For value received,
_________________,hereinafter called the Borrower, promises
to pay to Virginia Commonwealth University, hereinafter called the Institution, located
at 809 West Broad Street, Richmond, Virginia 23284, the sum of $ ___________,
together with any and all attorney's fees, collection agency costs, and other related cost
and charges for the collection of any amount not paid when in default according to the
terms of this note.
and the Institution further understand and agree that:
Repayment: Repayment shall be made in
__________ semimonthly installments, consisting of $______per
installment. The installments will commence with the Borrower's first paycheck
and continue through for ____ pay periods. The installments will be paid
through payroll deduction. The Borrower may, at his or her option and without
penalty, repay all or any part of the principal at any time.
- Default: If the Borrower fails to
make an installment payment when due or fails to comply with any other term of
this promissory note, the loan will be considered in default. Separation from
the University may be considered in default because payroll deduction will not
Charge: The Institution shall assess a late penalty charge of twenty-five
dollars ($25.00) per month for failure of the Borrower to pay all or any part
of an installment as specified under the repayment section of this instrument.
It is understood that the $25.00 will be assessed until the account is brought
current inclusive of the late charge(s), applicable fees, and interest.
- Acceleration: If the Borrower fails
to make a scheduled repayment or fails to comply with any other terms of this promissory
note, including separation from the University, the entire unpaid balance of the loan
including any applicable penalty charges, will, at the option of the Institution,
become immediately due and payable. The final paycheck may be applied to any
Credit Bureaus: The Institution may disclose the Borrower's loan, and
any other relevant information to credit bureaus. If the Borrower is more than
120 days past due in making a scheduled repayment, the Institution will disclose
the Borrower's delinquent status, and any other relevant information to credit
Agents, Litigation and Withholding of Services: If the Borrower fails to make
a scheduled repayment, or fails to comply with any other term of this promissory
note, the Institution may: (a) refer the Borrower's loan to a collection agent for
further collection efforts; (b) initiate legal proceedings against the Borrower;
(c) withhold institutional services, such as transcripts and letters of recommendation,
from the Borrower; (d) refer the Borrower's loan to the Treasurer of Virginia for
collection assistance, including offset of State salaries or tax refunds; and (e)
obtain the Borrower's address from the State Treasurer of Virginia, any other State
agency of the Commonwealth of Virginia, or any other potential resource if the
Institution has no current address for the Borrower.
Death: In the event of the Borrower's
death, the unpaid indebtedness remaining on the note shall be canceled.
- Presentment, notice of dishonor and
protest are hereby waived by all makers, sureties, guarantors and endorsers hereof.
This note shall be the joint and several obligation of all makers, sureties, guarantors
and endorsers, and shall be binding upon them and their successors and assigns.
- General: The
Borrower will promptly inform the Institution of any change in name or address.
||Signature of Borrower|
||Social Security Number of Borrower |
of Assoc. VP for Business Services & Treasurer|
|Reviewed and Approved by:||
Office of International Programs |