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500 Forgivable Loan Returner

$500 Forgivable Loan Returner

Section A: Borrower Section

Address(Required)
MM slash DD slash YYYY

APPROVAL DISCLOSURE STATEMENT

School Name & Address William Penn University 201 Trueblood Avenue Oskaloosa, IA 52577
Fixed Interest Rate 5%
Loan Amount $500.00
Loan Term FA2025/SP2026
MM slash DD slash YYYY
Clear Signature
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.
Clear Signature
MM slash DD slash YYYY
Borrower's Name(Required)
Borrower's Address(Required)
Creditor: William Penn University 201 Trueblood Avenue Oskaloosa, IA 52577 641-673-1039

Loan Rates & Estimated total Costs

Loan Summary

Loan Rates & Estimated Total Costs

Total Loan Amount
$500
The total amount you are borrowing.
Interest Rate
5%
Your current interest rate.
Finance Charge
$14.57
The estimated dollar amount the credit will cost you.
Total of Payments
$514.57
The estimated amount you will have paid when you have made all payments.
Total # of Payments
13
The total amount of payments that will be made.

ITEMIZATION OF AMOUNT FINANCED

Amount paid to you$0.00
Amount paid to others on your Behalf:
- William Penn University		$500.00
Amount Financed (total amount provided)0
Total Loan Amount$500.00

ABOUT YOUR INTEREST RATE

Your rate is Fixed: This means that your actual rate of 5% will not change during the term of your loan.

Your Annual Percentage Rate (APR) is 5%. The APR is typically different than the interest rate since it considers fees and reflects the cost of your loan as a yearly rate. For more information about the APR, see reference notes.

FEES

Late Charge: 5% of the amount of the past due payment, up to a maximum of $15.

Estimated Repayment Schedules & Terms

10 YEAR LOAN TERM MONTHLY PAYMENTS
5% The current interest rate of your loan
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

Federal Loan Alternatives

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

You may qualify for Federal education loans.
For additional information, contact our financial aid office or the Department of Education at:
www.federalstudentaid.ed.gov

Next Steps & Terms of Acceptance

This offer is good until:

  1. Find Out About Other Loan Options.
    Contact our financial aid office for more information.
  2. You Have Until 9/1/2025 to Accept this Offer.
    The terms of this offer will not change except as permitted by law.

To Accept the Terms of this loan, contact us at:
William Penn University
201 Trueblood Avenue
Oskaloosa, IA 52577
641-673-1039

REFERENCE NOTES

Fixed Interest Rate

  • This loan has a fixed interest rate of 5%
  • The Interest Rate may be higher or lower than your Annual Percentage Rate (APR) because the APR considers certain fees you pay to obtain this loan, the Interest Rate, and whether you defer (postpone) payments while in school.

Bankruptcy Limitations

  • If you file for bankruptcy you may still be required to pay back this loan.

Repayment Options:
Although you elected to postpone payments, you can still make payments while you are in school. More information about repayment deferral or forbearance options is available in your loan agreement.

Prepayments:
If you pay the loan off early, you will not have to pay a penalty. You will not be entitled to a refund of part of the finance charge.

See your loan agreement for any additional information about nonpayment, default, and any required repayment in full before the scheduled date, and prepayment refunds and penalties.

Private Education Loan Self-Certification

Important: Pursuant to Section 155 of the Higher Education Act of 1965, as amended (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. The school is required on request to provide this form or the required information only for students admitted or enrolled at the school. Throughout this Applicant Self-Certification, "you" and "your" refer to the applicant who is applying for the loan. The applicant and the student may be the same person.

Instructions: Before signing, carefully read the entire form, including the definitions and other information on the following page. Submit the signed form to your lender.

SECTION 1: NOTICES TO APPLICANT
  • Free or lower-cost Title IV federal, state, or school student financial aid may be available in place of, or in addition to, a private education loan. To apply for Title IV federal grants, loans and work-study, submit a Free Application for Federal Student Aid (FAFSA) available at www.fafsa.ed.gov, or by calling 1-800-4-FED-AID, or from the school's financial aid office.
  • A private education loan may reduce eligibility for free or lower-cost federal, state, or school student financial aid.
  • You are strongly encouraged to pursue the availability of free or lower-cost financial aid with the school's financial aid office.
  • The financial information required to complete this form can be obtained from the school's financial aid office. If the lender has provided this information, you should contact your school's financial aid office to verify this information and to discuss your financing options.
SECTION 2: COST OF ATTENDANCE AND ESTIMATED FINANCIAL ASSISTANCE

If information is not already entered below, obtain the needed information from the school's financial aid office and enter it on the appropriate line. Sign and date where indicated. See Section 5 for definitions of financial aid terms.

