HomeMy WebLinkAbout03-10-14 IN THE CIRCUIT COURT
FOR CUMBERLAND COUNTY REGISTER OF WILLS, PENNSYLVANIA
PROBATE DIVISION
In Re: ESTATE OF
Cheryl L Patterson
Deceased
File Number:21-13-1336
Division:Probate
Statement of Claim
The undersigned hereby presents for filing against the above estate this statement of claim and
alleges:
1. The basis for probate claim is for the payoff on the decedents cosigned education loan..
2. The name and address of the claimant is
Wells Fargo Bank,N.A.
P.O. Box 5185
Sioux Falls, SD 57117-5185
3. The amount of the claim is $10,030.25,which is the amount now due and owing, or, if not
due,will become due on February 27, 2014.
4. The claim is not contingent.
5. The claim is not secured.
Under penalties of perjury, I have read the foregoing and the facts alleged are true,to the best of
my knowledge and belief.
Executed this 27 of February. 2014 Brian Berg
Signature of Claimant
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C&C 1355(03-13)
i -- TRUE AND EXACT COPY
i Educaid Select Lo*
oan" - Application and Promissory Note 0
Calmar: Wachavia Bank of Delaware,National Association Cor dlbonal Approval Date: 07115l2a04 Application Ref.:
Reouested Loan Amount 5 51800.00 SchoolName:Rowanuniversity f4G
Variable Ram Margin%darged 0.0000 Ortomdon Fee:s0.D0 Repayment Option:Deferred Repayment i Q
ShatmtBWrOteerHomes Benjamin K Patterson Co-SWrorrerName: Cheryl L Patterson
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Student Bon'ower SSW. V CO-Borrower SSN:
Dam ofBbdr: Date ofB41h: 02/2111961 h
PetmetterdAddreas: PermanetAddrew. 438 E Front St
Permanent Address: Pemarmm Addreae:
Cftylswamp: , alyst8tarap: Florence NJ D8518-0000
Nome Phone: Home Phone: (609} 499-1646
I
BrisiriaeS Phone: LT(aSirleS4 Phora: {609} 499-4603 l
Dorrowv Refer Hama:Debra Goerri Co-Borrower Rahnnae Name: Lisa Mccarthy
Rely: Friend Relatorsho: other }}I
PamnaardAddress: 45 Brook Or PenranentAddress: 1101 Eaerick Ave 1
Permanent Address: Permanent Address:
Ctyroule/IIp: Burlington NJ 08016-0000 CIVAhateldp: Roebling NJ 08554-0000
!lame Phone: (609)387-9412 Rome Phone: (609}499-2645
Phi- ' ' - _ :(6091 494-4608:- c , p..
Busiess ne: Bushffi53PNI
7.
FEDERAL MOM=TO COBORROI M:t You am being asked to presentee this debts Thhd(cgns y befmw you de::e.the borioner doasnR pay the
debt;yuu11difiave WN sure kd oaiiffilord to pay a you Have to andtlat YOU ward 20 aeoapt that res o!n4rlft You may have to pay Op to thwtut
amoad afthe doW 0the borrowerdow not pay"You mWebo have to pay tote rase aranDection eosts,which tacnawthis smeunL"The ttofda of Oils
Nafe can coDeat this debt from you wktloot that byhg to Doted from Rise bormrret The Imider Of this Note can an to amne ColleWOn me t ods
against you that canoe ramtagninattbebmrower,such on aft Ina;Varnishing youwwages,ate If fhb debt b ever In dafia t,that fact may became
peat of yourefofa mooed This notice Is not tht oordrad that melees you labte for the debt
In Oft Loan Appficabw and PmOescry Now(hereafter Eons')the wards T,W and'm mean is ur> Obonrarer.or.8 there is morethan one borrower,
erg bormwem h0viduaIy and cdk clNely,adess dw longuage specifically m(ers to only one or the other 'You`and yore'means Wachovla Bade at Delaware,
National Association,to agards,andanyadrsegrmnlwbbrd this Note,amilsagerd.`Sdaod`mamsthe cdmd named above-'Atttate'nhearmpersons rattled
by common ownership or atOFa nci by rorpanda ecor"I with wry hotlar of arts Nate,and the agents of such pervow
SMAIURFACENTIFIQUDsON AND Tb mebestof rayimowiedge ardbefist-everything disdased an Obis Note bobs and rmnplste. isubmize
you to gather and share from time to mime craft ampbymenl and otter information about ma(irrdtrdng any Wo nation fromthis Note at about Oh®loan or my rNrer
ettaation laarstamourna}earn am was aoevummrspm(hg apanows,my Schott and others m accordance wen appmkabe law.I understand that a aedh report is
obtained for Oft ban eppficaian.a i the in a cornnnrhhy property tab,I authorize you le gather cradaasaad hnion aumh tarn others about my spouse. I further
z4horae my School to receive,provde,and confirm Information ham and with you repadmp my attendance,Tmwdaa)aid.or state as may be mtevar to mrsib
arston of this Nob.I cerity Bud I am a DNza r or Permarent Resident Alan of the Whist Sobs of America or Foreign Nall W and Oat I satisfy Be Stale Ape
Rogxremoms In segbn L oI this Note.This Note and aapport V documentation remains your propely.I wN not sign ibis Note before wading the atdro Nate
alma 0 abarwba advised.By elgni g below,I ackruno edge that 1 have,n3w v W en exact copy of tiro torte,dent 1 tavemad Item I undarstwW and agree
to uR of the tarrrm Not rnrdltions of the WOO Note,b"d'mg Ore federal Caborrovver no5w abaft,ad par state Cabcrro far notim provided aspa-
eaL v �btto� w � b� I a} EP�NOW bue
sea te dpmpy�( tofnbm twWW w pat 7t EDU LOAN BEREPA1D
u des app5mbk�halwaal ad sissislaw.M the fax In be adgtrWbdomm+talr (114 W our�dluct Wxkww With you baawa ft rem anlm malembtonxa'reesiga s (tb)m
cumad water oil to be under NO statalaw.and(v)tat Oft NateMg rat be(Wrer nedbyMtde 3of the UntormComnmrdamode.
WARIMUkArry paean who femi gty nasse a false stateroom or m"essometbn on t$sthan is WINM to Penalties 4dch may bclude Ones ar ha>pnsomnwd...
PDR ALARAMA RESIDENTS CAUf1ON=IT IS IMPORTANT TNAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU'Sn3N iT.-
FOR UBSCOUSIN RESmENTS-NOTICE TO CUSTOMER(A)DO NOT SIGN-His BEFORE YOU READ-THE WRITING ON•THE-FOLLOWING PAGES,
EVEN-IF OTHERWISE ADVISED:(B)DO MDT SIGN THIS IF R CONTAINS ANY BLANK SPACES.(C)YOU ARE ENTITLED TO AN b7(ACT COW OF ANY
AGREEMENT YOU SIGN.(D)YOU HAVE THE RIGHT,AT ANY TIME,TO PAY IN ADVANCE THE 110AID BALANCE UNDER THIS AGREEMENT AND YOU
MAY BE kTnTTI.W TO EFU OF THE FINANCE CHARGE
Borrower Sipratarre thane-----1 �t�,/ V
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Pay01 ot9-O&W
A.LOAN AMOAMM 1.When you receive my signed Note,you are not agreeing prior calendar month.{Far example,the Variable Rate for each quarter beginning
to lend me money.I understand that this Note will be binding on me only if you January 1st will be determined by the applicable Prime Rate published on the
agree to lend me money,but you have no obligation to agree to do so. If you preceeding December 1st) If The Wad Stree/✓aura/is not published or the
decide to make a loan to me,you will either mall to my School a loan check Prime Rate is not stated,then the Current index wilt be the applicable Prime Rate
copayable to me and my School or transfer funds electronically to my School.If next published thereafter. If the Current Index is no longer available, you will
funds are transferred electronically,I authorize the School to transfer funds to my choose a comparable index.
student account at the School,You have the tight not to make a loan or to lend an E.TERMS OF REPAYMENT:1.Repayment Options-My repayment option choice
amount less than the'Requested Loan Amount'(above)and/or to reject my is indicated on the first page of the Note(if I failed to make a choice,you will
Coborrower.I agree to accept and to repay the Loan Amount that you actually Goose option (b)for me). (a)Immediate Repayment, I am required to begin
lend me.You have the right,at your discretion,to disburse my loan in multiple monthly repayment of principal and interest per the billing statement you provide
installments, as the payment is due to my School. If 1 cease to be enrolled at to me after the last Disbursement Date.
Sdwoipriorto anydtsbursement date,twill promptly notilyyou sothal anypend- (b)Deterred Repayment.l am riot required to make payments during the Defer-
ing disbursement may be canceled. ment Period.You will add unpaid accrued interest to the principal balance of the
2.By signing this Note,and submilling it to you,1 am requesting that you make loan at the end of the Deferment Period.
this loan to me in an amount equal to the Loan Amount described in Paragraph B 2.Repayment Period-I wig make equal and consecutive monthly payments made
of this Note, If you approve this request and agree to make this loan,you will up of principal and interest in the amounts and on the due dates as you may specify
send me a Disclosure Statement required by law which is incorporated herein by in willing to the borrower or any cobormwer until 1 have paid all of the principal and
this reference.In addition to other information,the Disclosure will show the actual interest and any other charges i may owe under this Note.I am not rerkwed of my
loan amount,the Repayment Period,Origination fee amount(s),and rates.l will responsibility add obligation to make such paymentsffl do not receive coupon books,
let you know that I agree to the terms of the loan as set forth in this Note and in billing statements,and any other written payment notices from you.
the Disclosure Statement by doing either of the following;(a)endorsing the check 3.Repayment Terms-During my Repayment Period,my minimum payment will
that disburses the loan proceeds;or(b)allowing the ban proceeds to be used by be at team$50 each month or the entire unpaid ban balance,whichever Is less,
or on behalf of the Student Borrower without objection. I understand that I may increase my monthly payment amount at any time.If my
3. Upon receipt of the Disclosure Statement, I will review it and notify you in Variable Rate goes up and increases the total amount I must pay you,I will have
writing if I have any questions. If any information on the Disclosure Statement to make additional payments;if my Variable Rate goes down decreasing the total
conflicts with the information an this Note,the information on the Disclosure State- amount I must pay you,I will have to make fewer payments.My loan term will be
ment governs.tl I am Trot satisfied with my loan terms as approved by you,I may calculated each Change Date to equal the term necessary to amortize the unpaid
cancel my loan.To cancel my loan,1 must notify you of my cancellation by the balance at the current payment amount, provided that my loan term will never
date my loan is disbursed or within 3 days of receiving your Disclosure State- exceed Has length of the Maximum Repayment Period.if my loan loam is already
menu,whichever is later.If loan proceeds have been disbursed,)agree that I will equal to the Maximum Repayment Period, the amounts shown on my monthly
immediately,return the loan proceeds to you,will not endorse any check which statements or in my coupon book will be consecutive monthly Installments of
disburses the ban proceeds and will Instruct the School to return any loan pro. principal and interest calculated each Change Date to equal the amount neces-
ceeds to you-if I give notice of cancellation but do not comply with the require- sary to amortize the unpaid principal balance(including any capitalized interest)
ments of this Paragraph A.3,this Note will not be canceled and I will be in default of my loan(as of the date of calculation)in actual monthly installments of principal
of this Note.l hereby grant you a security Interest to secure my obligations under and Interest at the Variable Rate then in effect over the number of months re-
this Note in all amounts owed to me by the School. training in the Repayment Period.
