LOAN AGREEMENTSTUDENT LOAN DEBTOR OF THE SNPLP

PURSUANT TO RA 8545AMENDING RA 6728

KNOW ALL MEN BY THESE PRESENTS:

Date: _______________________________

Due Date: ___________________________

For value received, we __________________________________________________________ and

(Debtor)

____________________________________________________________ of legal age, residents of

(Guarantor)__________________________________________________________________________________

and ______________________________________________________________________________respectively, hereby jointly and severally promise to pay the order of the Commission on Higher Education (CHED), Office of Student Services, 3F UP Campus, Diliman, Quezon City, Philippines and Commission on Higher Education-CARAGA Administrative Region, CSU Campus, Ampayon, Butuan City, Philippines Joint collector of the Educational Fund provided by the Commission on Higher Education the sum of pesos:

__________________________________________________________ PhP (__________________)Together with Interest (simple) thereon at the rate of six (6%) percent per annum until fully paid, which interest the CHED may at anytime without notice, raise within the limits allowed by law, and I/We also agree to pay jointly and severally one (1%) percent per annum penalty charge, by way of liquidating damages, should this loan or any amortization thereof be unpaid on due date.

I/We hereby acknowledge that the interest shall accrue from the date of this loan agreement even if the proceeds of the loan will be released on a staggered basis in view of the confessional terms of the loan granted.

The amount subject to this loan agreement represents Educational Loan under the “Study Now Pay Later Plan” (SNPLP) pursuant to Republic Act No. 8545 amending R.A. No. 6728 to defray the educational expenses of the Debtor/SNPLP Grantee, starting School Year _____________________ to be released once per

Semester after the complete required documents will be submitted to the CHEDRO and the approved masterlist will be received by the CHEDCO itemized in the schedule of Loan Releases.

Payment of this loan, unless otherwise provided, shall be made within a period of not exceeding ten (10) years payable effective after two (2) years from the date of debtor acquired employment or earlier, in equal monthly installments in such amounts as may be determined by the CHED on the basis of the balance of the loan. The first month following the two (2) years period from the Debtor’s employment or earlier until the loan plus interest is paid in full.

It is hereby understood that the CHED and/or its regional offices may, at their option increase the amount of monthly amortization should the financial condition of the Debtor improve during the Repayment period.

Effective upon employment, the Debtor and the Guarantor shall inform the CHEDRO of the same including the name and place of business of his/her employer.

Without need of notice or demand, any default due to causes stipulated in the implementing rules and regulation or failure to pay this loan or any installment thereon when due, the obligation shall immediately become due and demandable. In case a suit of any kind is filed against me/us by said CHEDCO/CHEDRO without prior notice of demand, the obligation shall likewise immediately become due and demandable.

In the event that this loan is not paid on the date of maturity or when the same becomes due under any of the provisions hereof, I/We hereby authorize the CHEDCO/CHEDRO at their option ad without notice, to apply to the payment of this loan, any and all moneys, securities and things of value belongings to us, which maybe in appoint the CHEDCO/CHEDRO to be my/our true Attorney-In-Fact with full power and authority to negotiate, sell and transfer any moneys, securities and thing of value belonging to us/me which may hold, by public or private sale and apply the proceeds thereof to the payment of this loan.

It is likewise understood that any partial payment or performance of the loan or any extension granted should not alter or vary the terms of the original conditions of the obligation or discharge the same and such payment or performance shall be considered as a written acknowledgement of this obligation which shall interrupt the period of prescription.

I/We expressly consent to be bound to any extension of payment a renewal of this loan in whole or in part, as to the terms of payment and/or any partial payment of this loan which may be granted to any one of us, without and/or without need of executing a renewal loan agreement.

Should it become necessary to collect this loan through an attorney-at-law, I/We hereby expressly agree to pay jointly and severally, 5% percent of the total amount due on this loan as attorney’s fees which in no case shall be less than Php 100.00 exclusive of all costs and fees allowed by law as stipulated in the Loan Agreement.

Demand and dishonor Waived. CHEDCO/CHEDRO may accept partial payment and grant renewals or extensions of payment reserving its rights of recourse against the guarantor and each and all endorsers of this loan.

In case of judicial execution of the obligation or any part of it, I/We hereby waive all my/our rights under the provisions of Rule 39, Sec 12 of the Revised Rules of Court.

This loan agreement shall be further governed by the terms and conditions set forth in the approved application signed/executed by the DEBTOR and the GUARANTOR on _________________________________.

______________________________________ ____________________________________ (Debtor/SNPLP Grantee) (Right-Hand Thumbmark)

______________________________________ ____________________________________ (Guarantor) (Guarantor)

TIN No. ___________________________ TIN No. ___________________________

SSSNo./GSIS No. _____________________ SSS No./GSIS No. _______________________

Assisted by: Witness:

______________________________________ ____________________________________ (Parent/Guardian) (CHEDRO Official)

A C K N O W L E D G E M E N T

REPUBLIC OF THE PHILIPPINES

At the above City/Municipality/Province this day of ___________________________Personally appeared before me:

NAME RES. CERT. NO. DATE & PLACE ISSUED

__________________________________________________________________________________

__________________________________________________________________________________

__________________________________________________________________________________

__________________________________________________________________________________

Known to be the same person who executed and signed the foregoing instrument consisting of _____________ pages in the presence of two instrumental witnesses, and acknowledged the same to be their voluntary act and deed.

IN WITNESS WHEREOF, I have hereto set my hand and seal on the above date written.

NOTARY PUBLIC

Doc. No. ______________________Page No. ______________________Book No. ______________________Series of ______________________