Loan Agreement Between the Student Loan Borrower of the Student Financial Assistance Program and Pilar State University
KNOW ALL MEN BY THIS PRESENTS:
For value received, we Reynaldo Santos, Student Borrower and Alfredo Herrera, Co-maker, of legal age, residents of Barrio Katapatan, Pilar, Sorsogon respectively, hereby jointly and severally promise to pay to order Pilar State University at its address Romuldez St. Pilar, City of Sorsogon joint collectors of the Educational fund provided by the Commission on on Higher Education the sum of pesos eight thousand five hundred (PHP 8,500.00).
The amount subject of this loan agreement refers to an Educational Loan under the “Student Financial Assistance Program” (STUFAP) to defray the educational expenses of the Student-Borrower /Grantee, starting School Year 1999-2000 to be released once per semester after the complete required documents will be submitted to the Participating Higher Education Institution (HEI).
Repayment of this loan, unless otherwise provided, shall be made within a period of not exceeding ten (10) years for a loan of four thousand pesos and higher five (5) years for below four thousand pesos (Php 4,000.00) starting two years after the Student Borrower has graduated from college.
It is hereby understood that the CHED and/or it regional offices may at their own option increase the amount of monthly amortization should financial condition of the Student-borrower improve during repayment period.
Effective upon employment, the Student-borrower and the guarantor shall inform his/her school of the same including the name and place of business of his/her employer.
Without need of notice or demand, any default due to causes stipulated in the implementing rules and regulations, or failure to pay this loan or any installment thereon when due shall cause the obligation to become immediately due and payable. In case a suit of any kind is filed against me/us by said school, without prior notice of demand, the obligation shall likewise immediately become due and payable and venue of any action thereon shall be the proper court of Sorsogon City. In the event that this loan is not paid on the date of maturity or when the same becomes due under any of the provisions hereof. I/We hereby authorize Pilar State University at their option and without notice, to apply to the repayment of this loan, any and all moneyes, securities, and thighs of value belonging to us, appoint the said school to be my / our Attorney –in-Fact with full power and authority to negotiate, sell and transfer any moneys, securities and things of value belonging to me / us which it may hold, by public or private sale and apply the proceeds thereof to the repayment of this loan.
It is likewise understood that any partial payment of performance of this loan on any extension granted shall not alter or vary the terms of the original conditions of the obligation which shall interrupt the period of prescription.
I/We hereby expressly consent to be bound to any extension of payment or renewal of this loan in whole or in part, as to the terms of payment and/or without need of executing as renewal loan agreement.
Should it become necessary to collect this loan through an attorney-in-fact, I/We hereby expressly agree to pay jointly and severally, five (5%) percent of the total amount due to this loan as attorney’s fee which is no case shall be less than Php 100.00 exclusive of all costs and fees allowed by law as stipulated in the Loan Agreement.
I/We hereby waive all my/our rights under the provision of Rule 23, section 26 of the Revised Rules and Court.
This loan agreement shall be further governed by the terms and conditions set forth in the approved application signed/executed by the Student-Borrower and the Guarantor and such oath existing and future rules and regulations that CHED may issue to effectively implement this Student assistance program.
Student – Borrower