Educational Loan Clause Samples
An Educational Loan clause outlines the terms and conditions under which a borrower receives funds specifically for educational purposes. It typically details the loan amount, interest rate, repayment schedule, and any deferment options available while the borrower is enrolled in school. This clause ensures that both the lender and borrower have a clear understanding of their obligations, helping to facilitate access to education while managing financial risk for both parties.
Educational Loan. Grantee certifies that it is not barred from receiving State agreements as a result of default on an educational loan (5 ILCS 385/1 et seq.).
Educational Loan. Provider certifies that it is not barred from receiving State agreements as a result of default on an educational loan (5 ILCS 385/1 et seq.).
Educational Loan. Contractor, in accordance with the Educational Loan Default Act, is not in default on an educational loan. 5 ILCS 385.
Educational Loan. The Educational Loan Default Act provides that no State agency shall contract with an individual for goods or SERVICES if that individual is in default, as defined by Section 2 of this Act, on an educational loan. Any contract used by a State agency shall include a statement certifying that the individual is not in default on an educational loan as provided in this Section. The CONSULTANT, if an individual as opposed to a corporation, partnership, or other form of business organization, certifies that CONSULTANT is not in default on an educational loan as provided in Section 3 of the Act.
Educational Loan. 9.01 The City of Rapid City recognizes the benefit to employees of continuing their education and has set aside funds for the purpose of establishing low interest loans.
9.02 These funds shall be used for loans to those employees who make the required application and provide proof of educational expenses directly related to an educational program in an associates, baccalaureate, or post graduate degree program of an accredited educational institution; a program granting college credit that is transferable to one of the South Dakota state supported colleges; or job-related vocational/technical training. The employee must have completed their probationary period to be eligible for the loan. The City of Rapid City will make payment directly to the institution and/or bookstore.
9.03 The maximum amount to be borrowed shall not exceed $5,000. The outstanding balance cannot exceed $5,000 at any time. The loan shall be repaid by payroll deduction and total proceeds received on any loan, plus interest must be repaid through such payroll deductions within the designated date of the loan. The repayment shall begin on the first payroll paid after the loan is secured and be repaid within twenty-four (24) months from the time the loan is secured.
9.04 There shall be a one percent (1%) administrative fee assessed to the total loan at the time borrowed and the fee shall be repaid within the repayment period of the loan.
9.05 Any outstanding balance at the time of termination of employment shall be collected to the maximum extent possible from the employee’s final pay. Any remainder shall be immediately due and payable in full.
9.06 In the event of withdrawal from the course(s), all refunds will be considered as payment against outstanding balances within three business days of receipt of any such refund.
Educational Loan. That if it is an individual, that it is not, if it is a partnership, its general partners are not, and, if it is a corporation, its shareholders holding more than five percent (5%) of the outstanding shares of the corporation, its officers and directors are not in default, as defined in 5 ILCS 385/2, on an educational loan, as defined in 5 ILCS 385/1.
Educational Loan. Subgrantee is not barred from receiving State agreements as a result of default on an educational loan. (5 ILCS 385/1 et seq.).