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

SECTION IV: Promissory Note
I understand that the NoyceFast Track Scholarship is a forgivable loan if I meet the service obligation and
academic requirements outlined in Section II and III.
I agree that if I fail to meet the conditions described in Section II “Terms and Conditions” or Section III
“Scholarship Agreement”, or if I have ceased to pursue a course of study in secondary mathematics education
approved by CSU – Pueblo’s Noyce Scholars Program, I will repay either the full amount of the scholarship
received or a prorated amount according to the fraction of teaching employment obligation not completed.
A. Repayment
1. I agree to begin repaying my Noyce scholarship beginning thirty-one (31) days after failing to meet any
of the requirements for which the Noyce funds were awarded. These requirements include:
a. Maintaining enrollment with good academic standing as defined in the Noyce Scholars Award
Letter (attached hereto);
b. Completion of a secondary mathematics licensure program approved by CSU – Pueblo’s Noyce
Scholars Program at CSU-Pueblo or another accredited institution as discussed in Section II (a);
c. Applying for and receiving a secondary teachers license in mathematics;
d. Successful participation in all semi-annual and annual submission of
demographic/employment/education related survey information associated with CSU-Pueblo’s
Noyce Scholars Program;
e. Meeting the service obligation of completing 2 years of teaching in an eligible high-need school
district for one full year of Noyce Scholars support within eight (8) years of completing the
secondary mathematics licensure program at CSU-Pueblo.
I will be expected to begin repaying my Noyce scholarship beginning thirty-one (31) days after
declaring that I do not intend to fulfill the service requirement; or beginning six (6) months after CSU-
Pueblo has determined that I have ceased to be enrolled in a mathematics secondary teacher
education program.
2. I agree to make monthly payments to the billing agent of CSU-Pueblo which cover the outstanding
principal and interest (See Section II E), according to a schedule established by the billing agent, which
calls for complete repayment within five (5) years after I enter repayment status (except as provided in
Section IV B and C below).
If I fail to make any monthly payment as required by the schedule established by the billing agent, my
loan will be subject to late fee of $2.00 per month. If my failure to make scheduled monthly payments
persists for a period of 90 days, the billing agent, without further notice, may accelerate the balance of
the outstanding principal due, and I promise to pay such amount.
It is further my understanding that if I do not make the monthly payments as required by the schedule
by the billing agent, that collection efforts may commence, including notification of credit bureaus
concerning my default and litigation, similar to the collection efforts which are used by lenders and
guarantee agencies in the guaranteed student loan program.
B. Loan Cancellation (Service Credit)
To cancel a one year Noyce Scholars Fast Track Scholarship award, I understand that under this Note I am
required to complete two years of service as a mathematics teacher in a high-need school district that
meets one or more of the criteria identified in Section II and Section III.
If I do not satisfy the academic requirements of the program for which CSU-Pueblo’s Noyce Scholars
Program funds were awarded, I will not be eligible for the loan cancellation benefit.
Last Revised March 10, 2012 Page 7 of 9