EXCEL Preferred Loan Application 2006-2007

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L Preferred Loan Application and Promissory Note 200 6-200 7 EXCEL Preferred Loan Application 2006-2007 Correction fluid may not be used on the application. Student information ____________________________________________________________ ____________________________________________ _____ __________ _________ __________ _________
Last name First name MI Suffix (Jr., III) Social Security number ____________________________________________________________________________________________________________________________ __________ _______________
Permanent street address (If your permanent street address is a P.O. Box, you must complete the physical street address section below.) Apt Years at address __________________________________________ __________ ______________________________ ____________ __________ __________ __________
City State Zip Code Country Code Date of birth ____________________________________________________________________________________________________________________________ __________
Physical street address (If different from permanent address) Apt __________________________________________ __________ ______________________________ ____________
City State Zip Code Country Code _____________ __________ ____________________ __________ _____________ __________ ____________________ __________
Country Prefix Area Code Telephone Number Extension Country Prefix Area Code Telephone Number Extension
Permanent telephone number Mobile/cellular telephone number __________________________________________________________________________________________________________________________________________________________
E-mail address Borrower information ____________________________________________________________ ____________________________________________ _____ __________ _________ __________ _________
Last name First name MI Suffix (Jr., III) Social Security number ____________________________________________________________________________________________________________________________ __________ _______________
Permanent street address (If your permanent street address is a P.O. Box, you must complete the physical street address section below.) Apt Years at address __________________________________________ __________ ______________________________ ____________ __________ __________ __________ ____________________
City State Zip Code Country Code Date of birth Relationship to student ____________________________________________________________________________________________________________________________ __________
Physical street address (If different from permanent address) Apt __________________________________________ __________ ______________________________ ____________
City State Zip Code Country Code _____________ __________ ____________________ __________ _____________ __________ ____________________ __________
Country Prefix Area Code Telephone Number Extension Country Prefix Area Code Telephone Number Extension
Permanent telephone number Mobile/cellular telephone number _________________________________________________________________________________________________________________________________________________________
E-mail address _________________________________________________________________________________________________________________________________________________________
Name of employer _________________________ _____ _______ _____________ __________ ____________________ __________ $_____________________
Occupation Years Months Country Prefix Area Code Telephone Number Extension Gross annual salary at present Work telephone number (Documentation employer required, see page 1.) How often paid?
weekly
bi-weekly
twice monthly
monthly $_____________________ ___________________ Alimony, child support, or separate Additional income Source of maintenance income need not be revealed additional income if you do not wish to have it considered as a basis for repaying this loan. Monthly payment amount $_______________ $_______________ _____________________________________________ Rent or Mortgage Name of mortgage holder Borrower citizenship information
YES, I am a U.S. citizen
NO, I am not a U.S. citizen but I am an eligible permanent resident
NO, I am NOT a U.S. citizen or permanent resident (See page 1, Who is eligible for EXCEL Preferred?) College information ____________________________________________________________ ____________________________________________________________ __________
College name College city State For the academic period from _____ _____ to _____ _____ Anticipated graduation date _____ _____ Month Year Month Year Month Year Grade Level
Undergraduate
Freshman
Sophomore
Junior
Senior
5th Year and beyond Graduate
1st Year
2nd Year
3rd Year
Beyond 3rd Year Loan request information $______________________________ Amount may be from $500 up to the certified cost of attendance less other financial aid received. If any borrower changes the loan amount, all borrowers must initial this field. Loan options Repayment options check one
Pay principal and interest while in school
Pay only interest while in school If you do not make a choice, you will pay only interest while in school. Interest rate options check one
Monthly Variable
Annual Variable If you do not make a choice, you will pay the Monthly Variable rate. APPLICATION SIDE ONE Continue to side two to complete application and sign ➔➔➔ Mail to: Nellie Mae, Private Loan Processing, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184 E
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L Preferred Loan Application and Promissory Note 200 6-200 7 Reference information Reference can be a relative, friend, co-worker, etc. who is not living with you.
Student, borrower, or co-borrower cannot be listed as a reference. ____________________________________________________________ ____________________________________________ _____ __________
Last name First name MI Suffix (Jr., III) ___________________________________________________________________________ __________ _____________ __________ ____________________ __________
Permanent street address (P.O. Boxes not accepted) Apt Country Prefix Area Code Telephone Number Extension Permanent telephone number __________________________________________ __________ ______________________________ ____________ ____________________________________
City State Zip Code Country Code Relationship to borrower Co-borrower information If no co-borrower, leave this section blank. If adding a second co-borrower, duplicate the co-borrower information fields on a separate page or print the form from www.nelliemae.com/coborrower2.pdf and attach. ____________________________________________________________ ____________________________________________ _____ __________ _________ __________ _________
Last name First name MI Suffix (Jr., III) Social Security number ____________________________________________________________________________________________________________________________ __________ _______________
Permanent street address (If your permanent street address is a P.O. Box, you must complete the physical street address section below.) Apt Years at address __________________________________________ __________ ______________________________ ____________ __________ __________ __________ ____________________
City State Zip Code Country Code Date of birth Relationship to student ____________________________________________________________________________________________________________________________ __________
Physical street address (If different from permanent address) Apt __________________________________________ __________ ______________________________ ____________
City State Zip Code Country Code _____________ __________ ____________________ __________ _____________ __________ ____________________ __________
Country Prefix Area Code Telephone Number Extension Country Prefix Area Code Telephone Number Extension
Permanent telephone number Mobile/cellular telephone number _________________________________________________________________________________________________________________________________________________________
E-mail address _________________________________________________________________________________________________________________________________________________________
Name of employer _________________________ _____ _______ _____________ __________ ____________________ __________ $_____________________
Occupation Years Months Country Prefix Area Code Telephone Number Extension Gross annual salary at present Work telephone number (Documentation employer required, see page 1.) How often paid?
