Noyce Fast Track Scholarship Promissory Note - The College of ...

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E. Repayment for Failure to Meet Academic Requirements or Service Obligation The Noyce award will be considered a loan that must be repaid with interest* according to the terms of this Note (a) if the recipient fails to satisfy the academic requirements of the academic program for which the Noyce funds were awarded; or (b) if the recipient fails to complete the service requirement, or (c) if the recipient does not receive a waiver or suspension of the service obligation (Section II G), or (d) if the recipient fails to provide adequate documentation for a deferment (as described in Section IV E), or (e) in the event that the recipient transfers to a secondary mathematics licensure program that has been approved by CSU-Pueblo’s Noyce Scholars program at another accredited institution and fails to complete his/her licensure program within 24 months. If the recipient does not fulfill his or her service obligation within eight (8) years by teaching the required number of years in a high-need local educational agency (see Section IIC), the recipient becomes obligated to fully repay the scholarship. If the recipient withdraws from CSU-Pueblo prior to completion of its secondary mathematics licensure program, or transfers to another accredited institution and withdraws from that institution prior to completion of the secondary mathematics licensure program that has been approved by CSU-Pueblo’s Noyce Scholars program, or fails to meet the other academic requirements of the scholarship, the recipient becomes obligated to start repayment of the scholarship within six (6) months after his or her withdrawal from CSU-Pueblo or the other accredited institution. The recipient has twenty-four (24) months following completion of the CSU-Pueblo Teacher Education Program in mathematics to begin teaching in a high-need school or else repayment of the scholarship will start, unless the recipient receives a waiver or suspension of service obligation (Section IIG) or the recipient qualifies for a deferment (Section IV E). If upon completion of the secondary mathematics licensure program from CSU-Pueblo and obtaining a teaching license, the recipient teaches in a high-need local educational agency for a period that is less than the period of his or her service obligation, the recipient becomes responsible for repayment of the percentage of the period for which the service obligation was not fulfilled. Example: An individual receives a scholarship in the total amount of $18,000 for one summer and two academic semesters of support while completing the secondary mathematics licensure program at CSU – Pueblo. The individual works in a high-need local educational agency for one full school year. The individual then moves and takes a teaching position in a school district that is not high-need. If the individual remains in the district that is not high-need, then eight (8) years after completion of the secondary mathematics licensure program, the individual has fulfilled one-half (1/2) of his or her service obligation and so must repay one-half (1/2) of the scholarship, or $9,000. Until the recipient either satisfies the service obligation or repays the scholarship, the recipient agrees to provide CSU-Pueblo a current home address and telephone address, an e-mail address, and a current work address and telephone number, as well as other needed identifying information, as requested by CSU-Pueblo. In addition, the recipient understands that CSU-Pueblo and the high-need school district are or will be using the recipient’s Social Security number so that CSU-Pueblo (or CSU-Pueblo’s contracted agent) can, if necessary, secure payment of these amounts from the recipient if he or she fails to meet the service obligation or academic requirements. *Interest on the amount of the scholarship is applied as specified in the provisions of part B or D of Title IV of the Higher Education Act of 1965. See Section IVC. Last Revised March 10, 2012 Page 4 of 9
F. Default If within twenty-four (24) months of ceasing to be enrolled at CSU – Pueblo or an approved secondary mathematics licensure program at another accredited institution or within eight (8) years of completion of a secondary mathematics licensure program approved by CSU-Pueblo’s Noyce Scholars Program, the recipient fails to provide CSU-Pueblo’s Noyce Scholars Program with contact information stated above (Section II E) or evidence to discharge the required payment (Section II G) as requested by CSU-Pueblo’s Noyce Scholars Program, the loan will be determined in default. In the event of failure to make monthly loan payments for a period that last 90 days or more, the loan will be determined in default. If the loan is in default, the entire unpaid indebtedness may become immediately due and payable. CSU-Pueblo may disclose that the borrower has defaulted, along with other relevant information, to credit bureau organizations, collection agencies and the federal government. In the event of default and if the loan is referred to a private collection agency, the recipient is responsible to pay collection agency fees in addition to the principal balance until the entire loan is paid in full. Under default, the recipient will lose all rights to cancellation or loan forgiveness. All repaid scholarship funds, including the applicable interest (see Section IV C) and late fees (see Section IV A2), less grantee administrative costs associated with collection of the repayment not to exceed 5% of the forfeited amount, will be returned to the United States Treasury. G. Discharge of a Required Repayment CSU-Pueblo will waive or suspend an obligation to repay the scholarship of a recipient who has died, or who is not employable as a teacher due to a documented and physician verified permanent physical or mental disability or some other extraordinary circumstance that arises through no fault of the recipient and which CSU – Pueblo’s Noyce Scholars Program, in consultation with NSF, considers compelling. (See Section IV F of Promissory Note.) Upon receipt of acceptable documentation and approval of the discharge request, CSU-Pueblo will return to the recipient, or for a discharge of death, the recipient’s estate, those payments received after the date of eligibility requirements for the discharge were met and prior to the date of the discharge was approved. CSU- Pueblo also returns any payments received after the date the discharge was approved. H. Exit Conference Before the recipient withdraws from CSU-Pueblo, CSU-Pueblo’s Noyce Scholars Program will provide the recipient an opportunity to review fully the terms and conditions of this scholarship. Last Revised March 10, 2012 Page 5 of 9
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