.PPROMISE TO PAY:I promise to pay to the order of Warhovia Bank of Data- 4.Amounts Owing at the End of the Repayment Period-Since interest accrues
ware,National Association,o to any subsequent holder of this Note,upon the daily upon the unpaid principal loan balance,if I make payments after my pay-
lerms and conditions of this Note all of the principal win of the*Requested Loan ment due dates,i may owe additional principal and interest and late charges
Amounr(indicated above)to the extent it is advanced to me or paid on my be- which will Increase the number of payments I make to you in order to repay my
half,including an amount equal to the origination fee described in this Note(to• loan in full.
gether the"Loan Amount'),and as further set forth In this Note,interest on such 5.Obligation to Pay Survives Death or Disability-I acknowledge that if I die or
Loan Amount,interest on any unpaid accrued interest added to the LoanAmounl. become disabled while any amount due under this Note remains unpaid,I am still
late charges,returned check fees,reasonable collection agency and attorneys' obligated to repay this loan.
fees,and otter costs and charges necessary for the collection of any amount not 6.Payments-As permitted by applicable law,payments will be applied(i)first to
paid when due,where permitted by applicable law, all in lawful money of the applicable charges and fees,then to accrued and unpaid interest,and finally to
United States ofAmerica. principal,or(ii)in any other order you determine.
C.DrIFINITiON6:1.Disbursement Date-The dates)on which you lend money F Ld1'E CHARGES-OTHER CHARGES• If my payment o any portion of my
to me or on my behalf in consideration for my Note. It my loan is disbursed by payment is more than 14 days late,I agree to pay a late charge not exceeding
check,4 will be the date shown an the loan check(rot the date an which I en- $5.00 or 5%of the payment amount,whichever is less,subject to the maximum
dome or negotiate my check);otherwise,k will be the date(s)my loan funds are permitted by taw.I wig pay only one late charge for any payment,regardless of
electronically transferred to the School. the number of days it is late.I will also pay a$20 Returned Payment Fee for each
2. Deferment Period-The Deferment Period applies only 0 1 have chosen to payment returned for any reason,including but not limited to insufficient funds or
defer principal and interest payments. In such case,the Deferment Period will a stop payment order.
begin on the,first Disbursement Date and will end on the earliest of the following G_FINANCE CHARGES: if you charge me, i will pay you the origination fee
dates:(a)6 months tram the date I graduate from,or cease to be enrolled at feast applicable to my loan under the Select Program(depending on my creditworth{
half-fume,at the School or any other school eligible to participate In a U.S.De- nessand other factors,In your discrotion).The Origination Facts a percentage of
partment of Education loan program;or(b)5 1/2 years from the first Disburse- the amount advanced to me that is shown on the front of this Nate.The origina-
ment Date, tion fee will be included in the Loan Amount and reflected in the amount of each
3. Repayment Period-The Repayment Period begins(f)on the last Disburse- disbursement.The criginatiobfee amount will be identified on my Disclosure State-
ment Date If I enter Immediate Repayment,or(It)on the date after the Deferment ment.At the Unto any disbursement is issued, you will deduct a proportionate
Period ends If I defer principal and interest payments,You will disclose the Re- amount of the origination tee Iron the disbursement,To the extent permitted by
payment Period to me before It begins.The anticipated Repayment Period will law,t will not be entitled to any refund of any origination fee after my disburse-
not exceed 20 years(25 years for loans equal to or more than$40,000),although ment check has been cashed, or If my loan is disbursed by Electronic Funds
the Repayment Padod may increase by 21/2 years if the Variable Rate(Paragraph Transfer,after my School applies the proceeds of my ban to my account.if for
D.2)increases(Maximum Repayment Period).(See Paragraphs E.3 and E.4) any reason you do not withhold my origination fee from any disbursement and I
O.INTEREST:1,Accrual-Interest will accrue daily on the unpaid Loan Amount have not already paid that fee,i agree to pay it when you bill me for it
at the Variable Rate from the first Disbursement Date until the Loan Amount is H FORBEARANCE:You may,at your absolute discretion,grant me a forbearance
paid in fug,if I have elected to defer payment of principal and interest,I am not which will suspend principal payments during a hardship period.I understand that
required to make any payments until the loan enters the Repayment Period.On (I)during a forbearance period,interest will comm ue to accrue and I will remain
the day the loan enters the Repayment Period,you will add all such interest to responsible for paying such interest,and(g)unpaid interest that accrued during my
the original principal balance of the loan(•capitalize).Thereafter,that accrued forbearance period will be capinalized at the end of such period.I agree rot to claim
interest shall constitute principal for all purposes. any forbearance you grant as a defense to repayment of this Loan.
2.Variable Rate-The Variable Rate Is equal to the Current Index plus a Margin, 1.DEFAULT:WHOLE LOAN DUE:To the extent permitted by taw,1 will be in
Unless you otherwise notify me in writing, the Margin for both the Deferment default and you will have the right to give me notice that the whole outstanding
Period(if applicable)and The Repayment Period is indicated in the first section of principal balance,accrued interest,and all other amounts due to you under the
this to=, in no event will the Variable Rate exceed the maximum interest rate terms of this Note,are due and payable at once, and to cease to make any
allowed under Delaware law.The Variable Rate will change quarterly on the first further disbursements to me(subject to any applicable law which may give me a
day of each January,April,July and October(the'Change Dale mr)if the Cur- right to cure my default)if.(1)1 fall to make any monthly payment to you when
rent Index changes.The'Current Index for any calendar quarter beginning on a due;or(2)1 make any(else statement in applying for this roan or in any subse-
Change Date(or for any shorter period beginning on the Disbursement Date and quent communication with you;or(3)1 fag to notify you in writing of a change in
ending on the first Change Date)is the highest U.S.Bank Prime Rate published my name,address,telephone number or School enrollment status within 10 days
in the'Money Rates'section of The Wall Streal✓oama/on the first day of the after a change occurs;or(4)1 break any of my other promises in this Note;or(5)
Faga2at3-06W
'lr If I die;or(6)If any bankruptcy proceeding is begun by or against me,or I assign calve notif cation'that credit has been extended to me.STATE AGE REOUIRE-
any of my assets for the benefit of my creditors:or(7)1 am in default on any loans MEW&The legal age for entering into contracts is 18 years of age in every state
I may already have with you,or on any loans 1 may have with you in the future;or in the United States except the following:Alabama and Nebraska-19 years old
(8)1 die or am declared legally incompetent or incapacitated;or(9)You reason- and Mississippi and Puerto Rico-21 years old.
ably believe that i am not paying my debts as they become due. M,CRSDIT BUREAU REPORTING:REFERENCES;1.1 must update the infor-
It 1 default,I wit be required to pay interest on this loan accruing after default.All mation on my Note whenever you ask me to do so,You may report the status of
the provisions of Paragraph D above will continue to apply after default.I under- my ban and my payment history to credit reporting agencies,the School and
stand that this loan is an educational loan.Because this loan Is guaranteed by others in accordance with applicable law,If I am in default or I fail to make any
The Education Resources Institute,Inc.("TER["),a nonprofit education loan payment when due on this Note,disclosure of my loan information to consumer
guaranty agency,this loan is generally NOT DISCHARGEABLE IN BANK- reporting agencies may adversely affect my credit rating and my ability to obtain
RUPTCY under the provisions of II U.S.C.section 523(a)(8).If I default and other credit.For the purpose of learning my current address and telephone num-
TERI pays the Note folder under Its guaranty,I agree that TERI may to the extent ber.I authorize you to release information,and make inquiries,to the persons)i
permitted by law(a)increase the Margin on my loan by two percent(2%) per have listed as references on this Note.
annum and{b}capilalize all accrued interest I owed when TERI paid the guaranty 2. If I ask you,you will tell me if you have requested information about me(or
to the Note holder.I authorize you to share any information relating to my applica- about my spouse,if applicable)from a consumer-reporting agency and provide
tion and this ban(including my payment history)with TERI at any lime and from me with the name and address of any agency that furnished you with a report.
time to time. N.ADDITIONAL AGREEMENTS:1.This loan will be used only for mytuifion and
J.COLLEC77ON COSTS:I agree to pay you all amounts up to the maximum other educational expenses at the School,and,subject to your consent,to pay
permitted by law,including but not Invited to reasonable collection agency and off my other educational loans,
attorneys tees and court and other collection costs,that you incur in collecting 2.My responsibility for repayment of this Note is unaffected by the liability of any
this Note. other person to are or to you,by your release of any other person from liability to
K.GOVERNING LAW: You are located in Delaware and this Note will be pay this Note,or by your failure to notify me that a required payment has not been
entered into In Delaware.Consequently,the provisions of this Note shall be made.You may delay or fag to exercise,or waive any of your rights on any occa-
gove red in all respects by applicable federal law,and the laws of Data- scion wilhotft losing your entitlement to exercise the right at any future time or on
war,without regard to conflict of law rules, any future occasion.You will not be obligated to make any demand upon me,
L NOTICE&ADDRESSES: 1. 1 will give notice to you within 10 days after any send me any notice, present this Note to me,for payment or make protest of
change in my name,address,telephone number,or School enrolment status. nonpayment to me before suing to collect on this Note.if 1 am in default,and to
2.Any notice that you are required to give me will be effective when mailed by first the extent permitted by law,I hereby waive any right I might otherwise have to
class marl to the latest address you have for me. require such actions.
3.Any notice under this Note may be sent by or to the servicer authorized by you to 3, If I want to pay you In full with a check or similar instrument that has such
service my loan account.I understand that payments and notices shtwid be sent to special notations or instructions on it or with it,t agree to send the payment(in-
that smiicer,if arty,rather than to you,unless I am otherwise advised in writing. duding the special notations or instructions)to the address identified for such
d.CALIFORNIA RESIDENTS I have the right to prohibit the use of information purposes on my billing statement,if i send my payment in full to any other ad-
contained in my credit file In connection with transactions net initiated by me. I dress,I agree that(i)you may ignore the special rotations or instructions,and(it)
may exercise this right by notifying the consumer credit reporting agency.A mar- your crediting any such check or other instrument to amounts 1 owe under this
tied applicant may apply for a separate account.If my application is denied or I Note does not mean that you have agreed to the special notations or instructions,
refuse your oounter-offer and your decision was based,in whale or part,on infor- 4,1 may not assign this Note or any of its benefits or obligations.You may sefi,
Mellon in a consumer credit report,I have the right to obtain a free copy of the transfer or assign this Note at any time without notice to me or my co-signer
report from the consumer reporting agency within 60 days. I have the right to Coborrowerf'd applicable).The tarns and conditions of this Note apply to,bind
obutma copyofmywnsurrner credilrapon from any othercredit reporting agency and inure to the benefits of your successors and assigns.
which compiles and maintains files on consumers on a nationwide basis.I have 5,The terms and conditions in this Note constitute the entire agreement between
the right to dispute the accuracy or completeness of any information in a con- you and me.
surer credit report furnished by any agency. CALIFORNIA AND UTAH 6.If any provision of this Note is held invalid or unenforceable,In whole or in part
RESIDENTS:As required by law, I am notified that a negative credit report re- that provision shall be considered emitted from this Note, without affecting the
flecting on my credit record may be submitted to a credit reporting agency if I fail validity or enforceability of the remainder of this Note.
to fulfill my credit obligation terms IOWA RESIDENTS(for purposes of the fol. 7•A provision of this Nob may only be modified if jointly agreed upon in writing
[owing notice,you'refers to the Bormwer(s)):This is a consumer credit transac- signed by bath you and me.Any modification will not affect the validityor enforce-
den, 1.DO NOT SIGN THIS PAPER BEFORE YOU READ IT 2.YOU ARE EN- ability of the remainder of this Note. I authorize you,without further notice, to
TITLED TOACOPY OF THIS PAPER.3.YOU MAY PREPAY THE UNPAID BAL- correct any patent errors contained in this Note.
