the BORROWER is obligated to repay the loan as provided in Section III above and of
the BORROWER returns to the UNIVERSITY for at least one-half the normal full-time academic load, repayment of principal
and interest may, at the option of the UNIVERSITY, be extended. Temporary suspension of principal payments may be
arranged at the option of the UNIVERSITY, under circumstances of poor health or temporary financial hardship.
CREDIT BUREAU NOTIFICATION: The UNIVERSITY is hereby authorized to request a credit investigation and to report to any
proper persons and bureaus information regarding this note and performance by any person signing this note.
PREPAYMENT: The BORROWER at his or her option and without penalty may prepay all or any part of the principal, plus the
accrued interest thereon, at any time.
ADDITIONAL AGREEMENTS: If any payment of principal or interest is not paid when due, or if the holder deems itself
insecure for any reason, including but not limited to: the insolvency, bankruptcy, business failure, death, default in the
payment of other obligations or receivership of or concerning any maker or endorser(s) hereof, this Note shall, at the
option of its holder, become immediately due and payable, without demand or notice. Upon this Note becoming due under
any of its terms and provisions, and not being fully paid and satisfied, the total sum then due hereunder may, at any time
and from time to time, be set off against any account or accounts maintained with the older hereof by any of the
undersigned or any endorser, without notice to or further consent from any of them, and the undersigned and all endorsers
agree to be and remain jointly and severally liable for all remaining indebtedness represented by this Note in excess of the
amount or amounts so applied.
The undersigned and all endorsers herby waive presentment, demand for payment, protest and notice, and agree and consent to
the addition of persons as parties to this obligation without notice to the undersigned, and to all extensions and/or renewals which
the holder hereof may grant. The undersigned and all endorsers further agree to reimburse the holder for all advances, charges,
costs and expenses, including reasonable attorneys’ fees, incurred or paid in exercising any right, power or remedy conferred by this
Note, or in the enforcement thereof. If the undersigned are more than one (1), the liability of the undersigned hereon is joint and
several.
The provision of this Note shall be interpreted in accordance with the laws of Ohio.
The BORROWER acknowledges receipt of a copy of this promissory note.
I HEREBY CERTIFY THAT I HAVE READ AND UNDERSTAND THE STATEMENT OF RIGHTS AND RESPONSIBILITIES APPLICABLE TO THIS
LOAN PRINTED ON THE FINAL DISCLOSURE FORM AND INCORPORATED HEREIN BY REFERENCE AND AGREE TO AHERE TO THEM.
Borrower:
(Printed/Typed Name)
(Signature)
(Date)
(Printed/Typed Name)
(Signature)
(Date)
Witness by School Official:
Revised 02/08/2010