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For purposes of these Terms
and Conditions ("Terms and Conditions"), the following definitions
apply: "National City Bank", "we", "us", or
"our" means National City Bank, Cleveland, OH, its successors
and/or assigns. "Goal
Financial" means Goal Financial, LLC, 1229 King Street 3rd Floor,
Alexandria, VA 22314. "You" or "your" means education
loan borrowers of National City Bank and/or Goal Financial whose loans meet
the eligibility requirements.
"Program" means the "Goal Advantage Consolidation Loan
Interest Rate Reduction Benefit."
1. Eligibility is
restricted to borrowers that have a Goal Advantage Consolidation Loan that
was originated by National City Bank and:
-Are not enrolled in any other borrower benefit, loyalty or reward program
for the same Goal Advantage Consolidation Loan; and
-Are in repayment status at
the time of calculation of the reduction; and
-have made the first forty-eight (48)
consecutive, regularly scheduled full monthly payments on-time; and
-Whose eligible loan was first disbursed on or
after 8/22/2007 and before April 1, 2008.
2. We accept no
responsibility for late, lost or misdirected mail.
3. We base the Interest Rate
Reduction as follows:
- For Fixed
Interest Rate Goal Advantage Consolidation Loans, we base the Interest Rate
Reduction on the Interest Rate disclosed to you on the initial Disclosure
Statement provided upon loan disbursement.
- For Variable
Rate Goal Advantage Consolidation Loans, we base the Interest Rate Reduction
on the Margin disclosed to you on the initial Disclosure Statement provided
upon loan disbursement.
4. We calculate Interest Rate
Reductions on the first day of the month following the date you meet
eligibility requirements.
5. We calculate the amount of
the Interest Rate Reduction as follows:
- You will receive a 0.50% Interest Rate
Reduction after making the first forty-eight (48) consecutive, regularly
scheduled full monthly payments on-time.
6. A payment
is considered "on-time" if it is received no more than 10 days
after the due date. If we receive
a returned check for any qualifying payment, the amount of the returned check
will be added to your loan balance, and the payment will be considered
late. Periods of authorized
deferment and forbearance are disregarded in determining which payment is the
"first" payment and determining whether payments are considered
"consecutive".
7. Payments made on any
other education loan(s) will not qualify you for the benefits contained in
this Program.
8. You can receive an Interest Rate Reduction only once
during the term of your loan.
9. Interest Rate Reductions will only be made if your
student loan is open and in repayment status.
10. To avoid forfeiting this Interest Rate Reduction, you must
continue to make on-time monthly payments. If your account becomes any status other than in repayment,
in forbearance, or in deferment for any period during your loan, you do not
have the right to receive an Interest Rate Reduction and we will terminate
your eligibility for participation in the Program.
11. Borrowers enrolled in the
Goal Advantage Consolidation Loan Interest Rate Reduction Benefit Program are
not eligible for any other Goal Advantage Consolidation Loan borrower benefit
or loan loyalty or reward programs. The only exception to
this is that you may also apply for and receive a 0.25% reduction in the rate
at which interest accrues on your loan for making your payments by automatic
debit, if set up directly with our loan servicer.
12. We will notify you by
mail of your Interest Rate Reduction.
13. We reserve the right to
adjust Interest Rate Reduction amounts. For example, if you receive an
Interest Rate Reduction in excess of the amount you should have received, we
will adjust your interest rate and your loan balance for the erroneous
interest rate reduction.
14. You should allow 90 days
from the time you send your qualifying payment for the notification of your
Interest Rate Reduction.
15. You may not transfer or
assign your Interest Rate Reduction.
16. Liability for any tax on
any benefits provided to you pursuant to this program shall be your sole
responsibility. We recommend that you contact your own accountant or tax
advisor in this regard.
17. As a condition of
participating in this Program, you agree that (1) all disputes that cannot be
resolved between us, and causes of action arising out of or connected with
this Program, shall be resolved individually, without resort to any form of
class action, and exclusively by final and binding arbitration under the
rules of the American Arbitration Association and held at the AAA regional
office nearest Alexandria, Virginia; (2) the Federal Arbitration Act will
govern the interpretation, enforcement and all proceedings at such
arbitration; and (3) judgment upon such arbitration award may be entered in
any court having jurisdiction. Under no circumstances will you be permitted
to obtain awards for, and you hereby waive all rights to claim punitive, incidental
or consequential damages, or any other damages, including but not limited to
attorneys fees, other than your actual out-of-pocket expenses (i.e., costs
associated with entering this Program). You further waive all rights to have
damages multiplied or increased.
18. In the event that you
claim that you are eligible for the Interest Rate Reduction but have not
received it, then you must provide verification to our satisfaction as to
your claim of an entitlement. All reduction claims are subject to our
verification checks and procedures, as determined by us in our discretion. We must receive all inquiries regarding claims within ninety (90) days of the date that you claim you became fully eligible for the Interest Rate Reduction.
19. The Terms and Conditions of this Program are subject to
change without notice. However, no changes will be made to this Program which
would affect any benefits under this Program as offered to you when your loan
was originally disbursed.
20. The Terms and Conditions of this program are void where
prohibited by law.
21. If a court of competent jurisdiction finds any
provision of these Terms and Conditions to be void, then the court shall
strike the offending provision while giving the remaining provisions full
force and effect.
22. Goal Financial, LLC may suspend or terminate this Program
at any time with or without notice and without liability to you or any other
person. However, we will not suspend or terminate the Program for any
borrowers who were eligible to participate in this Program at the time his or
her loan was originally disbursed.
23. The laws of the State of
California shall govern and be used to construe these Terms and Conditions.
You should direct any
questions regarding this program to Goal Financial Customer Service at
866-290-4222.
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