ANCE AT ANY TIME WITHOUT PENALTY AND MAY BE ENTITLED TO A RE- 8.To the extent permitted by applicable law,you have the fight to apply money
FUND OF UNEARNED CHARGES INACCORDANCE WITH LAW.MARYLAND from any of my deposit account(s)with you to pay all or a portion of any amount
RESIDENTS:We elect Subtitle 10,Credit Grantor Closed End Credo Provisions, overdue under this Note. i hereby authorize you to obtain from my School all
of Time 12 of the Commercial LawArtide of the Annotated Code of Maryland only amounts which may be owed to me by the School,including any refund due to
to the extent not inconsistent with 12 U.S.C. §85 and related regulations and overpayment,early termination of enrollment,or otherwise,and I give you a se.
opinions,which we expressly reserve.MAINE,NEW YORK,RHODE ISLAND curity interest in all such amounts.
ANOVERMONT RESIDENTS:Awnsumerreport(creditreport)may be obtained 9.If this Note is executed by more than one borrower,each borrower agrees that
from a consumer reporting agency(credit bureau)in connection with this Appi- any communication between you and any of the borrowers wgi be binding on all
cation. 0 1 request(1)I will be informed whether or rot consumer reports were of the borrowers and that the provisions of this Note will apply to all borrowers
obtained,and(2)it reports were obtained, I will be informed of the names and individually and collectively.
addresses of the credit bureaus that furnished the reports. If the Application Is 10.My obligation under this Note is unconditional and absolute.I waive all no-
approved,a consumer credit report may be requested or used in connection with tices to which I might be entitled by law as a guarantor of the student harrowers
renewals or extensions of any credit for which 1 have applied,reviewing my loan, obligations hereunder.I waive all suretyship defenses that might be available to
taking collection action on my loan,or legitimate purposes associated with my me (including, without limitation, contribution, subrogation and exoneration). 1
loan.MISSOURI RESIDENTS:Oral agreements or commitments to loan money, agree that the student borrower may agree to any forbearance or other modifica-
extend credit or to forbear from enforcing repayment of a debt including promises ton of the repayment schedule and iwl such agreement will be binding on me.it
to extend or renew such debt are not enforceable.To protect me(bormwer(s)) shall not be necessary for you to resort to or exhaust your remedies against the
and you(creditor) from misunderstanding or disappointment, any agreements borrower before calling upon me to make repayment.For purposes of this para-
we reach coveting such matters are contained in this wriing,which is the corm- graph N(10)only,"I'*me",and'my"refer to the Coborrower only,
plate and exclusive statement of the agreement between us,except as we may 11.All dollar amounts stated In this Note are In United States dollars.[will make
later agree in writing to modify It.NEW JERSEY RESIDENTS:The section head- all payments in United States dollars with w deduction for currency exchange.
fng$of this Note are a table of contents and not contract terns.Portions of this 12.If 1 fail to complete or am dissatisfied with the education program paid for with
Note with references to actions taken to the extent of'applicable law apply to this loan,the Coborrower and I are not relieved of any obligation within or pursu-
acts or practices that Now Jersey law permits or requires.OHIO RESIDENTS: ant to this Note.
The Ohio laws against discrimination require that all creditors make credit equally 13.Notwithstanding any other provision of this Note,you may change the date
available to all credit worthy customers,and that credit reporting agencies main- for payment of monthly installments under this Note,which shall be deemed ac-
tain separate credit histories on each individual upon request-The Ohio Civil canted by me unless I object in writing.
Rights Commission administers compliance with this law. WISCONSIN The following notice applies ONLY if the Scheidt is a for-profit institution or
RESIDENTS:For married Wisconsin residents,my signature wnfirms that this otherWim Is subject to the Federal Trade Commission Ruts at 16CFRPart433:
loan obligation is being incurred in the interest of my marriage or family.No pro- N0310E:ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUB.
vision of any marital property agreement(premarital agreement),unilateral state- JECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD
meat under Section 766.59 or court decree under Section 766-70 adversely af- ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PUR-
fects the interest of the Lender unless the Lender,prior to the time that the loan lz SUANT HERETO OR WITH THE PROCEEDS HEREOF, RECOVERYHERE-
approved,is furnished with a copy of the agreement,statement,or decree or has UNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE
actual knowledge of the adverse provision when the obligation to the Lender is DEBTOR HEREUNDER,
incurred, If the loan or which 1 am applying is granted,my spouse will also re-
Page 3 of 3-06173
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In this Loan Application and Promissory Note(hereafter"Note")the words money to me or on my behalf in consideration for my Note. If my loan is
'Y, 'me' and "my' mean the undersigned borrower,or,if there is more disbursed by check,it will be the date shown on the ban check(not the
than one borrower,all borrowers individually and collectively, unless the date on which I endorse or negotiate my check); otherwise. it will be the
language specifically refers to only one or the other. 'You" and 'your" date(s)my loan funds are electronically transferred to the School.
means Wachovia Bank of Delaware,National Association,its agents,and 2 Deferment Period - The Deferment Period applies only if I have
any subsequent holder of this Note,and its agents.'School*means the chosen to defer principal and interest payments. In such case, the
school named above, 'Affiliate" means persons related by common own- Deferment Period will begin on the first Disbursement Date and end on
ership or affiliated by corporate control with any holder of this Note,and the Deferment End Date. t am not required to make any payments during
the agents of such persons. the Deferment Period.
A.LOAN AMOUNT:1,When you receive my signed Note,you are not agree- 3. Deferment End Date-The Deferment End Date means the dale speci-
Ing to tend me money. I understand that this Note will be binding on me fled below for the applicable Loan Program(the applicable Loan Program
only if you agree to lend me money,but you have no obligation to agree is stated on the first page of this Note):
to do so. if you decide to make a loan to me,you will either me t!to my
School a loan check copayable to me and the Cosigner or to me and my (a)Creditworthy Loan Program:If 1 have elected the'Deferred Repayment'
School or transfer funds electronically to my School for me,if funds are option(the applicable repayment option is stated on the first page of this
transferred electronically, I authorize the School to transfer funds to my Note),then the Deferment End Date will be 180 days after 1 graduate or
student account at the School.You have the right not to make a loan or to cease to be enrolled at least half-time at the School (or another school
lend an amount less than the 'Requested Loan Amount" (above)and/or participating in this Loan Program). In any event, it I have elected the
to reject my Cosigner.I agree to accept and to repay the Loan Amount that "Deferred Repayment- option,the Deferment End Date will be no more
you actually lend me. You have the right,at your discretion,to disburse than 5%years after the first Disbursement Date.
my loan in multiple installments, as the payment is due to my School. (b) Credit-Ready Loan Program: The Deferment End Date will be 180
If I cease to be enrolled at School prior to any disbursement date, I will days after I graduate or cease for any other reason to be enrolled at
promptly notify you so that any pending disbursement may be canceled. least halftime at the School(or another school participating in this Loan
2,By signing this Note.and submitting It to you,i am requesting that you Program).but no more than 4112 years after the first Disbursement Date;
make this loan to me in an amount equal to the Loan Amount described provided,however,that if 1 begin a medical residency or internship during
in Paragraph B of this Nate,if you approve this request and agree to make the Deferment Period,then the Deferment Period will end 180 days after
this loan,you will send me a Disclosure Statement required by law which the day the residency or internship ends,but no more than 81h years after
is incorporated herein by this reference. In addition to other information, the first Disbursement Date.
the Disclosure will show the actual loan amount,the Repayment Period. 4- Repayment Period - The Repayment Period begins (i) on the last
origination fee amount(s), and rates. I will let you know that I agree to Disbursement Date if i enter Immediate Repayment.or(if) on the date
the terms of the loan as set forth In this Note and in any Disclosure after the Deferment Period ends if I defer principal and interest pay.
Statement by doing either of the following:(a)endorsing or depositing the ments. You will disclose the Repayment Period to me before it begins,
check that disburses the loan proceeds:or(b)allowing the loan proceeds The Repayment Period is 20 years(25 years for loans with a Loan Amount
to be used by or on behaff of the Student Borrower without objection. equal to or more than $4O,O0D)unless monthly payments equal to the
3. Upon receipt of any Disclosure Statement,I will review It and notify minimum monthly payment amount (See Paragraph E.4) will repay all
you in writing if I have any questions.If any information on the Disclosure amounts owed in less than 2O years,in which case the Repayment Period
Statement conflicts with the information on this Note, the infoonatfon will be the number of months necessary to pay in full the amount I owe
on the Disclosure Statement governs. If 1 am not satisfied with my loan at the minimum payment.
terms as disclosed in any Disclosure Statement, I may cancel the dis- M INTEREST: 1. Accrual - Beginning on the fast Disbursement Date,
bursement.To cancel any disbursement,I will give you a written canceila Interest 0n the outstanding balance of this Note will be calculated at
tion notice within ten(10)days after I receive the Disclosure Statement.t the Variable Rate (Paragraph D2) and charged on the Loan Amount,
understand that the cancellation of any disbursement will not cancel any and on any unpaid interest later added to the Loan Amount according to
future disbursements or any previous disbursements- If loan proceeds Paragraph 0.3. During the Repayment Period,Interest will be 0alculated
have been disbursed,I agree that I will immediately return the canceled at the Variable Rate and charged on the outstanding balance of this Note
disbursement to you, will not endorse any check which disburses the until all amounts are paid in full, Interest will be calculated on a daily
loan proceeds to be canceled,and will instruct the School to return the simple interest basis. The daily interest rate will be equal to the annual
canceled disbursement to you. it I give notice of cancellation but do not Interest rate in effect on that day,divided by the actual number of days in
cause the return of the disbursement as stated above,the disbursement that calendar year.
will not be canceled and I will be in default of this Note.I hereby grant you
a security interest to secure my obligations under this Note in all amounts 2. Variable Rate - The Variable Rate is equal to the Rate Index plus
awed to me by the School. a Margin. Unless you otherwise notify me in writing, the Rate Index
and the Margin for both the Deferment Period (I' applicable) and the
B. PROMISE TO PAY: I promise to pay to the order of Wachovia Bank of Repayment Period is indicated in the first section of this Note.In no event
Delaware,National Association,or to any subsequent holder of this Note, will the Variable Rate exceed the maximum interest rate allowed under
upon the terms and conditions of this Note all of the principal sum of the DELAWARE law.The Variable Rate will change quarterly on the first day of
-Requested Loan Amount-(indicated above)to the extent it Is advanced each January,April,July and October(the 'Change Dates(sl')if the Rate
to me or paid on my behalf,including an amount equal to the origination Index changes.
