Federal Perkins Loans Repayment

UNCW serves as the lender for students who have accepted Federal Perkins Loans. Students will work directly with UNCW Perkins Specialist throughout the repayment process.

Repayment
Details
Cancellation &
Deferment Options
Contact
Information

Repayment Details

Students must begin repaying their Perkins Loan nine months after leaving UNCW, whether it is graduation or withdrawal. You will receive three notifications from Heartland/ECSI that the billing process will begin. Should you have problems with repayment, you should contact Heartland/ECSI or the Perkins Loan Specialist as soon as possible. Some circumstances will require the completion of a deferment form. Deferment forms can be found on the ECSI website. As payments become due, interest accrues on the account at an Annual Percentage Rate of 5%. Payments are based on a repayment term of 10 years & the balance owed, with a minimum monthly payment of $40.

After Graduation or Enrollment Change

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.

Updating ECSI

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

Paying On Time is Important

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

Deferment Options & Cancellation Benefits

Cancellation Benefits

Perkins Loan programs provides borrowers with an opportunity to cancel all or part of their loan for certain types of employment or services. To apply for cancellation benefits, download the appropriate form & mail along with documentation, to ECSI You will be notified by ECSI of an approval denial, or request for additional documentation promptly

Deferment Options

Students’ Federal Perkins Loans may be deferred under certain circumstances. A deferment grants borrower a set period of time where they are not required to repay the principal of the loan. There are three main types of deferment:

Student Deferment – Requires borrower to be enrolled at least half time as a student at an eligible accredited institution in the US or at a comparable institution outside the US ( Current term student is enrolled in only)
Economic Hardship Deferment – Borrowers who receive public assistance such as Families with Dependent Children, Food Stamps, or Supplemental Security Income may be eligible for this type of deferment.
Unemployment Deferment – Borrowers who are working less than 30 hours per week or who are unemployed may be eligible for this type of deferment.
Student Borrowers who think they may meet the requirements can apply for deferment directly through ECSI. Download the appropriate form & send it, along with the supporting documentation to ECSI.
ECSI will send an approval letter, denial notice, or request for additional documentation promptly.