weekly
bi-weekly
twice monthly
monthly $_____________________ ___________________ Alimony, child support, or separate Additional income Source of maintenance income need not be revealed additional income if you do not wish to have it considered as a basis for repaying this loan. Monthly payment amount $_______________ $_______________ _____________________________________________ Rent or Mortgage Name of mortgage holder Co-borrower citizenship information
YES, I am a U.S. citizen
NO, I am not a U.S. citizen but I am an eligible permanent resident
NO, I am NOT a U.S. citizen or permanent resident (See page 1, Who is eligible for EXCEL Preferred?) Signatures All borrowers must sign below. Notice to ALL BORROWERS CAUTION — IT IS IMPORTANT THAT YOU (a) Do not sign this before you read the Prom- this agreement and you may be entitled to a THOROUGHLY READ THE CONTRACT issory Note even if otherwise advised. partial refund of the finance charge. BEFORE YOU SIGN IT. (b) Do not sign this if it contains any blank spaces. I declare that the information provided above is (c) You are entitled to an exact copy of any true and complete to the best of my knowledge I, THE CO-BORROWER, HAVE READ THE agreement you sign. and belief. I have read the Promissory Note APPLICABLE COSIGNER NOTICE. (d) You have the right at any time to pay in accompanying this application and the Notice advance the unpaid balance due under to Cosigner(s). ______________________________________________________________________ ____________________________________________________________ _______________
Student signature Please print full name Date Promise to pay: Jointly and severally with the other signers below, I promise to pay the lender or any other holder of this loan all sums disbursed under the terms of the Promissory Note, plus interest and all other charges that may become due. The terms and conditions set forth in the Promissory Note constitute the entire agreement between us. ______________________________________________________________________ ____________________________________________________________ _______________
Borrower signature Please print full name Date ______________________________________________________________________ ____________________________________________________________ _______________
Co-borrower signature Please print full name Date ______________________________________________________________________ ____________________________________________________________ _______________
Second co-borrower signature Please print full name Date
If there is a second co-borrower, be sure to include requested information. Lender use only ______________________ ___________________________________________ ______________________________________________________________________
Source code School code Pre-approval code __________________________________________________________________________________________________________________________________________________
Originating lender APPLICATION SIDE TWO ©2006 Nellie Mae V06.02.01 Mail to: Nellie Mae, Private Loan Processing, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184 Sallie Mae Bank, Murray, UT c/o Nellie Mae, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184 WEB To check the status of your loan in process, log on to www.nelliemae.com. E
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L Preferred Loan Application and Promissory Note 200 6-200 7 3 What is the EXCEL Preferred Loan? The EXCEL Preferred ® Loan is a flexible, private education loan sponsored by Nellie Mae ® that complements the Federal Stafford and PLUS Loan programs. It is designed to help families with students who have borrowed their maximum allowed through the
Stafford Loan program but still have remaining college expenses. If the student has not completed a Master Promissory Note (MPN) for a Stafford Loan, please go to www.nelliemae.com and
download a form or complete a paper or electronic form by using Nellie Mae’s Stafford lender code: 829076. Who is eligible for EXCEL Preferred? Correspondence about this loan will be sent to the borrower. The student, borrower and co-borrower(s) all must sign the
application. The borrower and co-borrowers (cosigners) are all liable for this loan. Borrower and co-borrower(s):
✔ Must have good credit
✔ Should not have monthly debt payments exceeding 50% of gross monthly income ✔ Should have an annual income greater than $20,000 (borrowers earning less are asked to add
a co-borrower) ✔ Must be the age of majority
✔ Must have a Social Security number
✔ Either the borrower or co-borrower must be a U.S. citizen or an eligible permanent resident* * If applying as an eligible permanent resident, you must attach a copy of both sides of a current and valid CIS Form I-551, Resident Alien Card; or a Temporary CIS Form I-551; or Form I-90, Application to Replace Alien Registration Card. What documents must be submitted? Identification: All borrowers must submit a copy of one of the following documents for identity verification: ✔ Government-issued driver’s license or photo ID, or
✔ Government-issued passport Income: All borrowers must submit one of the following income verification documents with the completed application: ✔ A copy of your paycheck stub or letter from your employer, dated within the last 40 days, that identifies your name, company name and year-to-date earnings ✔ If self-employed, a copy of your federal income tax returns (with all schedules) for the last two years**, or a letter from your CPA with your most recent tax return stating length of self-employment in current profession and expected adjusted gross
income for the current year ✔ If the student is the primary borrower, a letter from your employer on company letterhead documenting: • that you are a permanent employee and will work while attending school
• your date of hire
• your expected income per pay period ✔ If retired, a copy of your current pension/retirement check, or a bank statement of direct deposit, or your most recent 1099 form **If you need to obtain copies of your federal tax returns, call the IRS at 800-829-1040. How to reach us Nellie Mae
50 Braintree Hill Park, Suite 300, Braintree, MA 02184 Phone: 888-2-TUITION
M-F 8am to 9pm ET (June – Sept.)
M-F 8am to 8pm ET (Oct. – May) E-mail: loancounselors@nelliemae.com Web site: www.nelliemae.com The student:
✔ Must have a Social Security number
✔ Must be enrolled at least half time in a degree-granting program at a Nellie Mae-approved institution Application checklist: remember to… ✔ complete all questions on the application ✔ sign the application (student and borrower[s]) ✔ enclose required income verification for borrower(s) ✔ enclose documentation if not a U.S. citizen ✔ enclose required identification document ✔ attach a separate page if including second co-borrower ✔ make a copy of the completed application and applicable co-borrower/co-signer notice for your records ✔ read and keep the Promissory Note for your records To check the status of your loan in process, log on to www.nelliemae.com. E
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L Preferred Loan Application and Promissory Note 200 6-200 7 4 What are the loan terms? Refer to the Promissory Note for complete details on loan terms and conditions. What are the repayment options? You may:
✔ Pay principal and interest while in school or
✔ Pay only interest while in school at least half time Repayment and APR examples These examples will help you estimate your monthly payment on your student loan. When your loan is approved, Nellie Mae will send you
a Note Disclosure Statement that will provide detailed information about your loan payments. The actual interest rate of your loan will be
set at the time your loan is made and will be subject to change monthly or annually, according to the interest rate option you select. The repayment examples assume a $10,000 loan, a 5% supplemental fee at disbursement paid out in a single disbursement, a
48-month in-school period and a constant interest rate of 7.50% 1 (Monthly Variable) or 9.75% 1 (Annual Variable). Monthly Variable Interest Rate Annual Variable Interest Rate Your interest rate will increase or decrease if the Prime Rate increases or decreases. The APR will change if the Prime Rate changes. 1 The Prime Rate in effect February 2006 is 7.25%. 2 Annual Percentage Rate (APR) represents the cost of your loan as a yearly rate. It is not the interest rate on your loan; it is calculated using your current interest
rate, your fee(s), and the number of years of repayment. Nellie Mae ® , the Nellie Mae logo, and EXCEL Preferred ® are registered service marks of Nellie Mae Corporation. © 2006 Nellie Mae 2/06. Terms Annual Loan Amount (The eligible loan amount certified by your school may be less than your request) $500 up to the cost of attendance less other financial aid received Aggregate Loan Amount No limit Supplemental Fee at Disbursement 5% Interest Rate Options Monthly Variable: Prime Rate + 0.25% Annual Variable: Prime Rate + 2.50% Repayment Period Up to 30 years Immediate repayment of principal and interest Monthly payment amount Months in repayment Total of payments APR 2 $83.78 240 $20,108 8.02% Paying only interest while in school Monthly payment amount Months in repayment Total of payments APR 2 $65.00
$83.78 48 in-school 240 $ 3,120
$20,108 7.94%
7.94% Paying only interest while in school Monthly payment amount Months in repayment Total of payments APR 2 $84.50
$98.65 48 in-school 240 $ 4,056
$23,673 10.25%
10.25% Immediate repayment of principal and interest Monthly payment amount Months in repayment Total of payments APR 2 $98.65 240 $23,673 10.32% E
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L Preferred Loan Application and Promissory Note 200 6-200 7 5 Promissory Note In this Promissory Note (“Note”) the words “I”, “me”, “my”,
“mine” and “we” mean any borrower and co-borrower(s) who
signed the application, unless the language specifically refers to
only one or the other. “You”, “your” and “yours” mean the lender
as listed on side two of the application and any subsequent
holder of this Note. A. PROMISE TO PAY
I promise to pay to your order according to the terms below:
the sum of the Loan Amount Requested to the extent it is
advanced to me, or on my behalf, which includes the Prepaid
Finance Charge (together the “Loan Amount”); other interest,
fees and charges accrued or Capitalized on the Loan Amount,
as described in this Note; and, in the event of Default, as
described in this Note, reasonable attorneys’ fees, court costs
and collection agency fees to the extent permitted by law. B. DEFINITIONS
1. Capitalized Interest and Other Amounts - From time to time,
interest, fees or charges due and not yet paid may be added,
without notice, to the principal amount of the loan. This addition
is called “capitalizing” and such amounts are considered to be
“Capitalized”. Since interest accrues on the outstanding princi-
pal balance, capitalizing increases the total cost of the loan.
