Pennsylvania Supplemental Promissory Note for College Loan Program

• Category: Pennsylvania Promissory Notes
• State: Pennsylvania
• Control #: PA-00431-E
• Format: Word; Rich Text

Description

This promissory note is associated with a loan given to a student of a high education institution. The loan is made by the university or college directly. The note becomes due at nine months following the date the student is not at least a half-time student and ends 10 years later. The funds are intended for tuition, fees, etc. The Pennsylvania Supplemental Promissory Note for College Loan Program is a document used in student loan transactions. It outlines the terms and conditions of a student loan, including the borrower’s obligations and the lender’s rights. This promissory note is used in conjunction with the Pennsylvania Higher Education Assistance Agency (PH EAA) to provide additional funding to qualified Pennsylvania college students. The promissory note is divided into sections that cover the basics of the student loan, such as loan terms, interest rate, repayment period, repayment options, and any additional terms or conditions. It also contains a signature section, where the student affirms their agreement to the terms of the loan and their commitment to repayment. There are two types of Pennsylvania Supplemental Promissory Note for College Loan Program: the Standard Promissory Note and the Alternate Promissory Note. The Standard Promissory Note is the most common, and is used for students with a credit score of 620 or higher. The Alternate Promissory Note is used for students with a credit score of less than 620, and includes additional terms and conditions such as a higher interest rate and shorter repayment period. Both promissory notes must be completed and signed by the borrower and the lender before any funds are disbursed. The promissory note must then be filed with the PH EAA.

The Pennsylvania Supplemental Promissory Note for College Loan Program is a document used in student loan transactions. It outlines the terms and conditions of a student loan, including the borrower’s obligations and the lender’s rights. This promissory note is used in conjunction with the Pennsylvania Higher Education Assistance Agency (PH EAA) to provide additional funding to qualified Pennsylvania college students. The promissory note is divided into sections that cover the basics of the student loan, such as loan terms, interest rate, repayment period, repayment options, and any additional terms or conditions. It also contains a signature section, where the student affirms their agreement to the terms of the loan and their commitment to repayment. There are two types of Pennsylvania Supplemental Promissory Note for College Loan Program: the Standard Promissory Note and the Alternate Promissory Note. The Standard Promissory Note is the most common, and is used for students with a credit score of 620 or higher. The Alternate Promissory Note is used for students with a credit score of less than 620, and includes additional terms and conditions such as a higher interest rate and shorter repayment period. Both promissory notes must be completed and signed by the borrower and the lender before any funds are disbursed. The promissory note must then be filed with the PH EAA.