LOAN AGREEMENTSTUDENT LOAN DEBTOR OF THE SNPLPPURSUANT TO RA 8545AMENDING RA 6728
KNOW ALL MEN BY THESE PRESENTS:
Date: _______________________________ Due Date: ___________________________ For value received, we __________________________________________________________ and(Debtor) ____________________________________________________________ of legal age,residents of (Guarantor) __________________________________________________________________________________ and ______________________________________________________________________________ respectively, hereby jointly and severally promise to pay the order of theCommission on Higher Education (CHED), Office of Student Services, 3F UPCampus, Diliman, Quezon City, Philippines and Commission on Higher Education-CARAGA Administrative Region, CSU Campus, Ampayon, Butuan City, Philippines Joint collector of the Educational Fund provided by the Commission on HigherEducation the sum of pesos: __________________________________________________________ PhP(__________________) Together with Interest (simple) thereon at the rate of six (6%) percent per annumuntil fully paid, which interest the CHED may at anytime without notice, raisewithin the limits allowed by law, and I/We also agree to pay jointly and severallyone (1%) percent per annum penalty charge, by way of liquidating damages,should this loan or any amortization thereof be unpaid on due date.I/We hereby acknowledge that the interest shall accrue from the date of this loan agreement even if the proceeds of the loan will be released on astaggered basis in view of the confessional terms of the loan granted. The amount subject to this loan agreement represents Educational Loanunder the “Study Now Pay Later Plan” (SNPLP) pursuant to Republic Act No. 8545amending R.A. No. 6728 to defray the educational expenses of the Debtor/SNPLPGrantee, starting School Year _____________________ to be released once perSemester after the complete required documents will be submitted to theCHEDRO and the approved masterlist will be received by the CHEDCO itemized inthe schedule of Loan Releases.Payment of this loan, unless otherwise provided, shall be made within aperiod of not exceeding ten (10) years payable effective after two (2) years fromthe date of debtor acquired employment or earlier, in equal monthly installmentsin such amounts as may be determined by the CHED on the basis of the balanceof the loan. The first month following the two (2) years period from the Debtor’semployment or earlier until the loan plus interest is paid in full.It is hereby understood that the CHED and/or its regional offices may, attheir option increase the amount of monthly amortization should the financialcondition of the Debtor improve during the Repayment period.Effective upon employment, the Debtor and the Guarantor shall inform theCHEDRO of the same including the name and place of business of his/heremployer.Without need of notice or demand, any default due to causes stipulated inthe implementing rules and regulation or failure to pay this loan or anyinstallment thereon when due, the obligation shall immediately become due anddemandable. In case a suit of any kind is filed against me/us by saidCHEDCO/CHEDRO without prior notice of demand, the obligation shall likewiseimmediately become due and demandable.In the event that this loan is not paid on the date of maturity or when thesame becomes due under any of the provisions hereof, I/We hereby authorize theCHEDCO/CHEDRO at their option ad without notice, to apply to the payment of this loan, any and all moneys, securities and things of value belongings to us,which maybe in appoint the CHEDCO/CHEDRO to be my/our true Attorney-In-Factwith full power and authority to negotiate, sell and transfer any moneys,securities and thing of value belonging to us/me which may hold, by public orprivate sale and apply the proceeds thereof to the payment of this loan.It is likewise understood that any partial payment or performance of theloan or any extension granted should not alter or vary the terms of the originalconditions of the obligation or discharge the same and such payment orperformance shall be considered as a written acknowledgement of this obligationwhich shall interrupt the period of prescription.I/We expressly consent to be bound to any extension of payment arenewal of this loan in whole or in part, as to the terms of payment and/or anypartial payment of this loan which may be granted to any one of us, withoutand/or without need of executing a renewal loan agreement.