Perkins/University Loans
Student
Account Services
Campus Avenue Building, Room 103
(513)
529.8744
Loan
Questions
Federal
Perkins Loan Terms and Repayment
Loan
Consolidation
Exit
Interview Information
If you
have specific questions regarding your loan please contact one of the following
Account Representatives:
Debbie
Cole
Cindy Back
Loan
Questions
What loans are administered
by Student Account Services?
Federal Perkins Loans and all Miami University Long Term Loans.
Who is the billing
service provider for Miami University?
Educational Computer Systems, Inc. (ECSI)
181 Montour Run Road
Coraopolis, PA 15108-9408
(888)549.3274
How and when will I be
billed by the billing service?
Educational
Computer Systems, Inc. (ECSI) will bill each loan according to the repayment
schedule stated in your loan Exit Interview. Revised repayment schedules can
be obtained by calling (888) 549-3274. Most loans are billed monthly. Perkins
Loans have a nine (9) month grace period, while most Institutional Loans have
a twelve (12) month grace period. You will be billed on the 15th of each month
with your payment due on the 1st of the following month.
How do
I change my name/address/phone?
Go on-line at www.ecsi.net,
call (888) 549-3274 or identify the changes on your statement in the space provided.
What
should I do if I don't receive a billing statement?
Refer to
your repayment schedule for due dates and amounts. It is your responsibility
to make payments on time. Be sure to write your account number on your check
or money order. Please make all remittances
payable to Miami University and send them to:
ECSI
181 Montour Run Road
Coraopolis, PA 15108-9408
What methods of payment
does ECSI accept?
ECSI accepts
checks or money orders. Make your check payable to Miami University and send
the payment directly to ECSI. Be sure to write your account number on your check
or money order. Any payments sent to Miami University will be forwarded to ECSI,
and may be subject to penalties or late charges. ECSI also accepts Electronic
Funds Transfer (EFT/ACH) and credit card payments. You may contact ECSI to initiate
this service after you have made at least one payment by check.
Can I access my account
on-line?
Borrowers
have the ability to access their accounts on ECSI's web site at www.ecsi.net.
Through this site, you can, among other things, verify when your payments have been received, update
your address and phone information, check your balance, obtain loan payoff
amounts, and sign up for optional e-billing.
Federal
Perkins Loan Terms and Repayment
Interest
Interest shall accrue from the beginning of the repayment period and shall be
at the annual percentage rate of five (5) percent on the unpaid balance, except
that no interest shall accrue during any grace or deferment period.
Repayment
Your first payment will be due one month after your nine (9) month grace period
ends. The amount borrowed must be repaid within ten (10) years after the date
on which repayment begins unless that period is shortened or extended by specific
provisions of the Promissory Note. The minimum monthly payment will be at least
$40.00. It may be more if the amount borrowed is sufficient to require larger
payments. You will be billed on the 15th of each month with your payment due
on the 1st of the following month.
Prepayment
The borrower may prepay all or any part of the principal plus any accrued interest
at any time without penalty. If you prepay more than the amount due for an installment,
the excess will be used to repay principal unless you designate it as an advance
payment on the next regular installment.
Deferments/Cancellations
The borrower should refer to their Promissory Note for the specific deferments/cancellations
available to them. A chart of deferments/cancellations for all Perkins loans
can be obtained by visiting www.ecsi.net.
For more specific information or deferment/cancellation forms please call the
billing service representative at (888) 549-3274. If at any time you think you
are eligible for a deferment, cancellation, or postponement, please check the
appropriate information on the back of your statement and mail it to ECSI, 181
Montour Run Road, Coraopolis, PA 15108-9408. In order to receive a deferment/cancellation,
the borrower must use the proper form, immediately upon entry into eligible
service or student status, along with any documentation required to prove that
the borrower qualifies. The borrower may lose deferment/cancellation benefits
if they fail to file the request on time.
Beginning July 1, 2006 Federal Perkins regulation changed to allow Miltiary Deferments for borrowers with loan advances after July 1, 2001. This deferment applies only to borrowers serving on active duty and qualifying National Guard duty during a war, or other military operation, or national emergency. For more information, please go to the ECSI website at www.ecsi.net/militarydef.
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Loan
Consolidation
Consolidation of loans allows a borrower to combine different types of federal
student loans to simplify repayment. (A borrower with just one loan can also
choose to consolidate it.) Both the Direct Loan Program and the FFEL Program
offer consolidation loans, but they are very different. For a complete discussion,
consult the STUDENT GUIDE to Financial Aid from the U.S. Department of Education.
Copies are available in the Office of Student Financial Aid or on the Department
of Education's Web site: http://studentaid.ed.gov/students/publications/student_guide/index.html
Exit
Interview Information
The borrower must, without exception, report any of the following to Miami University,
Office of the Bursar, 301 S. Campus Avenue Room 107, Oxford, OH 45056-3439,
(513) 529.8744:
- withdrawal from school
- transfer to another school
- drop below half-time status
- name change
- address change or your parents' address changes
- social security number changes
By reporting
the information above, the student and the billing service (Educational Computer
Systems, Inc.) can keep each other informed. When a student separates from Miami
University i.e. withdraws, drops below half-time status, or graduates, the exit
process begins. He/she can expedite the completion of the Exit Interview process
by visiting www.ecsi.net
and completing the Exit Interview online.
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This document was last modified on April 2, 2008 .