ROBERT NOYCE SCHOLARSHIP PROMISSORY NOTE Page 4
2. Te
mporarily disabled, for a period not to exceed three (3) years, as established by sworn affidavit of a qualified physician.
3. Una
ble to secure or continue employment as a teacher in a qualifying school for a period not to exceed twelve (12) months by reason
of t
he care required by a spouse who is disabled.
4. Actively seeking and unable to find employment as a physics, chemistry, mathematics, computer science, engineering/engineering
tec
hnology, and/or physical science teacher in a qualifying school for a period not to exceed twenty-four (24) months prior to initial
employment, or for a period not to exceed twenty-four (24 months) after initial employment.
Interest does not accrue for any periods of deferment. My regularly scheduled payments will resume 1 month after my deferment period
expires. My repayment period may be extended during periods of deferment.
DEFAULT WHILE IN REPAYMENT– The School may, at its option, declare my loan to be in default if (1) I fail to make a scheduled
payment when due; (2) I fail to submit to the VWU Office of Finance and Administration on or before the due date of the scheduled
payment, documentation that I qualify for forbearance or deferment; (3) I fail to comply with the terms and conditions of this Note or
written repayment agreement. I will be ineligible for any further institutional loan funds, and may be denied further federal student
financial assistance authorized under the Higher Education Act of 1965 (hereinafter called the Act), as amended, until I make
arrangements to repay my loan that are satisfactory to the School. The School shall disclose to credit bureau organizations that I have
defaulted and all other relevant loan information. I will lose my right to defer payments and my right to forbearance if I default on my
loan. The School may accelerate my defaulted loan. Acceleration means that the School demands immediate payment of the entire unpaid
balance of the loan, including principal, interest, late charges, and collection costs.
MONITOR-APPROVED LEAVE OF ABSENCE – If I must take a leave of absence for health reasons prior to the completion of the
biology, chemistry, earth and environmental science, or mathematics program or teacher certification, I must submit proof of
schoolapproved medical leave of absence to the Monitors. When I re-enroll at VWU I will be eligible to reapply for the Noyce
Scholarship. If I do not re-enroll at VWU within 3 quarters or do not continue in the biology, chemistry, earth and environmental
science, or mathematics program, repayment will commence. Upon request to the Monitors, I may perform service credit for that
portion of the Noyce Scholarship that was awarded to me.
TRANSFER TO ANOTHER SCHOOL TO ANOTHER BIO / CHEM / ENVIRON. EARTH SCI. / MATH / TEACHER
PROGRAM – If I transfer to another school to another math or a teacher certification program, I will not receive further Noyce
Scholarship funds, but upon request to the Monitors, I may perform service credit for that portion of the Noyce Scholarship that was
awarded to me after graduation. If I re-enroll at VWU I will be eligible to reapply for the scholarship. If I do not enroll in any other
biology, chemistry, earth and environmental science, or mathematics program or a teacher certification program within 3 quarters of
dropping below full-time enrollment at VWU and show written documentation of such continuing enrollment to the Monitors,
repayment will commence.
DISCHARGE OF LOAN - My obligation to repay this loan may be partially or totally discharged (A) in the event of my death, the
School will discharge the total amount still owed on this loan; (B) If I become totally and permanently disabled after I receive this loan,
the School will discharge the total amount still owed on this loan; (C) extreme hardship, such that deferment and forbearance options
are extremely unreasonable and any options under this agreement have been exhausted, (D) under certain conditions, this loan may be
discharged in bankruptcy. In order to discharge this loan in bankruptcy, I must prove undue hardship in an adversary proceeding before
the bankruptcy court.
PRIVACY ACT NOTICE – This loan, and all subsequent loans, are being awarded and disbursed to assist with educational related
expenses. As such, it falls under the Family Education Rights & Privacy Act (FERPA)
PROMISE TO PAY: I understand that under this Note, I am required to repay monetarily, or through stated service options, the sum of
all disbursements, plus associated fees which may become due (where applicable). I understand that each loan is separately enforceable
based on a true and exact copy of this Note. I understand that I may cancel or reduce the amount of any loan by not accepting or by
returning all or a portion of any disbursement that is issued. If I do not make any payment on any loan under this Note when it is due, I
promise to pay all reasonable collection costs, including attorney fees, court costs, and other fees. I will not sign this Note before
reading the entire Note, even if I am told that I am not required to read it. I am entitled to an exact copy of this Note and in signing this
Note am acknowledging that I have received one. It is my responsibility to download a copy of this contract and submit an executed
copy to the School prior to any disbursement to me, and to maintain a copy for my files. This loan has been made to me without security
of endorsement. My signature certifies that I have read, understand, and agree to the terms and conditions of this Note. Any disclosure,
or Truth In Lending, statement I receive in connection with any loan under this Note is hereby incorporated into this Note.
I UNDERSTAND THAT THIS IS A LOAN THAT MUST BE REPAID.