2. Default - You may declare my loan in default following an
event described in Section J. Whole Loan Due except as
follows:
– IDAHO, IOWA, KANSAS, MAINE and SOUTH CAROLINA RESIDENTS ONLY: I will be in default if I fail to make a pay-
ment as required by this Note (or within 10 days of the time
required by this Note, for Iowa residents), or if the prospect of
my payment or performance is significantly impaired. The
burden of establishing the prospect of significant impairment
is on you. – WISCONSIN RESIDENTS ONLY: I will be in default (a) if I permit to be outstanding an amount exceeding one full pay-
ment which has remained unpaid for more than 10 days after
its scheduled due date or deferred due date, or I fail to pay
the first payment or the last payment within 40 days of its
scheduled due date or deferred due date, or (b) if I fail to
observe any other provision of this Note, the breach of which
materially impairs my ability to pay the amounts due under the
Note. 3. Disbursement Date - The date shown on the first Loan
check, including a bulk check payable to the school named on
the application (“School”), or the date the first Loan funds are
electronically transferred to the School.
4. Disclosure Statement - The Truth in Lending Disclosure that
will be sent at the time of my first disbursement and which is
hereby incorporated into this Note.
5. The terms “Interest”, “Monthly Variable Interest Rate”, “Annual
Variable Interest Rate”, “Prime Rate”, “Late Charges”,
“Supplemental Fee”, “Payment Return Fee” and “Collection
Costs” are defined in the Note sub-sections so titled. C. INTEREST
1. Accrual of Interest - Interest will accrue on the unpaid bal-
ance of the Loan from the Disbursement Date until payment in
full at the Monthly Variable Interest Rate described in paragraph 2 or the Annual Variable Interest Rate described in paragraph 3.
The interest rate will not exceed the maximum allowed by law.
2. Monthly Variable Interest Rate - If I selected the Monthly
Variable Interest Rate option on my application, or if I did not
make an interest rate selection on my application, I will pay
interest at a rate equal to the Prime Rate plus 0.25%. The
Monthly Variable Interest Rate will be determined monthly on
the next to the last New York business day of the prior month
and will be rounded to the nearest one-fourth of one percent
(0.25%). Any change to my Interest Rate will take effect on the
first of the month. A New York business day is defined as any
day that is not a Saturday, Sunday, holiday or other day on
which banking institutions in New York are authorized or
ordered to close by law or executive order.
3. Annual Variable Interest Rate - If I selected the Annual
Variable Interest Rate option on my application, I will pay at the
Annual Variable Interest Rate which is equal to the Prime Rate
+ 2.50%, rounded to the nearest one-fourth of one percent
(0.25%). The Annual Variable Interest Rate is determined
annually the last New York business day of the preceding July
and takes effect on August 1.
4. Prime Rate - Prime Rate means the highest U.S. Prime Rate
as published in The Wall Street Journal under the “Money
Rates” section. If The Wall Street Journal is not published or
the U.S. Prime Rate is not stated, then the Prime Rate will be
determined by using the immediately preceding published U.S.
Prime Rate. If the U.S. Prime Rate ceases to be available, you
will choose a comparable substitute.
5. Election to change interest rate option - I may change the
interest rate option I have selected by notifying you in writing by
July 1. The change will be effective on the next August 1. If I
make a change, you will adjust my monthly payment to pay the
balance of the principal and interest of this loan by the end of
the initial principal repayment period (see Section D.5). A
change of my interest rate option at any other time will only
be granted at your option for a fee of 3% of the outstanding
principal of my loan.
6. Interest after Default - I will pay interest after Default at a rate
equal to the regular interest rate I chose for this loan plus 2%. D. TERMS OF REPAYMENT
1. Payment due date - My loan payments are due on the date
specified by you. All payments must be made in U.S. dollars at
the address specified by you.
2. Repayment election: pay principal and interest while in
school - If I elected to pay principal and interest while the
student is in school, I agree to repay this loan in consecutive
monthly payments of principal and interest beginning within 45
days from the Disbursement Date.
3. Repayment election: pay only interest while in school - If I
elected to pay only interest while the student is in school or if I
did not make a choice, I will pay only interest on my loan for up
to 4 years while the student is continuously enrolled at least half
time in school. I must begin to pay principal and interest in
consecutive monthly installments no later than 4 years from the
Disbursement Date or 45 days after the student graduates or is
no longer continuously enrolled at least half time in school,
whichever is earlier.
4. Initial principal repayment period - I agree to repay my loan
within the initial principal repayment period which begins on the E
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L Preferred Loan Application and Promissory Note 200 6-200 7 6 date on which principal payments begin, and is based on the
principal amount of my loan at that time as follows: Principal amount/Initial principal repayment period
$500 to $2,999/up to 4 years (see Section D.7)
$3,000 to $3,999/6 years
$4,000 to $7,499/10 years
$7,500 to $9,999/15 years
$10,000 to $39,999/20 years
$40,000 to $59,999/25 years
$60,000 and above/30 years 5. Maximum repayment period and amount - Under the Monthly
Variable Interest Rate option, the maximum repayment period is
30 years. If the interest rate changes, my monthly payment
amount will stay the same, but I will be required to make more
or fewer payments than would otherwise be required. If the
interest rate increases so that my monthly payment is not
enough to pay my principal and interest within 30 years or with-
in twice the initial principal repayment period, whichever is less,
you will increase my monthly payment to an amount that will do
so.
