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Promissory Note

Akello Michael Evans agrees to pay the Students' Loan Bureau JMD $472,824.00 for tuition disbursement for the 2024 academic year, with a variable interest rate of 6.0% per annum. Repayment will commence on September 30, 2029, and will be calculated using the Reducing Balance Method. The borrower acknowledges the terms and conditions of the loan, including penalties for default and the return of any excess disbursed funds to the Bureau.

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5 views1 page

Promissory Note

Akello Michael Evans agrees to pay the Students' Loan Bureau JMD $472,824.00 for tuition disbursement for the 2024 academic year, with a variable interest rate of 6.0% per annum. Repayment will commence on September 30, 2029, and will be calculated using the Reducing Balance Method. The borrower acknowledges the terms and conditions of the loan, including penalties for default and the return of any excess disbursed funds to the Bureau.

Uploaded by

sengelrogers
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SLB-0000000001

STUDENTS' LOAN BUREAU


PROMISSORY NOTE

I AKELLO MICHAEL EVANS , TRN #134360702, whose address is 603 Harbour Heights, Kingston 17, Kingston,
Jamaica

PROMISE TO PAY THE STUDENTS' LOAN BUREAU a sum up to JMD $ 472,824.00


which represents tuition disbursement for the academic year 2024 (hereinafter referred to as the principal
sum) for the value received together with interest thereon at a variable rate of 6.0% per annum, during the prescribed
course of study at University of Technology.

and a subsequent variable rate of 6.0% for the repayment period commencing on the first day of September of the
year following the scheduled completion date, or at such other period as agreed to by the parties in writing. I
acknowledge that repayment of the outstanding balance of principal and interest should commence on the 30th day of
September of the year following the scheduled completion date of my prescribed course of study, or at such other
period as agreed to by the parties in writing.

Interest is calculated during the moratorium period; thereafter, the outstanding balance (comprising principal and
moratorium interest) becomes repayable in monthly installments over the prescribed loan tenure utilizing the
Reducing Balance Method of Interest Calculation.

This Promissory Note is made subject to the terms and conditions hereinafter appearing as well as to the terms and
conditions of the SLB Master Agreement of which the Promissory Note forms a part.

TERMS AND CONDITIONS

Arrears/Default: Time shall be the essence of this Promissory Note as to the obligations and as to the time and
amount of any payment. Whenever any sum payable herein shall not be paid on the day and date provided then all

herein contained all amounts payable to the SLB shall become immediately due and payable upon the events of
arrears/default outlined in the loan agreement (collateral to this document) of even date executed by the parties in
addition to any penalties and or charges levied on the account as a result of such arrears /default.

Tuition Disbursement: It is understood and agreed that my liability is restricted to the tuition sum for the period
specified above, and shall not exceed the above stated forecasted sum (the exact tuition not yet being available at the
time of execution hereof). I understand and agree therefore that any excess sum disbursed on my behalf above the
actual tuition for the respective academic year and or semester(s) for which I register at my institution of study will be
returned by the Institution of Study to the Students Loan Bureau and applied to the principal balance on my account.

Scheduled Repayment Start Date: 30/09/2029


IN WITNESS WHEREOF I sign below indicating that I understand and agree to be bound by the terms and
conditions outlined herein, and acknowledge receipt of a copy of this instrument.

DATED THE ________ DAY OF ____________________

AKELLO MICHAEL EVANS …………………………..


STUDENT BORROWER Name In Full Signature

PARENT/GUARDIAN
If student is under 18 years _______________________________ .……………………………
Name In Full Signature
WITNESSED BY
(SLB Representative/ _______________________________ …………………………………
Justice Of The Peace
/ Attorney or Medical Doctor) Name In Full Signature

28-05-2025 05:10:26 PM COT AKELLO MICHAEL EVANS


SLB-000000000145356-

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