A student loan contract is a legal document drafted when an individual takes a student loan from a financial organization for further education. The details mentioned in the contract are the loan amount the student needs, the interest rate at which he needs to repay the loan and the time period in which he needs to pay off the loan. The contract also acts legal evidence in case if any problem arises between both the parties in future.
Sample Student Loan Contract
Student loan contract number: ST 4512
Date of registering the contract: 5th of April 2011
This student loan contract has been made and entered between Adam Hall referred to as the student and Gold Bank referred to as the lender as the student is taking a student loan from the branch of Gold Bank located at:
41 Horse Shoe Road,
New York New Jersey 4125.
Details of the student:
Residential address: 4 Lily White Street,
New York New Jersey 4134.
Email id: email@example.com
The terms and conditions agreed upon by both the parties are as follows:
- The student will get a loan amounting to $200000.
- The student needs to repay the loan amount in ten years.
- The interest rate on the loan is 10% annually.
- The interest will be paid in equal monthly installment. In case there is a default payment consecutively for three months, the student will be charged late payment fee.
Signature of the student: Signature of the lender:
Adam Hall Henry Paul (Loan officer, Gold Bank)
Dated: 10th April, 2011 Dated: 10th April, 2011