Under the Annual Variable Interest Rate option, the maximum
Repayment Period is my initial principal repayment period, as
defined above. You will adjust my monthly payment on each
August 1 to an amount which will amortize the balance of my
loan in equal monthly payments for the remainder of the initial
principal repayment period, based upon the current Annual
Variable Interest Rate set by you. Increases in the interest rate
will increase the amount of my payments.
6. Amounts Owing at the End of the Repayment Period -
Since interest accrues daily upon the unpaid principal balance
of my loan, if I make payments after my payment due dates, I
may owe additional principal and interest, fees and charges at
the end of the Repayment Period.
7. General - I may increase my monthly payment amount at any
time. My monthly payment will never be less than $50, unless
the balance due is less than $50. You may, at your option,
schedule my monthly payment based on a minimum of $50 per
account rather than per loan which may extend the repayment
term on my loan(s). If I wish to modify this Note to increase my
monthly payment amounts, I must call 1-888-2SALLIE.
8. Loan payments will be applied first to applicable fees, next to
accrued interest, and then to principal (including Capitalized
Interest) as permitted by applicable law. Payments in excess of
the amount due will advance the next payment due date by
the number of whole payments satisfied by the extra funds.
(For example, if my payment amount is $100, I am not delin-
quent and I pay $400 for the month of January, my next pay-
ment due date will be May.)
9. Graduated Repayment Option - I may choose a graduated
repayment option, if available. If I convert to this option, I will
notify you in writing.
10. If I wish to make a payment in satisfaction of a disput-
ed amount or balance, I must send it to P.O. Box 3800,
Wilkes-Barre, PA 18773-3800 with a letter of explanation. To
the extent permitted by law, you may accept late payments, par-
tial payments, or payments marked “payment in full” or having
similar language, without waiving your rights under this Note. E. LATE CHARGES
If my payment (or any part of my payment) is more than 15
days late, I will pay a late charge of either $15 or 5% of the
amount that is late, whichever is less. F. SUPPLEMENTAL FEE
1. Fee at Disbursement - You may charge an amount equal to
the Supplemental Fee in effect at disbursement of my loan.
This fee will be identified on my Disclosure Statement as the
Supplemental Fee paid or Prepaid Finance Charge. At the time
you issue any disbursement, you may either deduct from the
disbursement or add to the Loan Amount Requested an
amount equal to the Supplemental Fee.
2. I understand and agree that the Supplemental Fee is earned
when assessed and is not subject to rebate if I prepay my loan. G. CHARGES FOR OPTIONAL SERVICES
If I request and you agree to provide optional services to me in
connection with my loan, you may charge me and I agree to pay
the fees for such services. The fee will be disclosed to me
before I accept any such service and will not exceed the
amount then set by the lender for such service. Optional serv-
ices may include, but are not limited to: (a) allowing me to make
an expedited payment on my loan; (b) sending documents to
me by express delivery or facsimile transmission; and (c) allow-
ing me to forbear payments on my loan. H. PAYMENT RETURN FEE
If I make a payment and that payment is returned or refused by
my bank for any reason, I agree to pay a charge of up to
$20.00 for each payment so returned. Such Payment Return
Fee may be Capitalized. I. RIGHT TO PREPAY
I have the right to prepay all or any part of my loan at any
time without penalty. J. WHOLE LOAN DUE
Subject to Section B.2, you have the right to give me notice
that the whole outstanding principal balance, accrued interest,
and all other amounts payable to you under the terms of this
Note are due and payable at once and to cease to make any
further disbursements to me, if:
1. I fail to make any payment to you when due; or
2. I fail to provide a notice required in Section L.1 on time; or
3. I break any of my other promises in this Note; or
4. Any bankruptcy proceeding is begun by or against me, or I
assign any of my assets to or for the benefit of my creditors, and
such proceeding has not been dismissed within 60 days; or
5. I make any false written statement in applying for this loan or
at any time during repayment; or
6. I die or any co-borrower dies; or
7. I am in Default on any loans I may already have with you, or
on any loans I may have with you in the future.
My failure to receive a statement does not relieve me of my obli-
gation to make my required loan payments in accordance with
the terms and conditions of this Note. If any of the listed events
occur, I will be required to pay interest on this loan accruing
afterwards at a rate equal to the regular interest rate applicable
to this loan prior to such event plus 2%. The interest rate will be
subject to adjustment in the same manner as before. K. COLLECTION COSTS
If I am in Default, I agree to pay you reasonable amounts permit-
ted by law, including collection agency fees, outside attorneys’
fees and court costs, which you incur in enforcing the terms of
this Note. Any such amounts include fees and costs incurred in
connection with any appellate or bankruptcy proceedings. E
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L Preferred Loan Application and Promissory Note 200 6-200 7 7 L. NOTICES
1. I will send written notice to you, or any subsequent holder of
this Note, within 10 days after any change in my name, address,
telephone number or School enrollment status.
2. Any notice required to be given to me by you will be effective
when mailed to the latest address you have for me.
3. You may report the status of this loan to the School and
to any credit bureaus. Late payments, missed payments, or
other defaults on my account may be reflected in my credit
bureau report.
4. I understand that the following notice is required by federal
law. [For purposes of this notice, the words “you” and “yours”
mean the co-borrower(s) who signed the application.] NOTICE TO CO-BORROWER:
You are being asked to guarantee this debt. Think
carefully before you do. If the borrower doesn't pay the
debt, you will have to. Be sure you can afford to pay if
you have to, and that you want to accept this responsi-
bility.
You may have to pay up to the full amount of the debt if
the borrower does not pay. You may also have to pay
late fees or collection costs, which increase this
amount.
The lender can collect this debt from you without first
trying to collect from the borrower. The lender can use
the same collection methods against you that can be
used against the borrower, such as suing you, garnish-
ing your wages, etc. If this debt is ever in default, that
fact may become a part of your credit record.
This notice is not the contract that makes you liable for
the debt. 5. I understand that the following notice is required by federal
law and is only applicable to loans issued to finance education-
al expenses at for-profit educational institutions or institutions
otherwise subject to the FTC Holder Rule under 16 C.F.R.
§433.2. NOTICE:
ANY HOLDER OF THIS CONSUMER CREDIT
CONTRACT IS SUBJECT TO ALL CLAIMS
AND DEFENSES WHICH THE DEBTOR
COULD ASSERT AGAINST THE SELLER OF
GOODS OR SERVICES OBTAINED WITH
THE PROCEEDS HEREOF. RECOVERY
HEREUNDER BY THE DEBTOR SHALL NOT
EXCEED AMOUNTS PAID BY THE DEBTOR
HEREUNDER. 6. State-specific notices: I understand that the following notices
are required by or are necessary under state law and that these
notices may not describe all of the rights that I have under state
or federal law. Unless otherwise indicated, each notice applies
to borrowers and cosigners who live in the indicated state on
the date that they sign this Note and to borrowers and cosign-
ers who are residents of that state.
