2000 Forgivable Loan New

$2000 Forgivable Loan New

Step 1 of 3

Section A: Borrower Section

Name (Last, First, Middle Initial)(Required)

Address(Required)

Street Address Address Line 2 City State / Province / Region ZIP / Postal Code Country

Social Security Number(Required)

Date of Birth(Required)

Student Id(Required)

Phone number(Required)

Driver's License Number

APPROVAL DISCLOSURE STATEMENT

School Name & Address William Penn University 201 Trueblood Avenue Oskaloosa, IA 52577

Fixed Interest Rate 5%

Loan Amount $2000.00

Loan Term FA2025/SP2026

Date Signed(Required)

Borrowers Signature(Required)

Terms and Conditions REPAYMENT: if I do not complete an educational program at William Penn University (hereinafter called the university) I am obligated to repay the principal and the interest that accrues on the Forgivable Loan beginning six months after withdrawing or cease to be at least a half-time student. I understand that the school will report the amount of my installment payments, along with the amount of this loan to a national credit bureau. Interest on this loan shall accrue from the beginning of the repayment period. Upon my written request, my repayment period may be extended during periods of student deferment

CHANGE IN STATUS: I must notify the Loan Office at the university in writing if I change my Name, Address, Phone #, Social Security # Reference Information, or enrollment Status.

PROMISE TO PAY: I promise to pay the university the sum of amount(s) advanced to me under the terms of this Note, plus interest and other fees which may become due as provided in the Note if I do not complete, I promise to pay up to 100% collection costs plus legal fess and other charges necessary for the collection of any amount not paid when due. I will not sign the Note before reading the provisions on the reverse side. This loan has made to me with security or endorsement. My signatures certify I have read, understand, and agree to the terms and conditions of this Promissory Note. THIS IS A LOAN(S) THAT MUST BE REPAID.

GRACE PERIODS: My initial grace period before beginning repayment is 6 months. My payments will resume after a post-deferment grace period of 6 months that follows a student deferment.

PREPAYMENT: I may prepay all or any part of my unpaid loan balance, plus any accrued interest, at any time without penalty. if I repay more than the amount due for an installment, the excess will be used to repay principal unless I designate it as an advance payment of the next regular installment.

MINIMUM MONTHLY PAYMENT: I will make the minimum monthly repayment of $40 per month.

LATE CHARGES: William Penn University will impose late charges if I do not make a scheduled payment when due or if I fail to submit to the university on or before the due date of the payment, a properly documented written request that I qualify for a student deferment. The university may add the late charges to principal the day after the scheduled repayment was due or include it with the next scheduled repayment after I have received notice of the charge, and such notice is sent before the next installment is due.

REQUEST FOR DEFERMENT: To receive student deferment, I must make a written request to the university and must submit to the university any documentation the university requires to prove my eligibility for this benefit. I am responsible for submitting the appropriate request on time , and I may lose my benefit if I fail to file my rquest on time. Upon making the properly documented written request to the university, I may defer making scheduled installment payments and will not be liable for any interest that otherwise accrue during any period that I am enrolled and attending as a regular student in at lest half - time course of study at an eligible school.

DEFAULT: If I fail to make a scheduled payment when due: If I to submit to the university, on or before the due date of a scheduled payment, documentation that I qualify for a student deferment: or if I fail to comply with the terms and conditions of this promissory note or written repayment agreement, the school may, at its option, declare my loan to be in default and may accelerate my loan (demand immediate payment of the entire unpaid balance of the loan. including principal, interest, late charges, and up to 100% collection costs plus legal fees.

Total Loan Amount	$2000.00
Amount paid to you	$0.00
Amount paid to others on your Behalf: - William Penn University	$2000.00
Amount Financed (total amount provided)	0

Sept. 1, 2025_ Nov. 15, 2029 estimated deferment period	No payment required (Interest will not accrue at this time)
Nov.15, 2029-Oct. 15 2039 Maximum 120 monthly payments	$40.00

Loan Program	Current Interest Rates by Program Type
PERKINS For Students	5% Fixed
STAFFORDS For Students	See current interest rates
PLUS For Parents and Graduate/Professional students	See current interest rates