Epicodus, Inc. will lend you $4,500 to help pay the tuition for its class on web programming. In return for receiving this loan, you promise to repay Epicodus, Inc. or its successors or assigns (collectively, "Epicodus") $4,500 plus $500 interest. You will make 25 monthly payments of $200 each, starting no later than May 31, 2015. Each subsequent payment is due one month after the previous.
Late payments will accrue interest at 12% per annum from the date the payment is due until the full payment is received. All late payments received will be applied first to interest, then to costs and fees for collection, and then to principal. If you miss a payment and Epicodus makes demand for payment in writing (including by email), you will immediately repay the entire unpaid amount with all accrued interest. Epicodus may report your payment history to national credit bureaus.
If you drop out of Epicodus and are eligible for a refund, Epicodus will apply your refund to your loan, and you will immediately pay the balance of your loan.
If you fail to make payments for more than 90 days, your loan may be referred to a collection agency. If Epicodus has to take any legal action or hire a collection agency to collect amounts due under this note, you will pay Epicodus's attorney's fees and all costs of collection (including any collection agency fees).
Epicodus may sell your loan to a third party. You will be notified if and when this occurs and how to continue making your payments. This process enables Epicodus to continue to make loans to other students like you.
This note is the entire agreement between us and completely replaces any previous agreements. Any changes must be in writing and signed by both of us. Time is of the essence for all aspects of this note. If we have a disagreement, the laws of the State of Oregon will apply, except for conflict of laws rules. If it turns out part of this agreement isn’t enforceable, we will remove that part, and it will not affect the rest of the agreement.