SV Academy Terms & Conditions
Last updated: August 17, 2020
Please read the following terms and conditions carefully before submitting your application. By submitting this application, you acknowledge that you have read, understand and accept the terms and conditions set forth below.
You are requesting a Deferred Tuition Payment Plan. This is a privately-funded education funding plan that has specific requirements and obligations to make future payments of $555 per month for 18 months once you have received a Qualifying Offer, as defined under the Deferred Tuition Payment Plan Agreement. THERE ARE NO FINANCE CHARGES AND A 0.0% ANNUAL PERCENTAGE RATE UNDER THE DEFERRED TUITION PAYMENT PLAN.
When Stride Funding receives this application on behalf of SV Academy, it is not agreeing to lend you money or to issue to you a Deferred Tuition Payment Plan, and there will not be such an agreement until the time that the Deferred Tuition Payment Plan is actually disbursed to you. SV Academy has the right to fund an amount less than the amount requested.
By submitting this application, you certify that the information on this application is true and complete to the best of your knowledge. You understand and agree that Stride Funding and SV Academy are entitled to obtain a copy of your consumer credit report in connection with this application. If you ask, you will be informed of the name and address of the agency that furnished the report. You also authorize Stride Funding to release the information in this application and your credit eligibility information to SV Academy.
In addition, by submitting this application, you authorize Stride Funding and SV Academy to verify the accuracy and authenticity of all information supplied by you, both internally and with the assistance of non-affiliated third parties. In all cases, the Stride Funding may disclose the fact that you are applying for credit to the credit reporting agency and the Lender.
State and Other Application Notices & Disclosure
NOTICE ANY HOLDER OF THIS DEFERRED TUITION PAYMENT PLAN AGREEMENT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH I COULD ASSERT AGAINST THE SCHOOL FOR THE SERVICES OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY ME SHALL NOT EXCEED AMOUNTS PAID BY ME HEREUNDER.
CALIFORNIA RESIDENTS - I have the right to prohibit the use of information contained in my credit file in connection with transactions not initiated by me. I may exercise this right by notifying the consumer credit reporting agency. A married applicant may apply for a separate account. If you take any adverse action as defined by Section 1785.3 of the California Civil Code and the adverse action is based, in whole or in part, on any information contained in a consumer credit report, I have the right to obtain within 60 days a free copy of my consumer credit report from the consumer reporting agency who furnished you my consumer credit report and from any other consumer credit reporting agency which compiles and maintains files on consumers on a nationwide basis. I have the right as described by Section 1785.16 of the California Civil Code to dispute the accuracy or completeness of any information in a consumer credit report furnished by the consumer credit reporting agency.
CALIFORNIA AND UTAH RESIDENTS - As required by California and Utah law, I am hereby notified that a negative credit report reflecting on my credit record may be submitted to a credit reporting agency if I fail to fulfill the terms of my credit obligations.
MASSACHUSETTS RESIDENTS - Massachusetts law prohibits discrimination based upon marital status or sexual orientation.
IOWA, KANSAS, AND NEBRASKA RESIDENTS - (For purposes of the following notice, the word "you" refers to the Student, not the Deferred Tuition Payment Plan Provider): NOTICE TO CONSUMER. 1. DO NOT SIGN DEFERRED TUITION PAYMENT PLAN AGREEMENT BEFORE YOU READ THE FULL DEFERRED TUITION PAYMENT PLAN AGREEMENT. 2. YOU ARE ENTITLED TO A COPY OF THE DEFERRED TUITION PAYMENT PLAN AGREEMENT. 3. YOU MAY PREPAY THE DEFERRED TUITION PAYMENT PLAN AGREEMENT BY PAYING THE TOTAL PAYMENT AMOUNT, LESS ANY PRIOR PAYMENTS, AND MAY BE ENTITLED TO A REFUND OF CERTAIN CHARGES IN ACCORDANCE WITH LAW.
MARYLAND RESIDENTS - SV Academy and I have agreed that the Deferred Tuition Payment Plan Agreement is governed by federal law and the laws of Delaware without regard to conflict of laws rules.
MISSOURI RESIDENTS - Oral agreements or commitments to Deferred Tuition Payment Plan money or to forbear from enforcing future obligations of payment, including promises to extend or renew such payment terms are not enforceable. To protect me (the Student and you (Deferred Tuition Payment Plan Provider) from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it.
NEVADA RESIDENTS - This is a Deferred Tuition Payment Plan for study.
NEW JERSEY RESIDENTS - The section headings of Deferred Tuition Payment PlanAgreement are a table of contents and not contract terms. Portions of the Deferred Tuition Payment PlanAgreement with references to actions taken to the extent of applicable law apply to acts or practices that New Jersey law permits or requires. In the Deferred Tuition Payment Plan Agreement, acts or practices (i) by you which are or may be permitted by "applicable law" are permitted by New Jersey law, and (ii) that may or will be taken by you unless prohibited by "applicable law" are permitted by New Jersey law.
NEW YORK, RHODE ISLAND, AND VERMONT RESIDENTS - A consumer report (credit report) may be obtained from a consumer-reporting agency (credit bureau) in connection with the Deferred Tuition Payment Plan. If I request (1) I will be informed whether or not consumer reports were obtained, and (2) if reports were obtained, I will be informed of the names and addresses of the credit bureaus that furnished the reports. If you agree to make the Deferred Tuition Payment Plan to me, a consumer credit report may be requested or used in connection with renewals or extensions of any credit for which I have applied, reviewing my Deferred Tuition Payment Plan, taking collection action on my Deferred Tuition Payment Plan, or legitimate purposes associated with my Deferred Tuition Payment Plan.
NEW YORK RESIDENTS - If any obligation incurred on the account is ever in default, that fact may become a part of your credit record.
OHIO RESIDENTS - While a Deferred Tuition Payment Plan may not be defined as "credit", the Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
WISCONSIN RESIDENTS - For married Wisconsin residents, my signature on the Deferred Tuition Payment Plan Agreement confirms that the Deferred Tuition Payment Plan obligation is being incurred in the interest of my marriage or family. No provision of any marital property agreement (premarital agreement), unilateral statement under Section 766.59 or court decree under Section 766.70 adversely affects the interest of the Deferred Tuition Payment Plan Provider unless the Deferred Tuition Payment Plan Provider, prior to the time that the Deferred Tuition Payment Plan is approved, is furnished with a copy of the agreement, statement, or decree or has actual knowledge of the adverse provision when the obligation to the Deferred Tuition Payment Plan Provider is incurred.
MILITARY LENDING ACT DISCLOSURES:
If you are a member of the active military, or a spouse or dependent of a member of the active military, and your Deferred Tuition Payment Plan is subject to the provisions of the Military Lending Act ("MLA"), the following apply beginning October 3, 2016. (The federal government requires us to provide this notice to you. However, we do not assess any of the fees referenced in this notice. Payments are equal to $555 per month for 18-months once you have received a Qualifying Offer under the Deferred Tuition Payment Plan Agreement. Please refer to your Approval Disclosure for information regarding your monthly payments for the Deferred Tuition Payment Plan):
Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: the costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).
Because the Deferred Tuition Payment Plan has an APR of 0.0% there will be no adjustment to the terms of your Plan if at any point during the Payment Term you become enlisted in active duty military service as defined in the U.S. federal statute Service members Civil Relief Act (50 U.S.C. §§ 3901-4043).
To hear this statement of your rights under the MLA, including whether you are a "covered borrower", and for a description of your payment obligation, please call 214.775.9960.