– CALIFORNIA RESIDENTS ONLY: A married applicant may apply for a separate account. – CALIFORNIA and UTAH RESIDENTS ONLY: As required by California and Utah law, I am hereby notified that a negative
credit report reflecting on my credit record may be submitted
to a credit reporting agency if I fail to fulfill the terms of my
credit obligations. – IOWA and KANSAS RESIDENTS ONLY: (For purposes of the following notice to Iowa and Kansas residents, “you”
means the borrower and co-borrower, not the lender.)
NOTICE TO CONSUMER 1. Do not sign this paper before
you read it. 2. You are entitled to a copy of this paper. 3. You
may prepay the unpaid balance at any time without penalty
and may be entitled to receive a refund of unearned charges
in accordance with law. – MARYLAND RESIDENTS ONLY: You elect to make this loan pursuant to Subtitle 10 (Credit Grantor Closed End Credit
provisions) of Title 12 of the Maryland Commercial Law
Article only to the extent that such provisions are not incon-
sistent with your authority under federal law (12 U.S.C. §85,
§1463(g), or §1831d, as appropriate) and related regulations
and interpretations, which authority you expressly reserve. – MASSACHUSETTS RESIDENTS ONLY: Massachusetts law prohibits discrimination based upon marital status or sexual
orientation. – MISSOURI RESIDENTS ONLY: ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY,
EXTEND CREDIT OR FORBEAR FROM
ENFORCING REPAYMENT OF DEBT INCLUD-
ING PROMISES TO EXTEND OR RENEW
SUCH DEBT ARE NOT ENFORCEABLE. TO
PROTECT YOU [BORROWER(S)] AND US
(CREDITOR) FROM MISUNDERSTANDING OR
DISAPPOINTMENT, ANY AGREEMENTS WE
REACH COVERING SUCH MATTERS ARE
CONTAINED IN THIS WRITING, WHICH IS THE
COMPLETE AND EXCLUSIVE STATEMENT OF
THE AGREEMENT BETWEEN US, EXCEPT
AS WE MAY LATER AGREE IN WRITING TO
MODIFY IT. – NEVADA RESIDENTS ONLY: This is a loan for study.
– NEW JERSEY RESIDENTS ONLY: The section headings of the Note are a table of contents and not contract terms.
Portions of this Note with references to actions taken to the
extent of applicable law apply to acts or practices that New
Jersey law permits or requires. In this Note, acts or practices
(i) by you which are or may be permitted by “applicable law”
are permitted by New Jersey law, and (ii) that may or will be
taken by you unless prohibited by “applicable law” are permit-
ted by New Jersey law. – NEW YORK, RHODE ISLAND and VERMONT RESIDENTS ONLY: I understand and agree that you may obtain a con-
sumer credit report in connection with this application and in
connection with any updates, renewals or extensions of any
credit as a result of this application. If I ask, I will be informed
whether or not such a report was obtained and, if so, the
name and address of the agency that furnished the report. I
also understand and agree that you may obtain a consumer
credit report in connection with the review or collection of any
loan made to me as a result of this application or for other
legitimate purposes related to such loans. E
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L Preferred Loan Application and Promissory Note 200 6-200 7 8 – OHIO RESIDENTS ONLY: The Ohio laws against discrimi- nation require that all creditors make credit equally available
to all creditworthy customers, and that credit reporting agen-
cies maintain separate credit histories on each individual
upon request. The Ohio Civil Rights Commission administers
compliance with this law. – VERMONT RESIDENTS ONLY: (For the purpose of the fol- lowing notice to Vermont residents, “your” and “you” means
any co-borrower, not the lender.) NOTICE TO COSIGN- ER: YOUR SIGNATURE ON THIS NOTE
MEANS THAT YOU ARE EQUALLY LIABLE FOR
REPAYMENT OF THIS LOAN. IF THE BOR-
ROWER DOES NOT PAY, THE LENDER HAS A
LEGAL RIGHT TO COLLECT FROM YOU. – WISCONSIN RESIDENTS ONLY: For married Wisconsin residents, my signature confirms that this loan obligation is
being incurred in the interest of my marriage or family. No pro-
vision of any marital property agreement, unilateral statement
under §766.59 of the Wisconsin Statutes or court decree
under §766.70 adversely affects your interest unless, prior to
the time that the loan is approved, you are furnished with a
copy of the marital property agreement, statement, or decree
or have actual knowledge of the adverse provision. My
spouse has actual knowledge that this credit is being extend-
ed to me and has waived the requirements of Wisconsin
Statute §766.56(3)(b), as acknowledged by his or her
signature on the attached Notice to Married Wisconsin
Residents. M. ADDITIONAL AGREEMENTS
1. I understand that when you accept the attached signed
application, you are not agreeing to lend me money, and I
am not bound to these credit terms, and that there will be
no such agreement until the later of the time the first dis-
bursement of the loan is made or my right to cancel as
described in paragraph 4 has expired. You have the right to
lend an amount less than the Loan Amount Requested or to
accept or reject my application. You also have the right to can-
cel any undisbursed amount if: (a) the student ceases to be
enrolled (at least half time) at the School; or (b) any co-borrow-
er notifies you that he or she no longer wants to repay the
amount not yet disbursed; or (c) an event occurs as described
in Section J.; or (d) the School ceases to be eligible to partici-
pate in the EXCEL Preferred Loan program.
2. If this Note is assigned, the assignee will become the owner
of this Note and will have all your rights to enforce this Note
against me.
3. I understand that the lender is located in the State of
Utah and this Note will be entered into in the same State.
Consequently, the provisions of this Note will be governed
by federal laws and the laws of that State to the extent not
pre-empted, without regard to conflict of laws rules.
4. Upon receipt of the Disclosure Statement, I will review it and
if I am not satisfied with the terms of my loan as approved, I
may cancel this Note and all disbursements. To cancel this
Note, I will contact you within 3 days of receipt by me of the
loan check and I will not cash any loan checks, or if funds are
transmitted electronically, I will instruct the School, within 3
days of receipt by me of the Disclosure Statement, to return the
funds to you. I understand and agree that if the information on my Disclosure Statement conflicts with the information in this
Note, the information on the Disclosure Statement applies.