fee described in this Note (together the 'Loan Amount'),and as further
set forth in this Note, interest an such Loan Amount, interest on any The following describes the 'Rate Index" Identified on the first page of
unpaid accrued interest added to the Loan Amount, late fees, returned this Note applicable to this loan:
check fees,reasonable collection agency and attorney's fees,and other (a)PRIME RATE-The"Rate Index'for any calendar quarter beginning on
costs and charges necessary for the collection of any amount not paid a Change Date(or for any shorter period beginning on any Disbursement
when due,where permitted by applicable law,all In lawful money of the Date and ending on the last day of a calendar quarter) is the highest
United States of America. Prime Rate for U-S. hanks published in the 'Money Rates" section of
,C. DEFINITIONS: 1. Disbursement Date -The date(s) on which you lend The Wall Street Journal on the first day of the prior calendar month, (For
Page 2 of 5-WELOW05
example, the Variable Rate for each quarter beginning January 1st will 3, Repayment Terms - My monthly payment will be established based
be determined by the applicable PRIME RATE published on the preceding on the rules In this Note when my Repayment Period begins. My monthly
December 1st). If The Wall Street Journal is not published or the PRIME payment amount will be calculated as of the day the Repayment Period
RATE is not stated, then the PRIME RATE will be the applicable PRIME begins ('Repayment Date'). it will be recalculated (a) once each year
RATE next published thereafter. If the PRIME RATE is no longer available, prior to the anniversary of the Repayment Date,(b) if the Variable Rate
you will choose a comparable index. changes between anniversaries of the Repayment Date to the extent that
(b) 3-Month LIBOR - The "Rate Index- for any calendar quarter be- the amount of my monthly payment would not pay in full the accrued
ginning on a Change Date (or for any shorter period beginning on any monthly interest on my loan, (c) following any subsequent deferment or
disbursement Date and ending on the last day of a calendar quarter)is forbearance period m, (d)following any request by the Borrower to the
the 3-Month LIBOR published in the `Money Rates' section of The Wall Servicer to change the monthly payment due date(each of which events
Street Journal on the first day of the prior calendar month.(For example, is a new 'Repayment Date'). As of any Repayment Date, my monthly
the Variable Rate for each quarter beginning January ist will be deter- payment will be recalculated. My new monthly payment amount will be
mined by the applicable 3-Month LIBOR Rate published on the preceding disclosed to me by the Servicer.The new monthly repayment amount will
December SsD. It The Wall Street Journal Is not published or the 3-MOnth equal the amount necessary to pay in full,over the number of months
LIBOR Rate is not stated,then the 3-Month LIBOR Rate will be the a PWi remaining in the Repayment Period,the amount I owe in equal monthly
LIBOR Rate next published thereafter if the 3-Month LIBOR
cabin 3-MOntlt installments of principal and interest at the Variable Rate in effect at the
Rate is no longer available,you will choose a comparable index. time of the calculation.I understand that this may result in a reduction of
Or increase In my monthly payment as calculated as of each Repayment
(c)13-WEEK TREASURY BILL-The"Rate Index"for any calendar guar- Date, I understand that during the Repayment Period the Servicer may
ter beginning on a Change Date (or for any shorter period beginning on change the monthly payment due dale of future payments to a later date
any disbursement Date and ending on the last day of a calendar quarter) for the convenience of the Servicer in processing payments or in order to
is the 13-WEEK TREASURY BILL Rate published in the"Money Rates`sec- coordinate the due dates of ell of my loans processed by the Servicer.
tion of The Wall Street Journal on the first day of the prim calendar month.
4. Minimum Repayment-Notwithstanding Paragraph E,3, ! agree to pay
will e example,d er the Variable Rate for each quarter beginning January pub- at least$50 each month during he Repayment Period or the unpaid baf-
wIR be determined by the applicable 13-WEEK TREASURY BILL Rate pub g
lished on the preceding December ist). if The Wan Street Journal is not once whichever is less-I understand that I may pay more than my monthly
published or the 1XWEEK TREASURY BILL Rate is not stated,then the payment at any time without penalty or charge, tt my loan is in paid-ahead
13-WEEK TREASURY BILL Rate will be the applicable 13-WEEK TREASURY status,1 may,but will not be required to make monthly payments.
BILL Rate neat published thereafter.It the 13-WEEK TREASURY BILL Rate 5. Amounts Owing at the End of the Repayment Period - Since interest
is no longer available,you will choose a comparable index. accrues daily upon the unpaid principal loan balance,if I make payments
3. Capitalization-I understand that you will add all accrued and unpaid after my payment due dates.I may owe additional principal and interest
Interest to the Loan Amount(-capitalize interest-)on the last day of the and late fees which will increase the amount of my last monthly payment
Deferment Period and at the end of any forbearance period. in addition,if to the amount necessary to repay my loan in full,
my loan will be disbursed in multiple disbursements and if I have elected 6. Obligation to pay Survives Death or Disability- I acknowledge that if
the"Immediate Repayment"option,you will capitalize interest that accrues I die or become disabled while any amount due under this Note remains
between the first disbursement of my loan and the final disbursement of my unpaid,I am still obligated to repay this loan.
loan. in all cases,the sum is thereafter considered the Loan Amount.and T.Payments-As permitted by applicable taw,payments will be applied(1)
interest will acme on the new Loan Amount. first to applicable charges and fees,then to accrued and unpaid interest,
E.TERMS OF REPAYMENT:1- Repayment Options-My repayment option and finally to principal,or(!I)in any other order you determine.
choice is indicated on the first page of the Note(if I failed to make a choice, F,LATE FEES;OTHER CHARGES: if m payment
you will choose option(b)for me). Y paYr
merit Is more than 14 days late,I agree to o or a rry portion of pay a late Fee not exceeding
pang
(a)Immediate Repayment-I am required to begin monthly repayment $5.40 or 5% of the payment amount, whichever is less, subject to the
of principal and interest per the billing statement you provide to me after maximum permitted by law.t will pay only one late fee for any payment,to-
the last Disbursement Date. You reserve the right to send statements or gardless of the number o f days it Is late.I will also pay a$20 Returned
notices to either the Borrower or Cosigner. Payment Fee for each payment returned for any reason,including but not
(b)Deferred Repayment-I may,but am net required,to make payments limited to insufficient funds or a stop payment order.
during the Deferment Period, You will send statements during the G. FINANCE CHARGES: i. ALL LOAN PROGRAMS - If you charge me, I will
Deferment Period (showing the total outstanding principal balance of my pay you the Origination Fee applicable to my loan (depending on my credit-
loan and the interest that has accrued on my loan). You reserve the right to worthiness and other factors,In your discretion). The Origination Fee will be
send statements or notices to either the Borrower or Cosigner, Statements equal to the Origination Fee Percentage(shown mr the first page of this Note)
will be sent to the address shown on your records. You will add unpaid multiplied by the amount advanced to me.The Origination Fee will be included
accrued Interest to the principal balance of the loan at the end of the In the Loan Amount and reflected in the amount of each disbursemem. The
Deferment Period as described in D.3. Origination Fee amount wire be identified on my Declosue Statement.At the
2. Repayment Period - During the Repayment Period, you will send me time any disbursement Is issued,you will deduct a proportionate amount of
monthly statements that show the amounts of minimum monthly payments the Origination Fee from the disbursement. If for any reason you do not with,
and the payment due dates. You reserve the fight to send monthly hold my Origination Fee from any disbursement and I have not already pald
statements to either the Borrower or the Cosigner. I will make equal that fee.I agree to pay it when you bin me for it, To the extent mmitt" by
and consecutive monthly payments made up of principal and interest in law,and unless I cancel any disbursement In accordance with Paragraph A.3,I
amounts at least equal to such minimum monthly payments by the appnca- will not be entitled to any refund of the Origination Fee(or the Repayment Fee
ble due dates until t have paid all of the principal and interest and any other described in Section G.2)after my loan has been disbursed.
charges I may owe under this Note. I am not relieved of my responsibility 2. Credit-Ready Loan Program - If you charge me, I will pay you a
and obligation to make such payments if 1 do not receive billing statements, Repayment Fee at the time my loan enters the Repayment Period. The
and any other written payment notices tram you.if my loan is in paid-ahead Repayment Fee I will pay,if any,will be shown on my repayment Disclosure
status,I may,but will not be required to make monthly payments. Statement. The dollar amount of the Repayment Fee will be determined
Page 3 of 5-WEL02/05
by multiplying the outstanding principal balance (including capitalized may exercise this right by notifying the consumer credit reporting agency.
Interest as provided in Paragraph D.3)on the fast day of the Repayment A married applicant may apply for a separate account. If my application is
period,times the Repayment Fee Percentage(shown on the first page of denied or I refuse your counter-offer and your decision was based,in whole
this Note),and will be added to the balance of my loan on the first day of or part,on information in a consumer credit report,I have the right to obtain
the Repayment Period. a free copy of the report from the consumer reporting agency within 60
pr days. I have the right to obtain a copy of my consumer credit report from
H. FORBEARANCE: You may, your absolute discretion, grant arty other credit reporting agency which compiles and maintains files on
bearance which will suspend principal payments during a hardship p period.a for- consumers on a nationwide basis.I have the right to dispute the accuracy
I understand that(i)during a forbearance period,interest will continue to or completeness of any information in a consumer credit report furnished
accrue and I will remain responsible for paying such interest.and(ii)un- by any agency. CALIFORNIA AND UTAH RESIDENTS: As required by law, I
paid interest that accrued during my forbearance period will be cap italizetl am notified that a negative credit report reflecting on my credit record may
at the end of such period. I agree not to claim any forbearance you grant be submitted to a credit reporting agency if I fail to fulfill my credit obliga-
as a defense to repayment of this Loan. tion terms. IOWA, KANSAS and NEBRASKA RESIDENTS (for purposes of
L DEFAULT: WHOLE LOAN DUE: To the extent permitted by law, 1 will be the following notice,*You" refers to the Borrower and the Cosigner,not the
in default and you will have the right to give me notice that the whole Lender):NOTICE TO CONSUMER.This Is a consumer credit transaction.L DO
outstanding principal balance, accrued interest, and all other amounts NOT SIGN THIS NOTE BEFORE YOU READ THIS NOTE.2.YOU ARE ENTITLED
'due to you under the terms of this Note, are due and payable at once, TO A COPY OF THIS NOTE 3.YOU MAY PREPAY THE UNPAID BALANCE AT
and to cease to make any further disbursements to me (subject to any ANY TIME WITHOUT PENALTY AND MAY BE ENTITLED TO A REFUND OF
applicable law which may give me a right to cure my default) if: (1) 1 UNEARNED CHARGES IN ACCORDANCE WITH LAW.MARYLAND RESIDENTS:
fail to make any monthly payment to you when due; or (2) 1 make any You elect Subtitle 1.0,Credit Grantor Closed End Credit Provisions.of Title
false statement in applying for this loan or any other student or edu- 12 of the Commercial Law Article of the Annotated Code of Maryland only
cation loan or in ary subsequent communication with you: or (3) 1 fail to the extent not inconsistent with 12 U.S.C. §85 and related regulations
to notify you in writing of a change in my name, address, telephone and opinions.which you expressly reserve.NEW YORK,RHODE ISLAND AND
number or School enrollment status within 10 days after a change oc- VERMONT RESIDENTS:A consumer report (credit report)may be obtained
curs; or (4) 1 break any of my other promises in this Note; or (5) If I from a consumer-reporting agency (credit bureau) in connection with this
die; or (6) If any bankruptcy proceeding is begun by or against me, or loan. If I request (1) 1 will be informed whether or not consumer reports
I assign any of my assets for the benefit of my creditors; or(7) I am in were obtained, and (2) U reports were obtained. I will be informed of the
default on any loans I may already have with you,or On any loans I may names and addresses of the credit bureaus that furnished the reports. If
have with you in the future; or(8) 1 am declared legally incompetent or you agree to make this loan to me, a consumer credit report may be re-
incapacitated;or(9)You reasonably befieve that I am not paying my debts quested or used in connection with renewals or extensions of any credit for
as they become due. If I default,1 will be required to pay interest on this which I have applied,reviewing my loan,taking collection action on my loan,
loan accruing after default. All the provisions of Paragraph D above will or legitimate purposes associated with my loan. MISSOURI RESIDENTS:
continue to apply after default. I understand that this loan is an educe- Oral agreements or commitments to loan money,extend credit or to forbear
[ion loan. Because this loan Is guaranteed by The Education Resources from enforcing repayment of a debt Including promises to extend or renew
Institute, Inc. ('TERI'), a nonprofit education loan guaranty agency, this such debt are not enforceable.To protect me(borrower(s))and you (credl-
loan Is generally NOT DISCHARGEABLE IN BANKRUPTCY under the provi- tor)from misunderstanding or disappointment, any agreements we reach
lions of 11 U.S.C.section 523(a)(8). If I default and TERI pays the Note covering such matters are contained in this writing,which is the complete
holder under its guaranty, I agree that TERI may to the extent permitted and exclusive statement of the agreement between us,except as we may
by law(a)increase the Margin on my loan by two percent(2%).per annum later agree in writing to modify It.
