When loans are obtained, one signs an agreement, which states the details on the amount to be paid, the deadline for payment and the mode of payment. It is thus a promise delivered by one, in order to make the payment within the stipulated time. Thus it is called the ‘Promissory note’. The promissory note is used for different types of loans like the car loan, home loan or the student loan. The note for a student loan, with the authorization of the school is called the school promissory note. The note has to be carefully and thoroughly read before signing them. This serves as a legal document, which states the duties and rights of the student, who borrows money.
What is the need for such a promissory note?
As this serves as loan agreement, this is beneficial for both the borrower as well as the lender. The lender will have a written documental proof to state that he has provided ‘n’ amount to a particular person on a specific data and he has all the right to ask for the amount or to levy some penalty, as agreed. The borrower will also be conscious of the fact that he is legally liable to pay a certain amount of money to the lender, within a stipulated period of time.
With the student promissory note, the school can provide money to the student’s account.
SSN is considered as highly confidential but if a school promissory note is provided.
Then this will give the school rights to utilize the SSN of the student. The information related to the loan will be discussed by the school staff with a bureau for credit related issues. The promissory note will be having the details on the penalty. If the student fails to repay the amount within the stipulated amount, he would be penalized, depending on the defaulter’s punishment mentioned in the note. For instance, the school can deny him of his records or he might be suspended from school.
The student prints the promissory note under the header of the school name.
The student agrees to pay the ‘X’ sum of money for tuition or ‘Y’ sum of money for exam fee, within ‘N’ months. The amount can also be paid in half yearly or quarterly installments. This also needs to be mentioned clearly in the promissory note. The signature of the student, school head as well as the signature of the parent or guardian is required. The SSN number and the mode of payment (cash, credit card or check), need to be mentioned.
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