5. By accepting past due payments you do not waive or affect
any right to accelerate this Note. I waive any notice of dishonor,
notice of protest, presentment, demand for payment, and all
other notices or demands in connection with this Note and con-
sent to the addition of a party who will be liable upon this loan
or any other loans I have outstanding under the program, to any
and all extensions, renewals, or releases of any party liable upon
this loan or any other loans I have outstanding under the pro-
gram, and to any waiver or modification that may be granted by
you, all without affecting or releasing any borrower or co-bor-
rower from such loans. My responsibility for repaying this loan is
not affected by the liability of any other person to you or by your
failure to notify me that a payment has not been made.
6. If any provision of this Note is held invalid or unenforceable,
that provision shall be considered omitted from this Note without
affecting the validity or enforceability of the remainder of this
Note.
7. This Note may be modified only if you put the modification in
writing and the modification is agreed to by any borrower or co-
borrower. Any such modification does not require the consent
of any other borrower or co-borrower and will not affect the
validity or enforceability of the remainder of this Note.
8. I understand that this loan is an educational loan and is made
under a program that includes Stafford Loans and other loans
and which is funded in part by non-profit organizations, includ-
ing governmental units and, therefore, is not dischargeable in
bankruptcy, except pursuant to 11 U.S.C., and is a qualified
education loan as described in section 221(a)(1) §523(a)(8).
Any communication with you required or permitted under the
Federal Bankruptcy Code must be in writing, must include
my account number, and must be sent to P.O. Box 9400,
Wilkes-Barre, PA 18773-9400.
9. I acknowledge that I have received a true and exact copy of
this Note.
10. I may not assign this Note or any of its benefits or obliga-
tions. You may assign this Note at any time. The obligations of
this Note will be binding on my estate.
11. Your failure to exercise any right hereunder does not consti-
tute a waiver thereof. All waivers must be in writing.
12. I hereby waive all my defenses to this Note based on
suretyship.
13. I understand that you may use automated telephone dialing
equipment or an artificial or prerecorded voice message to con-
tact me in connection with this loan or loan application.
You may contact me at any telephone number I provide in this
application or I provide in the future, even if that number is a
cellular telephone number.
14. A photocopy, facsimile, electronic or other copy of the
Disclosure, this Note or any Co-borrower Notice shall have
the same effect for all purposes as the original and a photo-
copy, facsimile, electronic or other copy of my signature on
the Disclosure, this Note or any Co-borrower Notice shall be
binding on me. N. CERTIFICATION AND CONSENT TO INFORMATION
SHARING
1. I certify that the information contained in the application is
true, complete and correct to the best of my knowledge and
belief and is made in good faith, that I am eligible for this loan
and that I will repay it according to the terms of this Note. I E
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L Preferred Loan Application and Promissory Note 200 6-200 7 9 understand and agree that my lender will be as listed on the
attached application. I hereby grant you a security interest in
and authorize the School to pay to you any refund that may be
due me up to the amount of this loan. I understand that I must
immediately repay any funds that I receive which cannot reason-
ably be attributed to meeting my educational expenses related
to attendance at the School. At your option, you may either
electronically transmit funds to the School to be applied to the
student’s account, or if you issue checks, you may issue a
check jointly payable to me and the School, or payable only to
the School and send it to the School. If funds are electronically
transmitted, or issued via bulk check, I hereby authorize the
School to transfer the funds to the student’s account at the
School. I understand that failure to complete the educational
program undertaken by the student does not relieve me of any
obligation under this Note.
2. I authorize any school that the student may attend to
release to you, your agents, the U.S. Department of
Education, and the guarantor or their agents, if any, any
requested information pertinent to this loan (e.g., employ-
ment, enrollment status, current address) and to advise you
whether I am eligible for a future loan. I authorize you, your
agents, the guarantor or its agents, if any, to check my
credit and employment history for this loan and for future
loans that may be offered to me, to answer questions
about their credit experience with me, and to release the
results of the credit review process to the School. I further
authorize you to release any other information on this loan
to the School, to other schools the student has attended
for which I have taken out a student loan, and to the guar-
antor, if any.
3. I consent to the sharing of any information about this
loan with my parent, guardian, child, spouse or sibling who
complies with your procedures unless I revoke this consent
or unless prohibited by law. I understand that I may revoke
this consent by contacting the servicer at 1-888-2SALLIE or
P.O. Box 9500, Wilkes-Barre, PA 18773-9500.
4. I certify that all of the loan proceeds are solely to pay for the
student’s qualified higher education expenses at the School.
5. I also certify that: I have read the materials explaining the loan
program that have been provided to me; I have read, under-
stand and agree to the provisions of the program, my responsi-
bilities and my rights under this program, the terms of this Note
and this “Certification and Consent to Information Sharing” and
that the program is funded in part by non-profit organizations. O. CORRECTION OF ERRORS
All parties to this Note agree to cooperate fully and adjust all
typographical, computer, calculation or clerical errors discov-
ered in any or all of the loan documents including the
Application, Note and Disclosure Statement. In the event this
procedure is used, all parties involved will be notified and
receive a corrected copy of the changed document. P. BORROWER/CO-BORROWER/STUDENT RELEASE
I agree that if any co-borrower applicant fails to qualify for this
loan, said co-borrower applicant will be released from liability
hereunder, but this Note will still bind the borrower and any
remaining co-borrower. As co-borrower, I agree that if the
borrower is released from liability on this loan for any reason,
including infancy, I hereby consent to such release and to my
continued liability for this loan after such release. Q. ARBITRATION AGREEMENT – READ CAREFULLY
You and I agree that either party may elect to arbitrate and
require the other party to arbitrate any Claim under the follow-
ing terms and conditions. This Arbitration Agreement is part of
the EXCEL Preferred Loan Promissory Note (“Note”).
1. RIGHT TO REJECT - I may reject this Arbitration Agreement
by sending you a rejection notice by certified or registered mail
or by messenger service within 60 days after the date of my
first disbursement. Any Rejection Notice must include my name,
address, telephone number and loan or account number, and
must be sent to Sallie Mae Servicing, PO Box 59030, Panama
City, FL 32412
2. IMPORTANT WAIVERS AND WARNING - If you or I elect to
arbitrate a Claim, you and I both waive the right to: (A) have a
court or a jury decide the Claim; (B) participate in a class action
in court or in arbitration, either as a class representative or a
class member, or act as a private attorney general in court or in
arbitration (the “Class Action Waiver”); (C) join or consolidate
Claim(s) with claims involving any other person; or (D) obtain
information except as provided herein. WARNING: Other rights
are more limited or not available in arbitration.
