Federal Student Loan Agreement


A federal student loan agreement is one that is entered into between a student who wishes to pursue education and the United States department of education. The government provides financial aid to students or parents who wish to avail the federal student loan for the pursuance of higher education. The agreement is a legal document that provides for all the terms and conditions of the federal student loan as specified herein.

Sample Federal Student Loan Agreement

The agreement of federal student loan is entered into on the 10th of May 2013 between the U.S department of education and Mr. Roger Denero who is availing the loan for his ward studying in an undergraduate program at Oxford University.

Amount of federal student loan approved – 5000 pounds

Name of the student – Isaac Denero

Program studying – Undergraduate program

Period of repayment of federal student loan – 6 years from date of completion.

Interest rate – 6% per annum

Processing Fees applicable – 1% of loan amount

Terms of loan :-

  1. The borrower agrees to avail the student loan for the student specified above and will not utilize the loan amount for any other student or purpose.

  2. The borrower agrees to avail the federal loan amount at the subsidized interest rate and also the fees payable to the department without any deviation or delay.

  3. The borrower agrees to repay the federal student loan without fail irrespective of the completion of the course by the student within the stipulated time, irrespective of the student not getting a job after completion of the course or discontinued course for any reason.

  4. The borrower agrees to the disbursal of the federal student loan directly to the university at periodic intervals of course term fees plan as specified by the University.

 

Signature of Roger Denero _________________

Signature of Edu Dept _________________

Category: Loan Agreements

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