NOT FOR PUBLICATION CLOSED

UNITED STATES DISTRICT COURT

DISTRICT OF NEW JERSEY

HICA EDUCATION LOAN

CORPORATION,

 Plaintiff,

v.

SHERIF S. RADWAN,

 Defendant.

Civil Action No.: 11-698 (JLL)

ORDER

This matter having come before the Court by way of Plaintiff HICA Education Loan

Corporation (“HICA” or “Plaintiff”)’s Motion for Default Judgment pursuant to Federal Rule of

Civil Procedure 55(b)(2) as to Defendant Sherif S. Radwan (“Defendant” or “Radwan”) [Docket

Entry No. 14]. This motion is unopposed. The Court has considered Plaintiff’s submissions and

it appearing that:

1. Plaintiff filed its Complaint with this Court on February 7, 2011 requesting judgment and

damages against Defendant Radwan for defaults on two (2) promissory notes of which

Plaintiff is the owner and/or holder.

2. Defendant Radwan is an individual who is a resident of New Jersey who signed two

promissory notes payable to Key Bank of Maine, Augusta, Maine, in the original

principal amounts of $4,000 (signed on January 20, 1989) and $8,000 (signed on

September 18, 1989). 

3. Defendant Radwan was properly and duly served with a Summons and Complaint on

March 8, 2011[Docket Entry No. 4].

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4. Defendant Radwan has failed to answer or otherwise appear in this action.

5. Plaintiff requested that the Clerk of the Court enter default against Defendant Radwan,

and the Clerk of the Court accordingly entered default against Defendant on May 9, 2011

[Docket Entry No. 8].

6. Plaintiff then filed a Motion for Default Judgment with this Court on May 2, 2011

[Docket Entry No. 11]. This Court denied that motion without prejudice, requesting

Plaintiff to provide specific figures as to the amount of pre- and post-judgment interest as

well as documentation in support of such amount [Docket Entry No. 12].

7. Plaintiff accordingly filed a Renewed Motion for Default Judgment [Docket Entry No.

14], specifying its requested judgment in the amount of $9,731.17, including principal,

prejudgment interest and late fees as of September 6, 2011. In addition, Plaintiff

requested that the Court order post-judgment interest at the contractual yearly rate agreed

upon by the parties, namely that interest rate equal to a variable rate calculated by the

Secretary of the Department of Health and Human Services for each calendar quarter, and

computed by determining the average of the bond equivalent rates for the ninety-one day

U.S. Treasury Bills auctioned during the preceding quarter, plus 3% percent, rounding

this figure up to the nearest one-eight percent.

Accordingly, IT IS on this 6th day of September, 2011,

ORDERED that Plaintiff’s Renewed Motion for Default Judgment [Docket Entry No.

11] is GRANTED, and Plaintiff is awarded judgment against Defendant for the sum of

$9,731.17, comprised of the following amounts:

(a) $ 7,356.57 in principal amount;

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(b) $ 2,374.60 in prejudgment interest; and it is further

ORDERED that this judgment shall bear interest from the date of this judgment until it is

paid at a yearly rate of interest which is equal to a variable rate calculated by the Secretary of the

Department of Health and Human Services for each calendar quarter, and computed by

determining the average of the bond equivalent rates for the ninety-one day U.S. Treasury Bills

auctioned during the preceding quarter, plus 3% percent, rounding this figure up to the nearest

one-eighth of one percent; and it is further

ORDERED that the Clerk shall close its file in this matter.

IT IS SO ORDERED.

/s/ Jose L. Linares 

United States District Judge

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