3. DEFINITIONS - In this Arbitration Agreement, the following
definitions will apply:
– “I,” “me” and “my” mean each and every Borrower and Co-borrower on the Note; the Student on whose behalf the
proceeds of the Note have been advanced; and the heirs,
executors and assigns of all of the foregoing. – “You,” “your” and “yours” mean the Lender; Sallie Mae, Inc.; any Sallie Mae affiliate or subsidiary; all of their parents, wholly
or majority owned subsidiaries and affiliates; any predeces-
sors, and successors of these entities; and all officers, direc-
tors and employees thereof. It also includes any party named
as a co-defendant with you in a Claim asserted by me, such as
investors or potential investors, credit bureaus, credit insur-
ance companies, closing agents, escrow agents, insurance
agents, loan originators, rating agencies, loan servicers, debt
collectors, loan guarantors, performance bond trustees, tuition
recovery funds, the School, and any of the School’s financial
aid offices or officers. – “Administrator” means, as applicable, the American Arbitration Association, 335 Madison Avenue, New York, NY
10017, www.adr.org, (800) 778-7879, or the National
Arbitration Forum, P.O. Box 50191, Minneapolis, MN 55405,
www.arb-forum.com, (800) 474-2371, provided that the
Administrator must not have in place a formal or informal poli-
cy that is inconsistent with and purports to override the terms
of this Arbitration Agreement. – “Claim” means any claim, dispute or controversy between you and me that arises from or relates in any way to the Note,
including any dispute arising before the date of this
Arbitration Agreement and any dispute relating to: (1) the
Note and any applications, disclosures and other documents
relating in any way to the transactions evidenced by the Note;
(2) any insurance or other service or product offered or made
available by or through you in connection with the Note, and
any associated fees or charges; and (3) any documents,
instruments, advertising or promotional materials that contain
information about the Note or any associated insurance or
other service or product. This includes, without limitation,
disputes concerning the validity, enforceability, arbitrability or
scope of this Arbitration Agreement or the Note; disputes
involving alleged fraud or misrepresentation, breach of con-
tract, negligence or violation of statute, regulation or common E
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L Preferred Loan Application and Promissory Note 200 6-200 7 10 law; and disputes involving requests for injunctions or other
equitable relief. However, “Claim” does not include any indi-
vidual action brought by me in small claims court or my
state’s equivalent court, unless such action is transferred,
removed, or appealed to a different court. “Claim” does not
include any challenge to the validity and effect of the Class
Action Waiver, which must be decided by a court. 4. STARTING AN ARBITRATION - To initiate an arbitration, you
or I must give written notice of an election to arbitrate. This
notice may be given after a lawsuit has been filed and may be
given in papers or motions in the lawsuit. If such a notice is
given, the Claim shall be resolved by arbitration under this
Arbitration Agreement and the applicable rules of the
Administrator then in effect. I must select the Administrator
when I give notice of my election to arbitrate or within 20 days
of your notice; otherwise, you will select the Administrator. The
arbitrator will be selected under the Administrator’s rules,
except that the arbitrator must be a lawyer with at least ten
years of experience or a retired judge.
5. LOCATION AND COSTS - Any arbitration hearing that I
attend will take place in a location that is reasonably convenient
to me. You will consider (and generally honor) any good faith
request by me for you to bear the fees charged by the
Administrator and the arbitrator and will always pay the fees if
required by applicable law. You will not seek reimbursement
from me of fees you are required to pay or agree to pay on my
behalf. Each party must pay the expense of that party’s attor-
neys, experts and witnesses, regardless of which party prevails
in the arbitration, unless applicable law otherwise provides.
6. DISCOVERY; GETTING INFORMATION - Either party may
obtain from the other party prior to the hearing any information
available under the Administrator’s rules or any information the
arbitrator determines should be made available.
7. EFFECT OF ARBITRATION AWARD - Any court with juris-
diction may enter judgment upon the arbitrator’s award. The
arbitrator’s award will be final and binding, except for: (A) any
appeal right under the Federal Arbitration Act, 9 U.S.C. §§1 et
seq. (the “FAA”); and (B) Claims involving more than $50,000.
For Claims involving more than $50,000, any party may appeal
the award to a three-arbitrator panel appointed by the
Administrator, which will reconsider de novo any aspect of the
initial award that is appealed. The panel’s decision will be final
and binding, except for any appeal right under the FAA. Except
as provided above under the caption “Location and Costs,” the
appealing party will pay the Administrator’s and arbitrator’s
costs of the appeal.
8. GOVERNING LAW - This Arbitration Agreement is made
pursuant to a transaction involving interstate commerce and
shall be governed by the FAA, and not by any state law con-
cerning arbitration. The arbitrator shall follow applicable sub-
stantive law to the extent consistent with the FAA, applicable
statutes of limitation and applicable privilege rules, and shall be
authorized to award all remedies permitted by applicable sub-
stantive law, including, without limitation, compensatory, statuto-
ry and punitive damages (subject to constitutional limits that
would apply in court), declaratory, injunctive and other equitable
relief, and attorneys’ fees and costs. Upon the timely request of
either party, the arbitrator shall write a brief explanation of the
basis of his or her award.
9. SURVIVAL, SEVERABILITY, PRIMACY - This Arbitration
Agreement shall survive my full payment of the Note; your sale or
transfer of the Note; any legal proceeding to collect a debt owed by me; any bankruptcy or insolvency; any forbearance or modifi-
cation granted pursuant to the Note; and any cancellation, or
request for cancellation, of any or all disbursements under the
Note. If any portion of this Arbitration Agreement cannot be
enforced, that portion will be severed, and the rest of the
Arbitration Agreement will continue to apply, provided that the
entire Arbitration Agreement shall be null and void if the Class
Action Waiver is held to be invalid with respect to any class or
representative Claim, subject to any right to appeal such hold-
ing. In the event of any conflict or inconsistency between this
Arbitration Agreement and the Administrator’s rules or the Note,
this Arbitration Agreement will govern; in the event of any con-
flict or inconsistency between the Administrator’s rules and the
Note, the Administrator’s rules will govern. IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A NEW ACCOUNT
Federal law requires all financial institutions to obtain, verify,
and record information that identifies each person who
opens an account. What this means for me: When I apply for a student loan,
you will ask for my name, address, date of birth, and other
information that will allow you to identify me. You may
also ask to see my driver’s license or other identifying
documents. Co-borrower(s): Please read your state-specific notice, then sign, date and return to: Nellie Mae, Private Loan Processing, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184 Retain a copy for your records. Name of lender: SALLIE MAE BANK Loan confirmation#: _______________________________________ NOTICE TO CALIFORNIA COSIGNER (Traduccion en Ingles Se Requiere Por La Ley) You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn’t pay the debt, you will
have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or
collection costs, which increase this amount. The creditor can collect this debt from you without first trying to collect from the borrower. The creditor can use the same
collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If
this debt is ever in default, that fact may become a part of your credit record. This notice is not the contract that makes you liable for the debt. I have kept a completed copy of this notice and the promissory note that obligates me and the Borrower on this debt. _________________________________________________________________________________________________________
Signature of Cosigner Date _________________________________________________________________________________________________________
