The opinion of the court was delivered by: Lawrence J. O'Neill United States District Judge
SETTLEMENT AGREEMENT AND PROPOSED ORDER
1. Plaintiff, United States of America, and Defendant Amy Lopez (collectively, the Parties), hereby agree to resolve the United States' civil action to recover money for Defendant's breach of her student loan contract as set forth below (the Agreement). The Agreement is based upon the following facts:
2. Defendant resides in and maintains a law practice in this District.
3. The complaint alleges that on April 1, 2005, Defendant signed a promissory note to consolidate her student loans through the U.S. Department of Education's Federal Direct Consolidation Loan Program pursuant to the Higher Education Act of 1965, as amended, 20 U.S.C. § 1087a et seq. On April 18, 2005, the United States disbursed $120,204.24 to Defendant with interest thereon at 8.25 per cent per annum.
4. Defendant defaulted on the loan on September 23, 2008.
5. The Department of Education has credited a total of $13,468.55 towards Defendant's loan balance. Nonetheless, there remains a balance due representing unpaid principal, interest and authorized attorneys' fees and collection costs.
6. As of January 14, 2013, the total debt owed on Defendant's loan is $188,820.01 with interest accruing at the rate of $29.97 per day.
7. Defendant admits the complaint's allegations.
III. TERMS AND CONDITIONS
8. In consideration of their mutual promises and covenants, the Parties agree to settle this litigation upon the following terms:
A. Entry of Judgment. Defendant consents to entry of judgment in favor of the United States in the amount of $150,000.00 (the Judgment Amount), representing unpaid principal and interest. Defendant has reviewed and "approved for form and content" the judgment lodged with the Court and shall satisfy the Judgment Amount via the payment plan set forth below.
B. The United States may perfect its judgment by filing abstracts of judgment in the counties in which Defendant resides or may maintain real property interests. Except as otherwise provided herein, the United States agrees that it will not otherwise seek to enforce its judgment provided Defendant complies with this Agreement's terms. Further, if Defendant pays the Judgment Amount as set forth below, this amount shall be reduced to $135,000.00 from $150,000.00. Upon Defendant's fulfillment of the Agreement, the United States will file a satisfaction of judgment with the Court.
C. Defendant's payment plan. Beginning on January 1, 2013, and on or before the dates stated below, Defendant shall ...