Student Loan Agreement Template

This Student Loan Agreement, hereby known as the “Agreement,” is entered into and made on this day of (Enter date), hereby known as the “Effective Date,” by and between:

​[Borrower.FirstName][Borrower.LastName], with a mailing address of [Borrower.StreetAddress][Borrower.City][Borrower.State][Borrower.PostalCode], hereinafter known as the “Borrower,” and

​[Lender.FirstName][Lender.LastName], with a mailing address of [Lender.StreetAddress][Lender.City][Lender.State][Lender.PostalCode], hereinafter known as the “Lender,” who will collectively be referred to as the “Party” or “Parties.

On the Effective Date, the Borrower agrees to accept and repay the “Student Loan” given by the Lender, in full on or by the Final Loan Delivery date as pursuant to the entire terms of this Agreement.

Student Details

Student Full Name:[Borrower.FirstName][Borrower.LastName]​

Student Address:[Borrower.StreetAddress][Borrower.City][Borrower.State][Borrower.PostalCode]​

Student Phone Number:[Borrower.Phone]​

Student ID: (Enter student ID number)

Program of Study: (Enter program of study, e.g., Bachelor of Arts)

Year started: (Enter the year studies were started)

Student Loan Amount

The Lender agrees to loan a principal amount of $(Enter loan amount) to the Borrower to cover the cost of attendance, which will incur interest on the original amount at (Enter percentage) percent (%) each month for a total loan amount of $(Enter total loan amount including interest).

Payment Type

Under this current Agreement, the following payment plan has been selected:

Tuition payment plan. Payments shall be made at regular intervals, where the Borrower repays the Lender in a set number of payments over a set period enforced after the Agreement is signed.

Income-based repayment. Payments will be calculated as a percentage of the student’s income. Please refer to the attached addendum for specifics.

Work/Study plan. The borrower will work for Lender to settle the balance of the loan. Please refer to the attached addendum for specifics.

Shall be made in one Single Payment, where the Borrower repays the Lender all at one time by the date specified by the Lender or “On Demand” once the Agreement is signed.

If “Regular Payments” is selected, the Borrower will make (Choose daily/monthly/yearly) payments of $(Enter the amount) beginning on the (Enter date) and to be paid every (Enter term) until the student loan amount is paid, ending on (Enter date) hereby known as “Term.”

If “Single Payment” is selected, the Borrower will make a lump sum payment of $(Enter amount) paid on (Effective.Date) hereby known as “Term.”

Late Payments

Payment shall be considered late if not made by (Enter time) on the (Enter day) calendar day of each month. All late payments are subjected to a late fee of $(Enter amount) OR (Enter percentage)%.

Non-Payment Penalties

In the event that the Borrower doesn’t pay their student loan by the end of the Term or fails to make regular payments, Acceleration will occur. Upon Acceleration under this Agreement, the Lender shall have the right to declare the student loan balance immediately due and payable. Should the Borrower refuse, the Lender may seek legal action.

Accepted Payments Forms

The following methods are acceptable (Check all that apply):

​Cash

Money Order

Personal Check

Cashier’s Check

Debit Card

Credit Card

Wire Transfer

Other: (List other methods)

Prepayment

The Borrower (will / will not) be penalized for making payments in advance.

If allowed, the Borrower (is / isn’t) required to provide (Insert days) of written notice. A discount will be given to the Borrower of $(Enter amount) or (Enter percentage)% if the full student loan amount is paid before (Enter date).

Legal Fees

In the event that Acceleration occurs, the Borrower agrees to pay reasonable attorneys’ fees not exceeding a sum equal to the maximum usury rate in the State of [Borrower.State], of the then outstanding balance owing on the student loan as outlined by this Agreement. Plus, any reasonable expenses made by the Lender as they exercise their rights and due remedies in court.

Disputes

Both Parties may seek damages by:

Court Litigation

Arbitration

Mediation

Mediation, then Arbitration

Severability

In the event any provision in this Agreement is held to be unenforceable, illegal, or invalid, it shall not affect the enforceability, legality, or validity of other provisions.

Waiver of Parties

The exercise of any power or right under this Agreement may be exercised at the discretion of the Party to which the benefit of that power or right occurs. Delaying or failure to exercise these rights or remedies does not prevent its exercise nor partial exercise to preserve further exercise of that power or right.

Governing Law

This Agreement follows the governing laws of the State of [Borrower.State].

Notices

All notices or communication under this agreement must be delivered:

In-Person

Through Overnight Courier Service

By Certified or Registered Mail (Postage Prepaid, Return Receipt Requested)

By Email

By Text Message

As a Copy

Other (State.Other.Notice.Methods)

Successors

This Agreement will be binding on and inure to the benefit of the permitted assigns and respective successors of both the Lender and Borrower.

Addendum

The following documents are included as an addendum to the agreement.

Work/Study repayment agreement (if applicable)

Income-based repayment agreement (if applicable)

(Add other relevant addendums if applicable)

Execution

IN WITNESS WHEREOF, the Parties agree that this Agreement will come into effect on (Enter Date).