146

A  Study  of  Student  Loans

6.

(Second  notice  front  Harmon
Foundation  to  borrower  who
has  become  delinquent  on
his  regulär  $10  installment)
Mr.  John  Doe
140  Nassau  Street
New  York,  N.  Y.
My  Dear  Mr.  Doe:
While  you  were  a  Student  at  the  Harmon
Foundation  had  faith  enough  in  you  to  grant  you  a  loan  so  that  you  could
continue  your  education.  You  signed  a  Statement  that  you  had  read  and  understood
  our  terms  for  repayment,  and  also  signed  an  agreement  to  make  payment
of  $10  each  month  beginning  the  first  of  until  your  entire  contract
had  been  paid.
We  find  that  we  have  not  yet  received  your  remittance  due  the  first  of
although  we  called  it  to  your  attention  on  and  we
believe  your  College  and  the  sub-chairman  of  your  group  have  also  communicated
with  you  regarding  it.  Your  installment  has  also  now  become  due.
Your  carelessness  seems  inexcusable  since  there  is  a  clause  in  your  contract  that
if  on  account  of  illness  or  loss  of  employment  due  to  no  fault  of  your  own,  you
cannot  meet  an  installment  on  time,  you  may  request  an  extension  by  writing
to  the  Harmon  Foundation  ten  days  before  the  installment  becomes  due.
We  cannot  allow  an  item  to  remain  delinquent  without  the  borrower  at
least  paying  something  on  account.  If  you  are  not  in  a  Position  to  pay  the
entire  amount  at  this  time,  we  shall  expect  you  to  send  at  least  part  payment
and  advise  us  when  you  will  send  the  balance  of  it.  This  will  show  your  good
faith  toward  the  Obligation  and  keep  your  account  alive.
If,  however,  we  do  not  hear  from  you  before  your
account  will  be  placed  with  our  attomey  for  collection  and  any  legal  costs  will
constitute  an  additional  charge  against  you.
Very  truly  yours,

Division  of  Student  Loans