Loans
How does a loan get into default? How does it impact me and my future credit?
The university may declare a loan to be in default for failure to:
- Make a scheduled payment when due
- Submit to the university, on or before the due date of a scheduled payment, documentation of eligibility for forbearance, deferment, or cancellation; or
- Non-compliance with the terms and conditions of the Master Promissory Note or written repayment agreement.
The consequences for defaulting on a Perkins Loan may include, but is not limited to:
Can you tell me what Rehabilitation means?
What is a deferment or forbearance? How do I know if I qualify?
If you have a period of prolonged illness, unemployment, or other hardships that prevents you from making scheduled payments, you may qualify for a deferment or forbearance. It is best to call ECSI and discuss your situation. They will assist you and provide you the links to find the required forms. Note: there are other situations that may allow you to get a deferment or forbearance, so we encourage you to contact ECSI at 1-888-549-3274 or email cservice@ecsi.net
How do I make arrangements on past due loans?
Contact ECSI, at 1-888-549-3274 or email cservice@ecsi.net to discuss your situation and they will provide you with any available options for you.
Certain loans provide benefits such as deferment, forbearance, loan rehabilitation or cancellation. These benefits can postpone payments, reduce payment amounts or cancel some or all of the principal loan balance. Other payment arrangements may be possible.
Where do I go to look at my loans?
For Federal loans you can go to nslds.ed.gov or studentloans.gov. For loans handled by the University, go to https://heartland.ecsi.net/. You can sign up for on-line access to your account. This enables you to manage your student loan account through their website. It is critical that you keep in touch with the university and ECSI by providing us with your updated email, address and phone number so we can contact you with any changes/concerns about your loans.