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Federal Perkins Loans Repayment

Students must complete a Loan Exit Interview, available on the ECSI website, when they graduate; drop below half-time status, or otherwise leave the university. If you would prefer, make an appointment with the Perkins Loan Specialist.

Students who do not complete the exit interview will receive a hold which will prevent them from getting transcripts in the future.

Students who experience certain changes to their status or contact information during or after their time at UNCW must update ECSI as soon as possible. Certain status updates may change repayment terms, so it is important to keep the lender informed.

Report any of the following changes immediately to ECSI:

  • Name, address, telephone number or e-mail address changes
  • Withdrawal from school
  • Enrollment drops below half time status
  • Transfer to another school
  • New eligibility for cancellation benefits
  • Enlistment in the military
  • New documented disability

According to Federal Law, UNCW is required to report all student loans to the credit bureau. Loans are reported when opened, & each month for the life of the loan until it is paid in full.

What happens when a payment is past due (delinquent)?

  • Incur a late fee
  • ECSI will send a past due notification 15 days after due date
  • 45 days past due ECSI will send another past due notification
  • 60 days past due you will receive a final demand letter from ECSI
  • Be referred to the following agencies:

    • NC Attorney General’s Office (60 days past due)
    • Approved Collection Agency - may access an additional fee of up to 20% plus debt already owed (120 past due)
    • NC Setoff Debt Collections Act– garnishment of state refunds student is owed in the future (60 days past due)
    • US Department of Education has the authority to garnish wages, withhold federal tax or stimulus payments