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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 (street, city, state, zip code)
University of Hawaii at Hilo
200 W. Kawili St.
Hilo, HI 96720-4091
ο Half-time or greater
5%
9. Loan Amount
10. Loan Period
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 governed by and construed, interpreted, and enforced 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, and the laws of the State of Hawaii. 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. I understand that the
Institution may report the amount of my installment payments, along with the amount of this loan to at least one national credit bureau.
(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 fees 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 fees, 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.
