In consideration of the receipt of the Graduate Incentive Scholarship Program (herein referred to as Scholarship) for the academic year(s)________ 20__ to ________ 20__ from ____________________________________ , South Carolina (herein referred to as Institution), and as condition of receipt thereof, ____________________,  _______________________________     ________________________

Name of Student                                         Social Security Number

 

(herein referred to as the Undersigned), hereby agrees to maintain normal progress on a full-time basis in the program for which he/she receives this Scholarship and, upon completion of his/her educational program at this Institution maintain employment in South Carolina for the number of calendar years equal to the number of academic years during which he/she is the recipient of the Scholarship.  The Undersigned further agrees that while at this Institution, he/she will not accept any stipend, grant, scholarship, or loan which involves a requirement that the Undersigned will practice his/her profession in a State other than South Carolina for the period of time just described.  The Undersigned further agrees to keep the Institution informed of changes of enrollment status, address, and employment while at the Institution and is contingent upon sufficient funding by the Commission on Higher Education, the State of South Carolina, and the Institution.

 

The Undersigned and Institution expressly understand and agree that:

        1.  In the event the Undersigned fails to maintain normal progress on a full-time basis            (9 semester hours Masters Degree or Doctoral Degree candidate and/or 3 

        hours summer session) in the educational program for which the 

        Scholarship funds were received.  The Undersigned is encouraged to maintain 

        employment in South Carolina for the period of time he/she received the     

        scholarship as a deferment to the funds received.

 

        2.  The agreement does not obligate the Institution to commence or continue the

        Scholarship should the Undersigned cease to meet any of the qualifications or criteria

        necessary for the receipt of the Scholarship or should funding for the Scholarship be

        reduced, withdrawn, or not approved and the Institution may discontinue the 

        Scholarship at any time for these reasons.  

 

        3.  The Undersigned agrees to grant the Commission on Higher Education                 

        permission to post contact information via the internet in an effort to assist the     

        Undersigned in gaining employment in the state.

 

By my signature herein below, I acknowledge that I have read the foregoing and understand its contents and that I do agree thereto, this __________ day of ________ 20__ in ____________________, South Carolina

The Undersigned agrees to remain in the State of South Carolina and be employed in the State for a period of (1) year for each academic year that he/she received the Scholarship under the Graduate Incentive Scholarship Program.  (Recipients are not expected to repay the Graduate Incentive Scholarship while in a residency program where residency applies to degree attainment).  

 

Grace Period:  Repayment should commence six (6) months after completion of degree program.  Deferment must be submitted before the six month deadline.  

 

Repayment:  Repayment will be at 8% interest and a minimum of $100.00 per month, maximum of 60 payments. 

 

Late Charges:  The Institution will impose late charges if you do not make the scheduled payment when due or fail to submit to the school by the due date a written request for deferment of cancellation.  An electronic submission is available at this web site.  Late charges will not exceed 10% of your monthly payment and will be added to the next scheduled payment due.

 

Cancellation: Cancellation forms may be requested in advance of the year employment period but must be submitted no later than 30 days from completion of each employment period.  Non-service related cancellation will be granted for death or total and permanent disability upon receipt of verification.

 

Deferment:  Recipients are not expected to repay the GIS while in a residency or fellowship program where post graduate work training applies to degree attainment.  Deferment is granted for a 12 month period and must be reapplied annually vi written request.

 

Default:  If failure to make scheduled payments , or failure to submit deferment or cancellation paperwork, or if failure to comply with the terms and conditions of this promissory note, the Institution may declare this scholarship to be in default and may accelerate your payments.

 

Collection:  If you default on the scholarship your account may be referred to a collection agency or initiate legal proceedings and withholding of institutional services such as transcripts and letters of recommendation.  The Undersigned will be responsible for all collection fees, in addition to loan principal, interest and fees.  

 

Date of Award                         Amount                                   Signature

_______________                          _________                    __________________

_______________                          _________                    __________________

_______________                          _________                    __________________

_______________                          _________                    __________________

_______________                          _________                    __________________