and(b)capitalize all accrued interest I owed when TERI paid the guaranty NEVADA RESIDENTS: This is a loan for study,
to the Note holder.I authorize you to share any information relating to my
application and this loan(including my payment history)with TERI at any NEW JERSEY RESIDENTS:The section headings of this Note are a table of
time and from time to time. 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
J.COLLECTION COSTS:I agree to pay you all amounts up to the maximum that New Jersey law permits or requires.In this Note,acts or practices(i)
permitted by law.including but not limited to reasonable collection agency by you which are or may be permitted by'applicable law- are permitted by
and attorney's fees and court and other collection costs,that you incur in New Jersey law,and(ii)that may or will be taken by you unless prohibited
collecting this Note. by'applicable law' are permitted by New Jersey law.
K. GOVERNING LAW: You are located In DELAWARE and this Note will be OHIO RESIDENTS: The Ohio laws against discrimination require that all
entered into In DELAWARE Consequently,the provisions of this Note she creditors make credit equally available to all credit worthy customers,and
be governed In all respects by applicable FEDERAL LAW,and the laws of that credit reporting agencies maintain separate credit histories on each
DELAWARE without regard to conflict of law rulm individual upon request. The Ohio Civil Rights Commission administers
L.NOTICES;ADDRESSES:1. I will give notice to you within 10 days after compliance with this law.
any change In my name,address,telephone number,or School enroll- WISCONSIN RESIDENTS: For married Wisconsin residents, my signature
ment status(for example,if I withdraw from the School or transfer to confirms that this
loan obligation is being incurred in the interest of my
another school participating in this loan program),or change In Cosigner marriage or family. No provision of any marital property agreement (pre-
status(i.e.,death or bankruptcy). marital agreement), unilateral statement under Section 756.59 or court
2.Arry notice that you are required to give ms will be effective when decree under Section 766.70 adversely affects the interest of the Lender
mailed by first class mall to the latest address you have for me. unless the Lender, prior to the time that the loan is approved. is fur-
nished with a copy of the agreement,statement,or decree or has actual
3.Any notice under this Note maybe sent r or to the servicer is andize- knowledge of the adverse provision when the obligation to the Lender is
ti you to service my loan account. I understand that payments and no- incurred. If the loan for which I am applying is granted. my spouse will
rites should be sent to that servicer, if any, rather than to you, unless I also receive notification that credit has been extended to me.
am otherwise advised In writing.
STATE AGE REQUIREMENTS: The legal age for entering into contracts is
4.CALIFORNIA RESIDENTS:1 have the right to prohibit the use of
information
edloy te.1 18 years of age in every state in the United States except the following:
contained in mycredit f le in connection withtransacUOns not initiated byme.l
Page 4 of 5-WEL02/05
Alabama and Nebraska—19 years old,and Mississippi and Puerto Rico money from any of my deposit account(s)with you to pay all or a portion
—21 years old. of any amount overdue under this Note. I hereby authorize you to obtain
M.CREDIT BUREAU REPORTING;REFERENCES:1.1 must update the infor- from my School all amounts which may be owed to me by the School,
mation on my Note whenever you ask me to do so. including any refund due to overpayment,early termination of enrollment.
or otherwise.
You may report information about my account to credit bureaus. Late 9, if this Note is executed by more than one borrower, each borrower
payments,missed payments,or other defaults In my account may be agrees that any communication between you and any of the borrowers will
reflected in my credit report. be binding on all of the borrowers and that the provisions of this Note will
I understand that the reporting of information about my account to credit apply to all borrowers individually and collectively.
bureaus may adversely affect my credit rating and my ability to obtain 10.My obligation under this Note is unconditional and absolute.I waive all
other credit.You may also report the status of my loan and my payment notices to which I might be entitled by law as a guarantor of the student
history,including information about a late payment,missed payment or borrower's obligations hereunder. I waive all suretyship defenses that
other defaults.to the School and others in accordance with applicable might be available to me (including,without limitation,contribution,Sub-
law, rogation and exoneration).1 agree that the student borrower may agree to
any forbearance or other modification of the repayment schedule and that
For the purpose of learning my current address and telephone number, such agreement will be binding on me. It shall not be necessary for you
I authorize you to release information,and make Inquiries,to the to resort to or exhaust your remedies against the borrower before calling
persons)I have listed as references on this Note. upon me to make repayment. For purposes of this paragraph N.10 only,
2,if Lask you,you will tell me if you have requested information about 1I 'me',and*my' refer to the Cosigner only.
me(or about my spouse,If applicable)from a consumer-reporting 11. AN dollar amounts stated in this Note are in United States dollars.
agency and provide me with the name and address of any agency that I will make all payments in United States dollars with no deduction for
furnished you with a report. currency exchange.
N.ADDITIONAL AGREEMENTS:1,This loan will be used only far my tuition 12. If ) fail to complete or am dissatisfied with the education program
and Other educational expenses at the School,and,subject to your Corn paid for with this loan,the Cosigner and 1 are not relieved of any obliga-
sent,to pay off my other educational loans. lion within or pursuant to this Note.
2. My responsibility for repayment of this Note is unaffected by the IF 13.Notwithstandinganyother provision of this NOte,you maychange the date
ability of any other person to me or to you, by your release of any other for payment of monthly installments under this Note.which shall be deemed
person from liability to pay this Note,or by your failure to notify me that accepted by me unless I object in writing,
a required payment has not been made.Without losing any of your rights 14, if I tax my signature(s) on the signature page of this Note back to
under this Note,you may accept(a)late payments,(b)partial payments you and keep the copy I signed,I understand that under federal law the
or(c)payments marked 'paid in full' or with other restrictions.You may fax you receive will be an original of the signature page of this Note. You
delay or fait to exercise.or waive any of your rights on any occasion with- and i agree that all copies of this Note fincluf ing the fax you receive
out losing your entitlement to exercise the right at any future time or on and the copy I retain), taken together, shall constitute a single original
any future occasion.You wdi not be obligated to make any demand upon agreement.
me, send me any notice, present this Note to me for payment or make
protest of nonpayment to me before suing to collect on this Note.If I am 15. If any Borrower or Cosigner elects to sign electronically an electronic
in default,and to the extent permitted by law, 1 hereby waive any fight I record of this Note,then the following will apply as between Lender and
might otherwise have to require such actions. such person:(a)Lender or its agent will keep a non-modifiable electronic
record of this document and provide a copy to me upon request, (b) 1
3. If 1 want to pay you in full with a check or similar Instrument that has can and have downloaded and/or printed a copy of this document for my
such special notations or instructions on It or with it,I agree to send the records or notified the Lender or its agent to mail me a copy of this docu-
payment(including the special notations or instructions)to the address ment,and(c)the electronic record of this document maintained by Lender
identified for such purposes on my billing statement, or to such other or its agent and any printout from that record shall be an original for all
address I may be given in the future. If I send my payment In full to any purposes, Including any lawsuit to collect amounts that I owe, If I physi-
other address, t agree that f) you may ignore the special notations Or caily sign a copy of this document that has been electronically signed by
instructions,and(@ your crediting any such check or other instrument to any other Cosigner,as between me and the Lender the copy I sign (and
amounts t owe under this Note does not mean that you have agreed to any tax of that copy t may send to Lender or its agent)will be an original.
the special notations or instructions. However,the electronic signature of another party to this Note and the
4.1 may not assign this Note or any of its benefits or Obligations.You may electronic record of this document maintained by Lender or its agent corn
sell,transfer or assign this Note at any time without notice to me or my raining that signature will be as valid against me as an original,physical
Cosigner(If applicable). The terms and conditions of this Note apply to, document that is physically signed by all Parties,
bind and inure to the benefits Of your successors and assigns. The following notice applies ONLY if the School is a for�proflt Institution
5.The terms and conditions in this Note constitute the entire agreement or Otherwise Is subject to the Federal Trade Commission Rule at 16 CFR
between you and me. Part 433:
6.If any provision of this Note Is held invalid or unenforceable.in whole or NOTICE:ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT
in part that provision shall be considered omitted from this Note,without TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT
affecting the validity or enforceability of the remainder of this Note. AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT
HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER
L A provision of this Note may only be modified if jointly agreed upon in
BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR
writing signed by both you and me.Any modification will not affect the va HEREUNDER.
belly or enforceability of the remainder of this Note.1 authorize you,with•
out further notice,to correct any patent errors contained in this Note.
S. To the extent permitted by applicable law,you have the right to apply
Page 5 of 5-WEL02/05
TRUE AND EXACT COPY
Wachovia Education Loan"-Application and Promissory Note
LonOw: Wachnrvia Bank at Ocaware.Nanional Associaiwn Conditions!Approval Date:0824/2006 Application Ref.:
Loan program:Wachovia Education Loan CWL School Name:Rowan University
Requested Loan Amount:59,OOD.00 th)gireulm Fee:WOO Repayment Fee: 0,00%
Rate Woltz Prim Rate Variable Rate Margin%Charged: 1.0D Repament Damon:Deferred Repayment
Student Borrower Name:BENJAMIN M PATTERSON Cosign Name:Cheryl L Patterson
Student Borrower SS1,14011111111111a Designer SSM X5372
Dale cry firth: , Owe of Birta:422111961
Pcrnsasnent ruWress Pemanent Address:438 East Front Street
Permanent Address: Permanent Address:
City/stete/ZIP:aommm� City/State/71P:Florence NJ 08518
Home Pnane4=0000& Hwde Phwne:6D9 499-1646
Cali Phone: CCU Phone. -
Borrov er Reference Name:Jesse Owens Caution,Refeenca Name:Lisa McCarthy
Relationship:Other Relationship:Friend
Permanent Afros:11 Liberty Court permanent Address:1101 Emerick Avenue
Permanent Address: Penoarrem Address:
City/Su ie/ZIP:Corfisle PA 17007 Chy/State/7IP.RDebling NJ 08554
Home Phwn 717 245-980D Home Phone:609 499-2645
Business Phone: - Business Phone:
For purposes of the tolowing Nalco,the words ymu'and'yaw*refer to the Coslitner,rot the lender.
