PROMISSORY NOTE
Date: [Date]
For Value Received: I, [Student Name], residing at [Student Address], hereinafter referred to as "the Maker," promise to pay to the order of [School Name], hereinafter referred to as "the Payee," the sum of [Amount Owed] Dollars ($[Amount Owed]), representing late payment of tuition fees for the [Term/Semester/Year] [Year] school year.
Payment Terms: This amount shall be paid in [Number] installments of [Amount per Installment] Dollars ($[Amount per Installment]) each, payable on the [Day] of each month, beginning on [Date of First Payment] and continuing until the entire balance is paid.
Interest: This promissory note shall accrue interest at a rate of [Interest Rate]% per annum on any unpaid balance after [Date]. Interest will be calculated on a [Daily/Monthly] basis.
Late Payment Fee: A late payment fee of [Amount] Dollars ($[Amount]) will be charged for any installment payment received after [Number] days of the due date.
Default: If any payment is not made when due, the entire unpaid balance, including all accrued interest and late fees, shall become immediately due and payable. The Payee shall be entitled to pursue all available legal remedies to collect the outstanding debt, including but not limited to legal action to recover the debt, court costs, and attorney's fees.
Governing Law: This promissory note shall be governed by and construed in accordance with the laws of the State of [State].
Acknowledgement: I acknowledge that I have read and understood the terms and conditions of this promissory note and agree to be bound thereby.
Maker's Signature: _________________________
Printed Name: _________________________
Witness Signature: _________________________
Printed Name: _________________________
School Representative Signature: _________________________
Printed Name: _________________________
Important Considerations:
* Legal Advice: It is highly recommended to consult with an attorney to ensure the promissory note complies with all applicable laws and regulations in your jurisdiction. This sample is for informational purposes only and should not be considered legal advice.
* Clarity: Use clear and concise language, avoiding ambiguity.
* Specifics: Be precise with dates, amounts, and payment terms.
* Interest Rate: Check your state's laws regarding allowable interest rates. Excessive interest rates may be unenforceable.
* Collection: Outline consequences of non-payment clearly.
* Multiple Signatories: If a co-signer is involved, include their information and signature.
This promissory note should be part of a broader strategy for managing late tuition payments. The school should have a clear policy in place outlining its procedures for addressing late payments. This note should not be used as a replacement for existing school policies.