I, the undersigned borrower, promise to pay to the order of Mount Marty University, Inc (“Mount Marty”) the principal sum of my student account balance. The principal balance shall be paid in three (3) equal installments. I understand there will be no penalty or interest accrued on the balance as long as payments are made on time. I may pay without penalty all or a portion of the amount owed earlier than it is due.
In the event that I fail to make a payment within 10 days on its due date, I understand that a one-time late fee of $250 will be applied and an 18% per annum charge will be assessed. Interest will continue to accrue until the entire amount of the Note is paid.
I understand that Mount Marty reserves the right to make efforts to collect on the Note upon default- i.e., my failure to make any payment under this Note within 10 days of its due date. In that event, I agree that I will pay all expenses, including reasonable attorney fees, incurred or paid by Mount Marty in attempting to collect funds due under this Note, regardless of whether those expenses are uncured in formal litigation or through informal attempts to collect the debt.
I understand and agree that if I do not make payments on this Note as shown above or if I have a past-due balance on any of my accounts at Mount Marty that Mount Marty may withhold my transcript, grade reports, class registration, and credential. I understand this is a promissory note and by my signature certify that I have read, understand, and agree to the provisions contained herein.