FEDERAL NOVICE TO COSiGNEW.You are being 80e0 w foommee this debt neon OuduDY boom You ft It the bommeor dewed Pay the debt,you wig
have t x Ba Irma you On added to pay N you here to.and that you ram to amain this mspom M14 You may haw M Pay w w we Mg amoont of the dead
B the bonoxer aides not pay You may also have to Pay Lore fees w collection cvvd.which Increase this amount.The holder at this Nne can edged tlds debt
hard yaw wftttM ant trying to taunts tram the bommem The holder of lids Note can use the same 0011acdoe nothOds agabm You the ran be used Aguma
Me bond such as wing you,gamaMng your wage,etc N this dead Is ever in detat0,that tan may becomo Poi of your credit record.This motive Is not
the cordract that makes you liable for Me debt
SIGNATVRE/CERMCATION AND AUTHORIZATION:To the best of my knw4edge and belief,dreryUdng disclosed on this Note Is me and complete.I wtnorhe
you to gather and share bum time to time credit,eriplWmad and other Information about me(Including any Information from ths Note or about this loan
or MY other education bens/eapurta)from no with consumer reporting agencies,my Schaal and others in accordance wbh applicable taw.I understand
OM a credit repot is obtained for this ban opobcanion.R I INe in a community properly state,I ouNo¢e you to gather credit*elated Intormation from
Mort about dry Waves.i ferdw Inghtwize rry School w receive,prtatde,and confirm mfeenstiwh from Lod wim you fegarmng my attendance,firhercld
aid,or status as may be relevant to consdeatfon of this Note.I certify that I am a citizen or Pennanem Resident Mien of the United Stales of America or
Foreign National and that I satisfy the State Age Requirements In section L at this Nate.This Note and supporting documentation remains yaw properly.
I wig not logo M&NOW before ruing the emke Ned eves B otherwise advised.By stp log bear,i acknwNedga that i haul mcoWmd an exact copy of the
Nma,that 1 hews read I,that I understand and agree to an of the tends and"nations,of the entire None,Mdwung the federal Cosigner notice above,and
bbd Nee Coslow sleds Prodded wparawly,and;based to be legally boutut by due Nate.Each owson sighing Ods None Is jointly and tarerally Used.for
do obligations to you,This Nona Is siame under seal.i hone the 000 to repay all m pmt of my ban M arty time Wthend pensity THIS is AN EDUCATION LOAN
THAT MUST BE REPAIR
I understand that i am not required to fors my signature on no to sign eicaronicaey this Note and airy related notices that require signmw�U I cnoase,to
far rty signature on a to sign electronically this Note and any related noticed that require W"Jum to Lender or its agent.I intend:(u my fors or electronic
signature Wore an elearorec signature under applicable federal and state Love(7)any fax pirated or printout of Lender's electronic record of this Note and
related noticed to be an original document,(61)to cdnducl business with you ty elearnic records and electronic signatures,(M my consem under eg)to be
electronically given under apylicablo federal and state law,and M that this Note will trot be governed by Mile B of the Uniform Commercial Cote,and my
obligatons under this Nate wig rot be sublea to,but any transfer of my oaugatione wig be subject to.Article 9 of the Urdamr Commercial Code.
WARNWQ-ArV Person wfp Icowirlrmakes a eise statement w mmclaesentagbn an this far is subject to pernalties vdaeh may Mduds fines w'vnpisamnerd.
FOR ALABAMA RESIDENTS:CMlNGN—R IS IMPORTANT THAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU SIGN 0.
FOR WISCONSIN RESIDENTS-NOTICE TO CUSTOMER(A)DO NOT SIGN THIS BEFORE YOU READ THE WRITING ON THE FOLLOWING PAGES,EVEN IF
OTHERWISE ADVISED.(8)00 NOT SIGN THIS IF IT COMAINS ANY BLANK SPACES,fC)YOU ARE ENTITLED TO AN EXACT COPY OF ANY AGREEMENT YOU
SIGN.to)YOU HAVE THE RIGHT,AT ANY TIME,TO PAY IN ADVANCE THE UNPAID BALANCE UNDER THIS AGREEMENT AND YOU MAY BE ENTITLED TO A PARTIAL
REFUND OF THE FINANCE CHARGE.
important Iowmotion About Opmdmg Ywt New Account-To help fight the funding of terrorism and money laundering actWes,Federal law requires all
Tmancfel bnsumoons to edam,redly and record lmormatbn than idemlaes each person Who Opens an aLCapnt,
Batweer Sigwtu,e Electronic signature on file Date 082112006
BY SIGNING THIS APPLICAl"IDWIFROMISSORY NOTE BELOW,1 CERTIFY THA71 INTEND TO(g APPLY FOR JOINT CREW AND OR BE IOINTLY LIABLE WITH THE
BORROWER FOR THIS LOAN,
c,,fV err 5ngcatom M appftw,) Electronic signature on file Date OD212006
THIS COPY IS FOR YOUR RECORDS agaimswewaos
TRUE AND EXACT COPY
In this loan Appl(capae and Promissory Note thereafter'Nate-)the wards money fa me in an ny,behalf in Consideration far try,Note.B my lean is
1','me`and*my'mean the undersigned borrower,or,if theta is more disbursed by check,h will be the dale shown an the loan check(not the
than one borrower.an bomrwers indirriduely and collectively,unless the date an which I endarse or negotiate my check);Otherwise,it will be the
language specifically refers to only one Or the other. "You' and 'your' dates)my loan funds we elecomically transferred to the Schad.
means Wachanot Bank at Delaware•?WmnW Association,its agents,and 2. Defelmem Perfect - The Overnight Pedad applies only it t have
any subsequent holder of this Note,and Its agents.'School*means the chosen to defer principal and interest payments. In such case, the
school[tamed above.'Affllute'means permits refaced by commas owxr• De)enlem Period wig begin On the first Disbursement Date and end an
ership or affiliated by corporate control with arry holder of this Note,and the Deferment End Dale. I am not required to make any payments during
Via agents of such persons, the Deferment Period,
A.LOAN AMOUNT:1.When you receive my signed Note,you are not Agree- 3.Deferment End Date-The Deferment End Date means the date spec:
ing to MrM me money.I understand that this Note will be binding an me Aso bedew far the (the applicable applicable Loan Program
only if you agree to lend me money,but you have no obligation to agree gracabde Loan Program
is stated an the first do so. if you decide to make a Wan to M.you will either ma0 to my t page of this No ):
School a loan check coomble to me and the Cosigner a to me and my (a) Wachorl8 Education Lam CWL Lawn Program: U i have elected are
Schad w transfer funds efectioniccily m my Schad fw me.U funds are "Deterred Repayment'MUM(the applicable repayment optian Is stated
transferred electronically,1 authorize the School to transfer funds to my on the first page of this Note),then the Deferment End Date will be 180
student account at the Schad,You have the right not to make a town w to days after I graduate or cease to be emitted at least half-time at the School
lend an amount less than the-Requested Loan Amount'(above)acid/or for another school participating in this Loan Program),In any event,if I hawe
to ryecl any Cosigneu I spree to accept and to repay the Loan Amount that elected the'Deferred Repayment'DOOM,the Determent End Date wit)be
you actually lend me,You have the right,at your discretion,to disburse an more than 5'b years ohm the first Disbursemcri Dde.
my Wan in multiple Installments.as the payment is due 10 my School. (b) WaenWla Education Loan CRL Loan Program: The Deferment End
U t cease to be eno8nd at School prim to any disbursemem data,t"It Date will be 180 days after i graduate or cease for any other reason to
promptly notify you so that any pending disbursement may be canceled, be enrolled at least half-time at the Schaal lot another School partic:
2.By signing this Note,and submitting h to you,I am requesting that you noting in this Lam Program),but no move than 4%years after the first
make this loan to me in an amount equal to the Loan Amount described Disbursement Date:provided.however•that if I begin a medical residency
in Paragraph 8 of this Nile.if you approve this request and agree to make or Internship during the Deferment Pehod,then the Deferment Period win
this low.you will send me a Discosure Statement required by law which end 180 days after the day the residency m Internship ends.but ni more
is incorporated herein by this rNaence,in adiftorh to other Information, than 8%yews after the fast Ondevrsoment Date.
the Disclosure will string the actual ben amount the Repayment Period, 4, Repayment Period- The Repayment Period begins (I) an the lost
Mileaiiott fee amountts),and rates.I will let you know thin I agree to Disbursement Date d I emm Immediate Repayment,in fiD on the date
the terms of the loan as set form in this Nate and in any Disclosure after the Deferment Period ends if 1 defer principal and Interest pay.
Statement by doing either of the follarwhe(a)enclosing in depositing the metes. You well disclose the Repayment Period to me before it begins.
cheek that disburses the loan PrommOS;w(b)allowing the Ilan Proceeds The Repayment Period is 2Dyews(25 yews for loans with a Loan Amount
to be used by w an behalf of the Student Narrower without objectlon- count to or awe than 540.000)vines monthly,payments equal to the
3. Upon receipt Of any Disclosure Statement. I will review,it end notify minYmtan monthly payment amount (See Paragraph E,4) will repay bit
you in writing N i Form,any aueswm.If age irdrmnation on the Disdasum amounts awed In fees than 20 yews,in which Casa the Repayment Period
Statement conflicts with the information an this Note, the Information Yip be the number of months necessary to pay in full the amount I qua
an the Disclosure Statement governs.B t no not satisfied with my loan at the minimum payment.
terms as disclosed In arry Disclosure Statement, I may cancel the dis� G. INTEREST: I. Acwual - Begirming on the first Disbursement Dine,
bxrcement-To cancel any disbursemem,I will give you a written concede- interest an the outstanding balance of this NOW will be calculated at
Uon notice within ten(10)days after i receive the Disclosure Statement.t the Variable Rate (Paragraph D.2) and charged an the Loan Amount
understand that the Cancellation of any disbursement will not Cancel arty and on my unpaid homes,later added to the Loan Amount according to
future disbursements or arty prvious disbursements. V Wart proceeds Paragraph 0.3. During the Repayment Period.Interest win be calculated
have been disbursed.I agree that I wit)Immediately return the canceled W the Variable Rare and charged on the Outstanding balance of this Note
disbursement to you,will rat endorse 617 check which disburses the um)t an amounts we Paid in full. Interest wit)be calculated tin a daily
Wan proceeds to be Canceled,and will instruct the School to return the simple against oasts.The daily internal rate will be equal to the annual
Canceled disbursement to you.N 1 give notice of completion but do not interest rate is affect an that day,divided by the actual number of days In
cause the return of the disbursement as stated Name,the disbursement mat calendar year,
will not be canceled and t Will be in detwrlt of this Note.i hereby grant you
a security interest to secure my obligations under this Note in all amounts Z. Vadade Rain-The Variable Rate is equal to the Rate We. plus
owed to me by the School, a Margin. Unless you otherwise notify me in writing, the Rate index
and the Margin for both the Deferment Period (if applicable) and the
8.PROMISE TO PAY:1 promise to pay to the order of Wachovia Bank of Repayment Period is indicated in the first section of this Nwe.In no event
Drainage.National Association,or on any subsequent holder of this Note, will the Variable Rate exceed the maximum inemsi rate allowed under
upon the terms and conditions at this Note all of the principal sum of the DELAWARE law,The variable Rate will change quarterly on the first day Of
"Requested Loan Amount'(indicated council to the extent it is advanced each January.April.July and October(the "Change Oaus(s)"I U the Rote
to me or paid on my behalf,including an amount equal to the origination Index changes.
