State Student Loan Disclosure - Radford



State Student Loan Disclosure

Creditor Name and Address: Radford University, 801 East Main Street, Radford, VA 24142, 540-831-5408

Loan Interest Rate and Fees: Your fixed interest rate will be 3%. Interest shall accrue from the beginning of the repayment period 4 months after your graduate or cease to be a ½ time student (< 6 hours).

Loan Cost Example: The total amount you will pay for this loan will vary depending upon when you start to repay it and amount borrowed. You can log on to The Smart Student Guide to Financial Aid at the following site to get more examples of repayments: .

|Annual Percentage Rate |Amount Financed |Finance Charge |Loan Term |Total of Payments |Monthly Payment |

|(the cost of your credit on a|(amount of credit provided to |(the amount the credit |(maximum time you |(the amount you will have |(the estimated monthly |

|yearly rate) |your school on your behalf) |will cost you) |have to pay off the |paid if you make all the |payment based on amount |

| | | |loan) |payments as scheduled) |financed and loan term) |

|3% |$4000 |$635 |10 years |$4635.00 |$38.62 |

Loan Requirements: The loan requires a co-maker and the co-maker must be a parent or responsible adult who is a resident of Virginia. 

Additional Loan Information: The principal of the loan plus interest of 3% per annum, in monthly installments, the first installment to become due and payable four months after the student leaves Radford University. The balance of the installments to be paid the first of each ensuing month thereafter, until the loan is paid in full. The minimum monthly payment is $30 per month with loan term up to 10 years depending upon amount borrowed.

Should I/we fail to make any payment when due, the entire balance shall become due and payable without further demand or notice. The agency’s acceptance of any past due payment shall not require it to continue under the breached payment plan; the decision whether to permit continuation of the old payment plan or a new payment plan is at the sole discretion of the agency. Should suit be instituted on this debt, then I/we agree that the venue of any lawsuit shall be the City of Richmond and that Virginia law shall govern this contract. I/we further agree to pay attorney’s fees or collection fees on the unpaid balance should the matter be referred to an attorney or a collection agency for collection. I/we hereby agree to waive the statute of limitations and further agree that this contract shall bind myself/ourselves and my/our heirs, executors, and assigns.

No extensions of time for payment of all or any part of this amount owing hereon at any time shall affect my/our liability.

I/we hereby expressly waive demand and presentment for payment, notice of nonpayment, notice of protest and dishonor of this Note, and claim of homestead exemption. This note will be governed by the laws of the Commonwealth of Virginia.

I/we understand in the event of the student borrower’s death, the total amount owed on this loan shall be canceled. I/we further understand if the student borrower becomes totally and permanently disabled after receiving this loan, Radford University will cancel the total amount of this loan.

I/we hereby intend to legally bind myself/ourselves and my/our heirs, executors, administrators and assigns.

I/we agree to use this loan for qualified educational expenses which include tuition, fees, room and board, books, supplies, equipment, transportation and other necessary educational expenses pertaining to enrollment at Radford University.

Federal Loan Alternative:

|Loan Program |Current Interest Rates by Loan Type |You may qualify for Federal Education Loans. For |

| | |additional information, contact the RU Financial Aid|

| | |Office at 540-831-5408 or the Department of |

| | |Education at federalstudentaid. |

|Perkins |5% fixed | |

|Stafford |4.5% fixed - subsidized | |

| |6.8% fixed - unsubsidized | |

|Parent/Graduate Plus Loans |7.9% FFELP/Direct Loans | |

Next Steps:

1. Find out about other loan options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school’s financial aid office or visit the Department of Education at federalstudentaid. for information about other loans.

2. To apply for this loan: Go online to your MYRU portal to accept in your loan. Complete all forms sent to you once you accept in your loans (i.e. Promissory Note signed by student and cosigner and self-certification form). These forms will be sent to you once you accept in the loan online.

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