Master Promissory Note Template Direct Plus Loans Page 4
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15MPN TERMS AND CONDITIONS (CONTINUED)
to temporarily make a smaller payment amount, which extends the time for
LEGAL NOTICES
making payments.
Any notice required to be given to you will be effective if it is sent by first-class mail
We may adjust payment dates on your loans or may grant you a forbearance to
to the most recent address that we have for you, by electronic means to an email
eliminate a delinquency that remains even though you are making scheduled
address you have provided, or by any other method of notification that is
installment payments.
permitted or required by applicable law and regulation. You must immediately
You may prepay all or any part of the unpaid balance on your loans at any time
notify us of a change in your contact information or status as specified in the
without penalty. We will determine how to apply the prepayment in accordance
Borrower's Rights and Responsibilities Statement under “Information you must
with the Act.
report to us after you receive your loan.”
After you have repaid in full a loan made under this MPN, we will send you a notice
If we do not enforce or insist on compliance with any term of this MPN, it does not
telling you that you have paid off your loan.
waive any of our rights. No provision of this MPN may be modified or waived,
ACCELERATION AND DEFAULT
unless we do so in writing. If any provision of this MPN is determined to be
unenforceable, the remaining provisions will remain in force.
At our option, the entire unpaid balance of a loan made under this MPN will
become immediately due and payable (this is called “acceleration”) if any one of
Information about your loans will be submitted to the National Student Loan Data
the following events occurs:
System (NSLDS). Information in NSLDS is accessible to schools, lenders, and
guarantors for specific purposes that we authorize.
1.
You (or the student) do not begin attendance in any classes at the school that
determined you were eligible to receive the loan;
NOTICE ABOUT SUBSEQUENT LOANS MADE UNDER THIS MPN
2.
You do not use the loan money solely for your or the student's
This MPN authorizes us to make multiple loans to you to pay your educational
educational expenses;
expenses or, if you are a parent borrower, the educational expenses of the student
3.
You make a false representation that results in your receiving a loan for which
identified in the Dependent Undergraduate Student Information section during
you are not eligible; or
the multi-year term of this MPN, upon your request and upon the school's annual
4.
You default on the loan.
certification of your loan eligibility. If you have an adverse credit history and obtain
You will be considered in default on your loan if:
an endorser to receive a Direct PLUS Loan, only one loan may be made under this
MPN.
1.
The full unpaid balance of the loan becomes immediately due and payable
because event (1), (2), or (3) above occurs, and you do not pay the amount
At schools that are authorized to use the multi-year feature of the MPN and choose
due;
to do so, subsequent loans may be made under this MPN for subsequent academic
years. At any school, subsequent loans may be made under this MPN for the same
2.
You do not make installment payments when due, and your failure to make
academic year.
payments has continued for at least 270 days; or
3.
You do not comply with other terms of the loan, and we reasonably conclude
No subsequent loans will be made under this MPN after the earliest of the
that you no longer intend to honor your repayment obligation.
following dates:
If you default, we may capitalize all outstanding interest. This will increase the
1.
The date we or the school receive your written notice that no further loans
principal balance of your loan, and the full amount of the loan, including the new
may be made;
principal balance and collection costs, will become immediately due and payable.
If you default, the default will be reported to nationwide consumer reporting
2.
One year after the date you sign the MPN or the date we receive the MPN if
agencies (credit bureaus) and will significantly and adversely affect your credit
no disbursements are made under the MPN; or
history. A default will have additional adverse consequences as explained in the
3.
Ten years after the date you sign the MPN or the date we receive the
Borrower's Rights and Responsibilities Statement. Following default, you may be
MPN.
required to repay the loan (potentially including amounts in excess of the principal
and interest) under the IBR Plan, the PAYE Plan, the REPAYE Plan, or the Income-
Contingent Repayment Plan (ICR Plan) in accordance with the Act.
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