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STATE HIGHER EDUCATION LOAN PROMISSORY NOTE
UNIVERSITY OF HAWAII
Section A: Borrower Section
1. Name (last, first, middle initial) and
Permanent Address (street, city, state, zip code)
2. Social Security Number
3. Date of Birth (mm/dd/yyyy)
4. Area Code/Telephone Number
5. Driver's License Number (List state abbreviation first)
Section B: Institution Section
6. Institution Name & Address
University of Hawaii at Hilo
200 W. Kawili St.
Hilo, HI 96720
ο Half-time or greater
5%
9. Loan Amount
2015-2016
I. GENERAL
Applicable Law. All sums advanced under this Promissory Note are drawn from a revolving fund created under Act 230, Sessions Laws of Hawaii, 1969, as
amended, hereinafter called “the Act”. The terms of this Promissory note shall be interpreted in accordance with the Act and the administrative rules adopted under
the Act by the University of Hawaii Board of Regents, copies of which shall be kept by the Institution and incorporated herein by reference. In the event of
inconsistency between the terms of this Promissory Note, and the Act and the administrative rules, as amended on the date this Promissory Note is executed, the
terms of the Act and administrative rules shall control. The terms of the Act shall supercede the administrative rules.
II. INTEREST
Simple interest shall accrue from the beginning of the repayment period and shall be at the ANNUAL PERCENTAGE RATE OF FIVE PERCENT (5%) on the
unpaid balance, except that no interest shall accrue during any deferment period described in Article VI.
III. REPAYMENT
(1) Borrower promises to repay the principal and the accrued interest to the Institution over a repayment period beginning nine (9) months after the date Borrower
ceases to be at least a half-time student at an institution of higher education, or a comparable institution outside the United States approved for this purpose by the
Institution, and ending ten (10) years later, unless that period is shortened under paragraph III (2) herein, or extended under Article VI.
(2) Borrower promises to repay the principal and accrued interest over the course of the repayment period in equal quarterly or monthly installments as
determined by the Institution. Borrower understands that no payment during the repayment period shall be less than $45.00 a quarter or $15.00 a month.
IV. PREPAYMENT
Borrower may, at Borrower’s option and without penalty, prepay all or any part of the principal, plus any accrued interest thereon, at any time.
V. DEFAULT
(1) The Institution may, at its option, declare this Promissory Note to be in default and may demand immediate payment of the entire unpaid balance of this note,
including principal, interest, late charges and collection costs upon the happening of any of the following events:
(A) Borrower does not make a scheduled payment when due under any repayment schedule approved by the Institution;
(B) Borrower does not submit to the Institution, on or before the date on which payment is due, documentation that Borrower qualifies for a deferment
provided in Article VI of this Promissory Note;
(C) Borrower’s nonperformance of any agreement with, or any condition imposed by the Institution with respect to the indebtedness; or
(D) Institution’s discovery of Borrower’s failure in any application to the Institution to disclose any fact deemed by Institution to be material or of the
making therein or in any of the said agreements, or in any affidavit or other documents submitted in connection with said application or the indebtedness, or of any
misrepresentation by, on behalf of, or for Borrower’s benefit.
(2) Borrower understands that if Borrower defaults on this Promissory Note, the Institution may disclose that Borrower has defaulted, along with other relevant
information, to credit bureau organizations.
(3) Borrower understands that if Borrower defaults on this Promissory Note, Borrower will then lose any right to defer repayments.
(4) Institution is authorized to declare all or any part of the indebtedness (including principal, interest, late charges, collection costs, and attorney fees)
immediately due and payable upon the happening of any of the above events.
(5) Institution’s failure to exercise any of its rights under this paragraph shall not constitute a waiver thereof.
VI. DEFERMENT
(1)
Procedures for Receiving Deferment. Borrower understands and acknowledges that in order to receive a deferment, Borrower must request the deferment in
writing from the Institution, and must submit to the Institution any documentation required by the Institution to prove that Borrower may qualify for the deferment.
Borrower further understands that if Borrower is eligible for deferment under Article VI, Borrower is responsible for submitting an appropriate request for a
deferment prior to the due date for any repayment required in this Promissory Note. Borrower further understands that Borrower may lose any deferment benefits if
Borrower fails to file a request on time.