fee described In this Now(together,the"Loan Amount').and as further
set forth in this Note, interest on Such Loan Amount,interest on arty The holloware describes de 'Rata Index" Identified an the first page of
unpaid accrued interest added to the Lean Amount.late fees, returned this Nine applicable to this loan:
Check face.reasonable collection agency and MIomWs fees,and other (a)PRIME RATE-The'Rate tre ex"par arycalamdarquarterbef imdngon
Cents and charges necessary for the Collection of cry amount not paid a Change Date for far any shorter period beginning on any Disbursement
when due,where permitted by applicable caw.OR in(awful money of the Date and ending an the test day Of a Calendar quarter)is the highest
United States of America. Prime Rate for U.S. banks published in the -Money Sales- section of
C. DEEINMONS:I. Disbursement Date-The duets)an which ywr tend The Wall Street Journal on the fast day of we prim calendar morn.(for
Page 2 of 5-WEL02/05
rh
TRUE AND EXACT COPY
example,the Variable Rate for each quarter beginning January let will 3. Repaymunt Terms-My mommy payment will pe established based
be determined by the applicable PRIME RATE Published on the preceding On the Prime in this Note wban my Repayment Period begins.My monthly
December ist).if The blab Street Journal is not published or the PRIME payment amount will be calculated as of the day the Repayment Period
RATE is rat stated,than the PRIME RATE will be the applicable PRUNE begins ('Repayment Dale'). It will be recalculatad to) once each year
RATE man published thereafter.R the PRIME RATE is ne,"a available. prior to the anniversary of the Repayment Date,(b)If the Variable Rate
you will choose a comparable index. changes between anniversaries of the Repayment Date to the extent that
(b)3-Month LIBOR - The 'Rate Index' for any calendar quarter be the arnotnt of my mohihy payment would not pay in fail the accrued
ghmmg an a Clients Date tot for any shorter period beginning on any monthly interest on my loan,Ic)following any subsequent deferment Or
disbursement Date and ending on the last day of a calendar quarter)is forbearance period or td)following mw Proven by the Borrower to the
the 3Month LIBOR published in the 'Money Rates'section of The ftO Servicet to chango the monthly payment due date(oath of which evants
Street Journal on the Nat day of the prim calendar mWith.(For esamPIO, is a new 'Repayment Date'). As of any Repayment Dme.ary monMy
the Variable Rate Ire each quarter beginning January tat will be deter. payment will be recalculated. My new monthly payment amount will be
mined by the applicable 3-Month LIBOR Rate published on the preceding dosed to me by the Services.The new monthly tapapnam amount wig
December 1st).K The Hell Street Journal is not published m the 3-Month equal the amount necessary to pay in full,War the number of MOM$
LIBOR Rate is net slated,then the 3aAomh LIBOR Rate wig be the NaPN remaining in the Repayment Period,the amount 1 owe in equal man"
Cable 3-Month LIBOR Rate Heat published thereafter.If the 3-Month LIBOR installments of principal and interest at the Variable Rate in effect at the
Rate is no longer firwattle,you will choose a comparable sues. time of the calculation.I understand that this may result in a reduction of
or increase in my monthly payment as calculated as of own Repaymerd
fc)13-WEEK TREASURY BILL-The"Rate Index*for any calendar quar. Date, 1 understand shot during the Repayment Period the Servieer may
ter beginning on a Change Dole tin for pry shorter Period bet-Ing On change the mAmflly payment this date or future Payments to a later date
airy disbursement Date and ending on the last day of a calendar quarter) for the comemence of the Servicer In processing payments or in order to
Is the 13WEEKTREASURY BILL Rate published in the'MOney Raise*sets, cuadinate the due dates of all of my loans Processed by the Services,
Lion of The Wall Street Journal en the Just day of the prior catendm month. 4.Minimum Repayment-Notwithstanding Paragraph E.3,1 ogres to pay
(For senators.the Variable Rate tin each gunner beginning January ist
well be determined by the applicable 1&WEEK TREASURY BILL Rate pub- au least$50 each monun during the Repayment Period m the unpaid baf
fished Ash U s preceding December 1st).it The IVDIt Street Journal Is not once whichever is Jess.I understood than I may pay more than my monthly
published Or the 13LWEEK TREASURY BILL Rate is not stated,than the Peat at any time without Penalty or charge. If my loan Is In paldaherad
13-WEEK TREASURY BILL Rate will be the applicable 13WEEK TREASURY status,I may,but win not be required to make monthly payments.
BILL Role next published thereafter.It Ile 133WEEK TREASURY BILL Rate 5.Amounts Owing in fie End of the RePaymcot Period-Sirme intencia
Is no longer available,you will choose a comparable index. accrues daily upon the unpaid principal loan balance,if I make payments
S.Capitalize"-I understand that YOU Will add all accrued and Unpaid after my psymem Out dates,I may owl,additional prmNpan and interest
Interest to the Loan Arnouin('capitalize interest-)On the but day Of the and late lees which will increase the amount of sty last monthly payment
Deferment Period and at ma and of any for roaante period,In addition,it to sire consent necessary to repay my loan in full.
my ban will be,disbursed in multiple disbursements And it I have elected 6.Obligation to Pay Survives Death or Disability-1 acknowledge that if
the'6nmedrme Repayment'option you will caphufar interest that bermes I die m become rerouted Wile arty amount dire order this Nate remains
between the first disbursement of my loan and the final disbursement ol my unpaid,I am still obligated to repay this loan.
town in aB cases,the born Is thereafter camptived the Loeb Amount and
interest will accrue On the new Loan Amount T.Payments AS charges sd by fees,men tow,payments wRn be applied I.
brat to applicable charges end fees,tlxn to ncemed amp unpaid irtmast
V TERMS OF REPAYMENT,1.Repayment Ophema-My repayment Wire and fnarly to principal.Or gill in any other miler you determine.
choice is indicated An the first page of the Note ff I failed to make a Choice, F.LATE FEES;OTHER CHARGES!If my payment or
you Pin chose opton(b)he mm). any portion of ce pay-
pent is mare than 31 days late,t agree to Pm'a lace fpm tat eACteding
(e)lm uAliate Repayment-I am required to begin monthly repayment $5.00 or Sit of the payment amount, whichever is less, subject to the
of prit¢ipat and atomest firer the bluing statement you prawide to me after maximum permitted try taw.I will pay only one late fee for any Payment,te-
the lost Disbursement Dale. YOU reserve the right to send statements or gamlvss of me number 0 1 days It is late.I will also pay a$20 Returned
notices to either th m Borreaxr m Costermr. Payment Fee for each payment fetumed for any lesson,including but art
lb)Deferred Repayment-I may,but am nom required,to make Payments limited to insufficient funds Ar a atop payment order.
Mong ins Deferment Punt. YOU wig send sur emeres during Via O.FINANCE CKARGFS: Y ALL LOAN PROGRAMS-If you choose me,twin
Datime .Period(showing the total outstanding principal balance of Ail, pay you me Origination Fee applicable to my loan.ideoerding an sty credit•
tow,and the interned that has accrued on star loan). You resen,the right to worthiness and other rectors,in your discretion).The Origination Fee will be
send statements or notices to miner the Bcmwow m Cosign. Swum" equal to the Onigmalbn Fee Percentage(shown an the first page of this how}
will be sem to the address dawn on your racarda. You will add unpaid Mkiplied by the smaunt advanced to me.The Dri$Ination Fee will be included
accrued interest to the principle balance of the tam or ifu end of the in the Loan Amount and mV=ed In the amours at mach disarsemera The
Deferment Period as desiMbed In D.3. Origination Fee amount will be identified on my Disclosure statement At the
2. Repayment Period- During the Repayment Period.yep win send me time any disbursement is issued.you will deduct a proportionate amount d
mp(awlty statements that slaw the amelella M miniaNlm monthly payments the Origw reign Fan from the disbursement.A fm any reason you do not with
and the payment due times. You reserve the Aghi to send mommy Hotel fee,Origination to Fes from way disbursement and t have rim theory rnitu pay
statements to either the Bonower m the Cosigner. I -rill male equal mat lee,1 eWK to pay lt when you em me for R or of edam pepped try
and tonsettrtre men"payments made up m principal and iMatst m wow,and unless I cancan airy undo the Win ali o Fee f r with Paragraph t It n
amounts at least equal to such minimum monthly payments by the applies 'wIp not OC spited to pry refund o7 the tbigirralbn Fee jay the ReyNyrnert Fee
Me due dates vmtr I hole pay all of the Principal and interest and any Other described In Seaton G.2)otter my yen has been disbursed.
charges 1 may am Under this Note.1 am net relimll of ny responsibility 2. Credit-Ready Loan Program - if you charge me. I will pay you a
and obngatiPnwmake suet payments lti�wtnaalve bWimg stetemeMS. Repayment Fee at the time my loan enters the Repayment Period.The
and any other written payment notices from you.It ary loan is in Falsehood Repayment Fee I wig pay,if any.win be shown an my repayment Disclosure
slams,l may,bbl will not be required to make man"payments Statement,The dollar amount of the Repayment Fee will be dmermined
Pogo 3 of s.WELURy05
TRUE AND EXACT COPY Cl
by multiplying the mnstanding principal balance (metudiing capitalized may exercise this rghtn by notifying the consumer credit reporting agency.
Interest as provided in Paragraph 0.3)an the fast day Of the Repayment A monied applicant may meady for a separate mo m.d my application is
period,times the Repayment Fee Percentage(shown on the first Page of denied or 1 refuse your counter-offer and your decision was based,in whole
this Note),and will be added to the balance of my loan on the fast day of of pan.on information in a consumer Credit report,I have the right to obtain
the Repayment Period. a free coq of the report from the consumer reporting agency within 60
N.FORBEARANCE You may,at yam absolute discretion,grant me a for- wys-I have the right to obtain a copy of my consumer credit no urt train
bearmrce which will suspend principal payments during a hardship period. any other credit reporting agency which COMPRes and maintains files on
I understand that(f)during a forbearance period,interest will continue to consumers an a nationwide basis.1 have the right to dispute the accuracy
mcmc and I will amain responsible for paying such interest,and IS)arr, or completeness of any information in a consumer Credit report tumished
paid interest that moved Wring my forbearance period will be capitalized by any agency. CALIFORNIA AND UTAH RESIDENTS:As required by law,I
at the end of such period.I agree not to Ueim any forbearance you lawn am notified that If negative credit report regening on my credit record may
as a defense to repayment at this Loan be submitted to a credit reporting agency If 1 fax to fulfill my credit Oblige,
lion terns. IOWA, KANSAS and NEBRASKA RESIDENTS (fm purposes of
J-OEFAVLT:WHOLE LOAN DUE To the amain permitted by taw.i will be the following notice,'yW,raters to the Honme r acrd the Cosigner,mA the
in default and you wi0 have the light to give me notice that the whole T.endrob NOT1Cg TO CONSUMFJLTbisisaeonsumar Credit beezocdan.L Do
deutsta d ing principal balance,survived Interest,and all other emuums NOT SIGN THIS NOTE BEFORE YOU READ THIS NOTE.2.YOU ARE ENTITLED
We to year under the terms of this Note,are due and payable at once, TO A COPY OF THIS NOTE 3.YOU MAY PREPAY THE UNPAID BALANCE AT
and to cease to make any further disbursements to me(Subject t0 ON ANY TIME WITHOUT PENALTY AND MAY BE ENTITLED W A REFUND OF
applicable law which may give me a right to curve my default)U: (1)1 UNEARNED CHARGES IN ACCORDANCE WITH LAX MARYLAND RESIDENTS:
fail to make any monthly payment to you when We; or (2)1 make ary YOU elect Subtitle 10,Credit Grantor Cloud End Credit Provisions,of Title
false stmement in applying for this loan m any other student m edu- 12 of the Commercial Law Mick of the Annotated Code of Maryland only
cation lean m in any subsequent communication with you; Or(3)1 fail to the extent not Inconsistent with 12 U.S.C.§85 and nefined regWadons
to nofBy you In writing of a Mange in my name, address, teleahont and OpimINns,which you agaessfy reserve.NEW YORK,RHODE ISLAND AND
number of School a mUmert status within 10 days after a change OC VERMONT RESIDENTS:A consumer report(credit repen)may be obtained
mrs; of IA)1 break Jeff of my other promises In Me Net*; Of (5) If 1 from a constmer4cooning agency(Credit bureau)in connection with this
die; or (6)If any ammiacy,proceeding is begun by or against me,Of loon,if I request(1)1 will be Informed whether or not consumer reports
I assign fury of nary assets fm the barest of my meditms:Of(7)I am In ware abtaAea,and(2)it moms were obtained.I will be informed of pre
default on any loans f may already have with yob,Of an any bans t may names and addresses of me Credit buftous man furnished the aeons.U
have with you in the future: or 18)1 am declared legally incompetent or you agree M make this loan to me.A consumer Credit report may be re-
Incapacitated;or(9)YOU reasonably believe that 1 am not paying my debts quested m Used in connection with renewals m ertornons of any Crean for
as they,become due.if 1 defaub.I will be required Ia pay Interest on this which i have amused,reviewing my Ivan,taking COIRCtian anion pit my town.
