91探花

The Federal Perkins Loan Program is a federally funded low-interest loan. 91探花 is the lender using funds from the federal government and/or payments collected from previous borrowers. The interest rate on the Perkins Loan is five (5) percent, and repayment starts nine months after a student leaves school, graduates, or drops to below half-time status.

The Federal Perkins Loan is separate from any Federal Direct Loan you may have borrowed while at 91探花. 91探花 is the lender and collector of the Federal Perkins Loan.

Information on the repayment and collection of Stafford Loans, PLUS Loans and Private Loans can be found by contacting the Financial Aid office.

Loan Servicer

It is the borrower鈥檚 responsibility to update their Federal Perkins Loan contact information with 91探花鈥檚 loan servicer:

ECSI
1200 Cherrington Parkway, Suite 200
Moon Township, PA 15108
1.888.549.3274

ECSI provides web-based access to your loan account which allows you to view payment history, update address and phone information, verify account balances, obtain loan payoff amounts, sign-up for electronic billing, and make payments. ECSI provides payment options such as recurring electronic funds transfer and credit card payments (an additional fee applies to credit card payments; no additional fee for most eCheck payments). You can online. For questions regarding login, please contact ECSI at 1.888.549.3274.

ECSI will bill each loan in accordance with the terms of the signed promissory note and repayment schedule presented during the exit interview counseling. In the case of multiple Perkins loan accounts, you may receive a consolidated statement. Monthly billing starts following the expiration of the initial 9-month grace period with payment due in the tenth month.

Exit Interview Information

When a student graduates from 91探花, the loan exit process will begin. The student will receive an email notification to the student's OHIO email address to complete their Perkins Loan Exit Interview Counseling. Exit interview counseling is completed electronically with the University's student loan billing servicer, . Failure to complete the exit interview counseling will result in a hold being placed on university records (i.e., grades, diploma, and future registration).

If a student stops attending 91探花 or transfers to another institution, they should contact the Office of the Bursar to make arrangements to complete the Perkins Loan Exit Interview.

Terms and Repayment

Interest and Grace Period

Interest will begin to accrue nine (9) months after a borrower graduates or ceases to be a half time student at an annual percentage rate of five (5) percent based on the unpaid balance. No interest will accrue during a period of deferment.

Repayment

The first monthly payment will be due ten (10) months from the time the borrower graduates or ceases to be a half time student. The minimum monthly payment will be $40.00, but may be more if the amount borrowed is sufficient to require a larger payment. Repayment occurs over a maximum of 10 years, not including any periods of deferment.

Deferments/Cancellation

You may qualify for a deferment of repayment on a Federal Perkins Loan under certain circumstances. A list of can be found on the .

You may have part or all of your Perkins Loan canceled, under certain conditions, as long as the loan is not in default. Typical conditions for cancellation are careers in nursing, teaching, law enforcement, etc. A list of can be found on the ECSI Borrower Forms page.

To apply for a deferment/cancellation of payments a borrower must complete a deferment/cancellation form, and submit the form to:

ECSI
1200 Cherrington Parkway, Suite 200
Moon Township, PA 15108

Loan Consolidation

Loan consolidation allows a borrower, at no cost to the borrower, to combine different types of federal student loans to simplify repayment. A borrower can contact the at (800) 557-7394 for more information.

Perkins Financial Checklist

The was developed to help borrowers with the repayment of the Perkins Loan.

The Consequences of Default

Borrower defaulted loans cause 91探花 default rates to increase, thus having a negative effect on the University.

• 91探花 is required, by federal regulation, to report the status of Perkins Loan to at least one of the three national credit bureaus. If your loan becomes past due, your credit rating can be adversely affected.
• You may not utilize the deferment/cancellation provisions of the Perkins Loan program while your loan is in default.
• You are ineligible to receive additional Federal financial aid while in default.

• If your loan payment becomes seriously past due, your loan may be accelerated, which means the entire loan becomes due and payable immediately. Accelerated loans will be forwarded to the Ohio Attorney General鈥檚 office for further collection proceedings. All associated collection costs are your responsibility and will increase your outstanding balance due.

  Attorney General of Ohio
  Collections Enforcement
  30 E. Broad St., 14th Floor
  Columbus, Ohio 43215

Collection Cost

The Ohio Attorney General and/or their collection agencies will assess collection fees and interest to the account holder. The Ohio Attorney General reserves the right to employ legal counsel to handle litigation necessary to collect the debt. If litigation is filed, all costs associated with the litigation may be passed to the account holder. The Ohio Attorney General and his designees will at all times act in compliance with the provisions of the and any applicable Ohio statues.

Loan Rehabilitation

Loan rehabilitation is a written and signed agreement between the University and a borrower in an attempt to resolve a defaulted loan.

In order to rehabilitate a defaulted loan, the borrower must make 9 consecutive on-time payments per the rehabilitation agreement. The minimum payment amount accepted will need to cover the total outstanding interest, late fees and penalty fees plus any additional interest and fees that will accrue over the 9 month period.

If you are interested in a loan rehabilitation contact ECSI at 1 (888) 549-3274 or Terri Powell (powellt1@ohio.edu) at (740) 593-9930.