Printed name of Cosigner AVISO PARA EL FIADOR DE CALIFORNIA (Spanish Translation Required by Law) Se le está pidiendo, que garantice esta deuda. Piénselo con cuidado antes de ponerse de acuerdo. Si la persona que ha
pedido este préstamo no paga la deuda, usted tendrá que pagarla. Esté seguro de que usted podrá pagar si sea obligado
a pagarla y de que usted desea aceptar la responsabilidad. Si la persona que ha pedido el préstamo no paga la deuda, es posible que usted tenga que pagar la suma total de la
deuda, mas los cargos por tardarse en el pago o el costo de cobranza, lo cual aumenta el total de esta suma. El acreedor (financiero) puede cobrarle a usted sin, primeramente, tratar de cobrarle al deudor. Los mismos metodos de
cobranza que pueden usarse contra el deudor, podran usarse contra usted, tales como presentar una demanda en corte,
quitar parte de su sueldo, etc. Si alguna vez no se cumpla con la obligación de pagar esta deuda, se puede incluir esa
información en la historia de credito de usted. Este aviso no es el contrato mismo en que se le echa a usted la responsabilidad de la deuda. Recibi una copia de este aviso. _________________________________________________________________________________________________________
Firma de Fiador Fecha _________________________________________________________________________________________________________
Escribir Nombre de Fiador V.0206 11 E
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L Preferred Loan Application and Promissory Note 200 6-200 7 Co-borrower(s): Please read your state-specific notice, then sign, date and return to: Nellie Mae, Private Loan Processing, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184 Retain a copy for your records. NOTICE TO CO-BORROWER(S) — SUPPLEMENT TO APPLICATION AND PROMISSORY NOTE for IOWA, NEW YORK and SOUTH CAROLINA RESIDENTS You agree to pay the debt identified below although you may not personally receive the education or money. You may be sued for payment although the person who receives the education or money is able to pay. You should know that the Loan Amount listed below does not include finance charges resulting from delinquency, late charges, repossession or foreclosure costs, court costs, or attorney's fees or other charges that are stated in the note. You may also have to pay some or all of these costs and charges if the note that you are guaranteeing requires the borrower to pay such costs and charges. You will receive a disclosure of the approved loan amount when the loan is disbursed. This notice is not the note that obligates you to pay the debt. Read the promissory note for the exact terms of your obligation. IDENTIFICATION OF DEBT YOU MAY HAVE TO PAY ___________________________________________________________ _________________________________________________________________
(Name of Borrower) (Name of Lender) ___________________________________________________________ _________________________________________________________________
(Kind of Debt) (Amount of Loan) Loan Confirmation # ________________________________________________________________________________________________________________ I have kept a complete copy of this notice and the promissory note that obligates me and the Borrower on this debt. _________________________________________________ ___________
Signature of Co-borrower Date ______________________________________________________________
Printed Name of Co-borrower $ Will be disclosed to you SALLIE MAE BANK V.0206 EXCEL Preferred Loan E
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L Preferred Loan Application and Promissory Note 200 6-200 7 12 Co-borrower(s): Please read your state-specific notice, then sign, date and return to: Nellie Mae, Private Loan Processing, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184 Retain a copy for your records. NOTICE TO CO-BORROWER(S) For WEST VIRGINIA RESIDENTS You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn’t pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount. The creditor can collect this debt from you without first trying to collect from the borrower. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become a part of your credit record. This notice is not the contract that makes you liable for the debt. IDENTIFICATION OF DEBT YOU MAY HAVE TO PAY ___________________________________________________________ _________________________________________________________________
(Name of Borrower) (Name of Lender) ___________________________________________________________ _________________________________________________________________
(Kind of Debt) (Amount of Loan) Loan Confirmation # _________________________________________________________________________________________________________________ I have kept a complete copy of this notice and the promissory note that obligates me and the Borrower on this debt. _________________________________________________ ___________
Signature of Co-borrower Date ______________________________________________________________
Printed Name of Co-borrower $ Will be disclosed to you SALLIE MAE BANK V.0206 EXCEL Preferred Loan E
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L Preferred Loan Application and Promissory Note 200 6-200 7 13 Co-borrower(s): Please read your state-specific notice, then sign, date and return to: Nellie Mae, Private Loan Processing, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184 Retain a copy for your records. NOTICE TO CO-BORROWER(S) For WISCONSIN RESIDENTS EXPLANATION OF PERSONAL OBLIGATION You have agreed to pay the total of payments under a consumer credit transaction between the Borrower and Lender named below. You will be liable and fully responsible for payment of this loan even though you will not receive the education or loan funds. You may be sued in court for the payment of the amount due under this consumer credit transaction even though the Borrower may be working or have funds to pay the amount due. This Explanation is not the agreement under which you are obligated, and the application/ promissory note you have executed must be consulted for the exact terms of your obligations. IDENTIFICATION OF DEBT YOU MAY HAVE TO PAY ___________________________________________________________ _________________________________________________________________
(Name of Borrower) (Name of Lender) ___________________________________________________________ _________________________________________________________________
(Kind of Debt) (Amount of Loan) Loan Confirmation # _________________________________________________________________________________________________________________ I have kept a complete copy of this notice and the promissory note that obligates me and the Borrower on this debt. _________________________________________________ ___________
Signature of Co-borrower Date ______________________________________________________________
Printed Name of Co-borrower $ Will be disclosed to you SALLIE MAE BANK V.0206 EXCEL Preferred Loan E
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L Preferred Loan Application and Promissory Note 200 6-200 7 14 If any borrower is a married Wisconsin resident, your spouse must sign, date and return to: Nellie Mae, Private Loan Processing, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184 Retain a copy for your records. E
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L Preferred Loan Application and Promissory Note 200 6-200 7 NOTICE TO MARRIED WISCONSIN RESIDENTS Spouses of married Wisconsin residents must read the Note and then sign below to acknowledge having actual knowledge
of the credit being extended under this Note and having waived the notice requirements of Wisconsin Statute Section
§766.56(3)(b). If Student Borrower Married ____________________________________________________ _________________________________________________
Printed name of WI Borrower Social Security number of Borrower ____________________________________________________ _________________________________________________
Printed name of WI Borrower’s Spouse Signature of Borrower’s Spouse Date If Co-borrower Married ____________________________________________________ _________________________________________________
Printed name of WI Co-borrower Social Security number of Co-borrower ____________________________________________________ _________________________________________________
Printed name of WI Co-borrower’s Spouse Signature of Co-borrower’s Spouse Date If Additional Co-borrower Married ____________________________________________________ _________________________________________________
Printed name of WI Co-borrower Social Security number of Co-borrower ____________________________________________________ _________________________________________________
Printed name of WI Co-borrower’s Spouse Signature of Co-borrower’s Spouse Date SALLIE MAE BANK ____________________________________________________
Name of Lender V.0206 15