WARNING: If you borrow more than the amount on line C, you risk reducing your eligibility for free or lower-cost federal, state or school financial aid.

Section 3: Application Information

Full Name and Address of School WILLIAM Penn University, 201 Trueblood Ave, Oskaloosa IA 52577
Name(Required)
MM slash DD slash YYYY
Address(Required)
Period of Enrollment Covered by the Loan 8/25/25 – 5/10/26
If the student is not the applicant, provide the student’s name and date of birth.
MM slash DD slash YYYY

SECTION 4: APPLICANT SIGNATURE

I certify that I have read and understood the notices in Section 1 and, that to the best of my knowledge, the information provided on this form is true and correct.
Clear Signature
MM slash DD slash YYYY
Private Education Loan Self-Certification

Important: Pursuant to Section 155 of the Higher Education Act of 1965, as amended (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. The school is required on request to provide this form or the required information only for students admitted or enrolled at the school. Throughout this Applicant Self-Certification, "you" and "your" refer to the applicant who is applying for the loan. The applicant and the student may be the same person.

Instructions: Before signing, carefully read the entire form, including the definitions and other information on the following page. Submit the signed form to your lender.

SECTION 1: NOTICES TO APPLICANT
  • Free or lower-cost Title IV federal, state, or school student financial aid may be available in place of, or in addition to, a private education loan. To apply for Title IV federal grants, loans and work-study, submit a Free Application for Federal Student Aid (FAFSA) available at www.fafsa.ed.gov, or by calling 1-800-4-FED-AID, or from the school's financial aid office.
  • A private education loan may reduce eligibility for free or lower-cost federal, state, or school student financial aid.
  • You are strongly encouraged to pursue the availability of free or lower-cost financial aid with the school's financial aid office.
  • The financial information required to complete this form can be obtained from the school's financial aid office. If the lender has provided this information, you should contact your school's financial aid office to verify this information and to discuss your financing options.
SECTION 2: COST OF ATTENDANCE AND ESTIMATED FINANCIAL ASSISTANCE

Please obtain this information from your financial aid notification. If you are unable to obtain this information please leave the fields in section 2 blank. See Section 5 for definitions of financial aid terms.

SECTION 5: DEFINITIONS

Cost of attendance is an estimate of tuition and fees, room and board, transportation, and other costs for the period of enrollment covered by the loan, as determined by the school. A student’s cost of attendance may be obtained from the school’s financial aid office.

Estimated financial assistance is all federal, state, institutional (school), private, and other sources of assistance used in determining eligibility for most Title IV student financial aid, including amounts of financial assistance used to replace the expected family contribution. The student’s estimated financial assistance is reported to the lender and may also be obtained from the school’s financial aid office.

A lender is a private education lender as defined in Section 140 of the Truth in Lending Act and may be any person engaged in the business of securing, making, or extending private education loans on behalf of the lender.

A period of enrollment is the academic year, academic term (such as semester, trimester, or quarter), or the number of weeks of instructional time for which the applicant is requesting the loan.

A private education loan is a loan provided by a private education lender that is not a Title IV loan and that is issued expressly for postsecondary education expenses, regardless of whether the loan is provided through the school that the student attends or directly to the borrower from the private education lender. A private education loan does not include:

  1. An extension of credit under an open-end consumer credit plan,
  2. A reverse mortgage transaction,
  3. A residential mortgage transaction, or
  4. Any other loan that is secured by real property or a dwelling.
An extension of credit in which the school is the lender if the term of the extension of credit is 90 days or less or an interest rate will not be applied to the credit balance and the term of the extension is no more than one year, even if the credit is payable in more than four installments.

Title IV student financial aid includes the Federal Pell Grant Program, the Federal Supplemental Educational Opportunity Grant (FSEOG) Program, the Federal Work-Study (FWS) Program, the William D. Ford Federal Direct Loan (Direct Loan) Program, the Federal Perkins Loan Program, and the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program. To apply for Title IV federal grants, loans, and work-study, submit a Free Application for Federal Student Aid (FAFSA), which is available at www.fafsa.gov, by calling 1-800-4-FED-AID, or from the school’s financial aid office.

SECTION 6: PAPERWORK REDUCTION NOTICE

Paperwork Reduction Notice: According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a currently valid OMB control number. The valid OMB control number for this information collection is 1845-0101. The time required to complete this information collection is estimated to average 0.25 hours (15 minutes) per response, including the time to review instructions, search existing data resources, gather and maintain the data needed and complete and review the information collection.
If you have any comments concerning the accuracy of the time estimate(s) or suggestions for improving this form, please write to: U.S. Department of Education, Washington, DC 20202-4651
If you have any comments or concerns regarding the status of your individual submission of this form, contact your lender.