loan accruing ahar default,AD the provisions of Paragraph D above will or to jtimme muckrum associated with my bar+. MtSWURi ME EM-
continue to apply after default.1 Understand that this loan Is an educe, Oml agreements m commitments to Ivan money.extend Credit Or of forbear
lion loan. Because this ban Is guaranteed by The Education Resources hom onimdng repayment to a debt Including promises to extend m farm
lnstltute,Inc(�TERr),a nonprofit education tam guaranty agency,this such debt Am hot entarcaeble.To protect me(bmrawens))and you(eedi-
loan is genemOy NOT DISCHARGEABLE Be BANKRUPTCY mow the Prml- far)from misunderstanding or d1sappointmen4 any agreements we reach
Eiden,of 11 US,C,section S23(A)ft it 1 default and TERI a"$the Note vmVmAg Kish matters are Contained in this writing,which is the Complete
holder Under Its guaranty-I agree that TER]may to the extent Conmmed and exclusive statement of the agreem in between us,except as we may
by law(a)increase the Margin on my loan by two percent(296)per annum into agree In writing to modify 11.
and(b)Capitalize all accrued interest i owed when TER)paid the fm study.
guaranty N£YADA RESIDENTS! This is a Man
to the Note holder.i Authorize you to share any Information miming to my
application and this loan(including my payment history)with TER]at any NEW JERSEY RESIDENTS:The section headings of this Note are a table of
time and from time M time. contents and not contract terms.Potions of this Note with references to
J,CGLLECTION COSTS;1 agree M Pay YOU all amounts up to the maximum actions taken to the extent of'applicable law'apply to acts or practices
pemhSDed bylaw.Irebutlktg but not smtted to reasmsable coReatm agency that New Jersey few permits m requiros.In this Note.acts or practices(1)
and attorneys tees and Court and ether collection costs,that you incur in by you which are or may be,permitted by*applicable law'me permitted by
collecting this Note. Nor`'Jersey low,and(I)that may or will be taken by you unless prohibited
by"Applicable kw are permitted by New Jersey low.
K.GOVERNING LAW:You art kzcakd in DELAWARE and this Note will be
entered Udv b DELAWARE.Consequently,the PrOdSMns of this Hate than Oleo ors ma ht r ma Ohio taws against discrimination worthy require that and
be governed In all respects by applicable FEDERAL LAW,and the laws of that creel make Credit genie available M eta ratdit ree h Laster an aft
DELAWARE without regard to Medium of few rulos, Indi credit reporting est. The maintain separate credit mi histories an each
Individual upon request.The OAIO CiWI Rights Commission admunisterz
L MOMS;ADDRESSES:1,t will give notice to you within 10 days after compliance with this law.
any Change in ry name•address,telephone number.or School ant* WISCONSIN RESIDENTS: For M311 p Wisconsin residents.My signaura
ment status(for example.if i withdraw from the School or transfer to
another school participating in this loan Program),or change in Cosigner 're^lo'^s that this loan obligation is being incurred in the interest of my
status(14.,death m bankruptcy). marriage or family.No provision of any marital property agreement(pre,
marital agroemenU,unitateral statement under Section 766.59 Or court
2.Any house that you are recowed zc give me wit be effective when decree mom Section 766.70 adversely affects the Interest of the Lender
mailed by first Class mail to the twos%address you have for ma. unless the Lender, Prior to the Ohio that the Ivan is approved, is fm-
3.Any notice under this Note may be sent by or to the service,authorized nlshed with a coq of the Agreement,statement,or decree or has actual
by you to service any loan actount i understand that payments and no knowledge of the adverse Provision when the obligation to the Lender Is
uses should be sent to that servicar•R any,rather than to you,wit ss I Incorrect. N the loan,tar which I am applying is grinned,MY spouse will
am otherwise advised to willing also receive notification that credit has been amended to me.
a.CALIFORNIARESIDENTS:I have the right to prohibhthe use of information STATE AGE REOUIREMENTS:The legal age for entering imo contracts is
can[alrtedintryctditfileincormectionMthvansacUOnsnainlUettdbrme.l 18 years of age in every state In the United States evum the fallowing:
Pageim5•YtELD2Ja5
TRUE AND EXACT COPY D
Alabama and Nebraska-19 years old,and Mississippi and Puerto Rico money from any of my deposit accoumis)with you to par all or a portion
-21 years old. of arty amount overdue under this Note.I hereby authorize you to obtain
M.CREDIT BUREAU REPORTING:REFERENCES:1.1 must update the Infor. from my School a0 amounts which may be owed to me by the School,
motion on my Note whenever you ask me to do so. Including any refund due to overpayment.early termination of enrollment,
Or otherwise.
You may report Information about my account to credit bureaus.Lots g if this Note is executed by more than one borrower, apch borrower
payments,missed payments,or other defaults In my account may be agrees that any communication between you and any,of the borrowers will
reflected In my credit report, be binding on all of the borrowers and that the prwision5 of this Note wig
I understand that the ropening of Inforrnation about my account to credit apply to ell borrowers individually and collectively.
bureaus may adversay affect my credit rating and ANY ability to obtain 10.My obligation under this Note is unconditional and absolute.I waive all
other Credit.You may also report the status of my loan and rtry,payment notices to which I might be entitled by law as a guarantor at the student
history.Including Information about a late payment.missed payment or borrower's obligations hereunder 1 waive all suretyship defenses that
other defaults,to the School and others in accordance with applicable might be available to me(including,without limitation,contribution,suh
law. rogation and exoneration).I agree that the student borrower may agree tp
arty forbearance or other modification at the repayment schedule and that
For the purpose of learning my current address and telephone number, such agreement will be binding on me.It shall not be necessary for you
I authorize you to release information,and make inquiries,to the to resort to or exhaust your remedles against the borrower before calling
persanls)1 have listed as references an this Note. upon me to make repayment. For purposes of this paragraph N.10 only,
2.U I ask you,you will tell me if you have requested Information about '1"me',and"my'refer to the Cosigner only.
me(or about my spouse.If applicable)from a consumer-reporting 11.NI dollar amounts stated in this Note are in United States dollars.
agency and provide me,with the name and address of any agency that I will make all payments in United States dollars with no deduction for
furnished you whir a report. currency exchange.
N.ADDITIONAL AGREEMENTS:1.This loan will be used only for my tuition 12. If I fail to complete or am dissatisfied with the education program
and other educational expenses at the School.and,subject to your con. paid for win this loan,the Cosigner,and t are not relieved of any obfiga
sent,to pay off my other educational loans. lion within or pursuant to this Note.
2. My responsibility for repayment at this Note is unaffected by the 14 13.NmwithstendngwwotherorovisionoithisHme.youmaychancethedwe
ability of pat differ person to me or to you,by your release of any other forpaymelnof monthlyinstallnems underthis Naux which shenbe deemed
person tram liability to pay this Note,or by your faille to really me that accepted by me unless I object in writing,
a required payment has not been made.Without losing any of your rights 14. Of I fax my signaiurels)on the signature page of this Note back to
under this Note,you may accept(a)late payments,(b)partial payments you and keep the coq I signed,I understand that under federal law the
ON Ic)payments marked'paid in fWl'or with other restrictions.You may tax you receive will be an original of the signature page of this Note.You
delay w fail W exercise,Of waive 8M of your rights an arty occasion with and I agree that all copies of this Note (including the far you receive
out losing your emWememt to exercise the right at any fmure time or on and the coq 1 retain),taken together, shall constitute a single original
any future occasion.You will not be obligated to make ary demand upon agreement.
me,send me arty notice.present this Note K me for payment or make
protest of nonpayment to me before suing to collect on this Note.If I am 15.If any Borrower or Cosigner elects to sign electronically an electronic
in default,and to the Went permitted by low,1 hereby waive ary right I record of We Note.then the following will apply as between Lender and
coign otherwise have to require such actions. such person:(a)Lender Or its agent will keep a rrommoWaable electronic
record of this document and provide a coq to me upon request,(b) 1
3.If 1 want to pay you in tun with a check or similar instrument that has cam and have downloaded and/or primed a coq of this document for my
such special notations or Instructions on it or with it.I agree to send the records or notified the Lender or its agent to mail me a copy of this dochr
payment(Including the special notations or instructions)to the address themt and(c)the electronic record of this document maintained by Lender
identified ter such purposes on a y billing statement. Or to such other or Its agent and any printout tram that retard shall be an original for all
address I may be given in the future.H I send my peymem In fun to any purposes,including all lawsuit to collect amounts that I owe. N I
PMs�
other address, I agree that(q you may ignore the special notations or rally sign a copy of this document that has been electronically signed by
instructions.and(ii)your crediting any such check or omen instrument to any other Cosigner,as between me and the Lender the coq 1 sign lard
amoums 1 owe under this Note does not mean that you have agreed to any fax of that copy I may send to Lender or Its agent)win be an original.
the special notations or Instructions. However,the electronic signature of another party to this Note and the
4.1 may not assign this Note or any of its benefits or obligations.You may electronic record of this document maintained by Lender or its agent con,
sell,transfer a assign this Note at aq time without notice to me or my fairing that signature Will be es valid against me as an original.plysicel
Cosigner(if applicable).The terms and conditions of this Note apply to, document that Is physically signed by all parties.
and and Hume to the b rnedtS of your sucressas and assigns. The Knowing notice applies ONLY It the School Is a lonprant Institution
S.The terms and conditions;in this Note constitute the entire agreement or otherwise is subject to the Federal Trade Commission Rule at 16 CFR
between you and me. Part 433:
6.H any provision of this Note is held invalid or unenforceable,in whole or NOTICE:ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT
in part that provision shall be considered omitted from this Note,without TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT
affecting the validity or enforceability of the remainder of this Note. AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT
7.A provision of this Note ropy ally be motlified It jointly agreed upon in HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER
BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR
writing signed by both you and me.Any modification will not affect the va, HEREUNDER.
Iidity or enforceability of the remainder of this Note.I authorize you.with
out further notice,to correct any patent errors contained in this Note.
B.To the extent permitted by applicable low,you have the right to apply
Pagr 5 N 5-wE1.02/as