Our goal in the Financial Aid Office is to ensure that alumni and those students, who had to exit Chowan prior to graduation, are provided financial literacy, including knowledge about their federal student loans and loan repayment.
What if I cannot make my loan payments?
If, for some extraordinary reason such as illness or unemployment, you cannot meet the terms of your repayment agreement, you should contact your servicer about the following options:
Forbearance is an agreement between a borrower and the lender/servicer to temporarily postpone payments, extend the timeframe for making monthly payments, or reduce the amount of monthly payments on a short-term basis. Deferment is a period of time during which payments are postponed. Deferments usually require documentation. There are different types of deferment for which borrowers can apply, such as in-school deferments or unemployment deferments.
It is important to maintain contact with your servicer if you cannot make your payments. Serious consequences can occur for failure to make payment on your loan.
The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of college education.
FPL Fast Facts
Interest Rate Fixed at 5%
9 Month Grace period before starting repayment
Minimum monthly payments are $40
10 year Repayment Schedule
Important Points to Remember
You must repay the FPL even if you do not finish your education
To Prepare for repayment, make a budget, and understand your expenses
Remember to keep your loan papers so you are informed on your total loan debt
For detailed information regarding your Title IV loans (Stafford, Perkins, or PLUS), you can log on to nslds.ed.gov. You will need a FSA ID to access the web site. You can receive a FSA ID at fsaid.ed.gov.
After Leaving School
You will be required to complete a Perkins Loan exit counseling session.
You will review your financial responsibilities and learn about your repayment agreement.
Keep your current address and phone number up to date with the Perkins Loan Office at Chowan University
The Perkins Loan Coordinator will contact you by email or mail at the time you leave to remind you to complete the on-line exit counseling session. You will be asked to complete and return the following:
Exit Interview Data Sheet (read the instructions before completing the form)
Federal Perkins Loan Repayment Schedule and Disclosure Statement (signature and date)
A "HOLD" has been placed on your academic transcript in the Registrar's office until your Exit Interview and Repayment Schedule are completed and returned to this office for your loan file. This means that if you decide to attend another university or institution, or apply for employment which requires a copy of your academic transcript, your academic transcript will not be released to you or the university/institution or employer until this office receives your completed and signed Loan Interview form and Repayment Schedule.
Heartland ECSI serves as our billing/depository agent for your Federal Perkins Loan. This means they will bill you, credit your payments, and process deferment/cancellation forms to your account. You may contact them by calling 1-888-549-3274 or on the web: www.ecsi.net. If you have special problems with your loan, you may contact Mrs. Twyla Duke, Federal Perkins Loan Coordinator at 252-398-6320 or firstname.lastname@example.org.
What If I cannot make my payments?
If, for some extraordinary reason such as illness or unemployment, you cannot meet the terms of your repayment agreement, you should contact the Federal Perkins Loan Coordinator to make other arrangements.
Under some circumstances, you may be granted a deferment, a forbearance, or be allowed to make payments of a lesser amount. You must apply for each in writing and must continue to make your regular payments until your request is granted.
Forbearance is an agreement between a borrower and the lender/servicer to temporarily postpone payments, extend the timeframe for making monthly payments, or reduce the amount of monthly payments on a short-term basis.
Deferment is a period of time during which payments are postponed. Deferments usually require documentation. There are different types of deferment for which borrowers can apply, such as in-school deferments or unemployment deferments.
It is important to maintain contact with Heartland ECSI and Twyla Duke (email@example.com) if you cannot make your Perkins Loan payments. Serious consequences can occur for failure to make payment on your loan.
You are eligible to consolidate your outstanding federal student loans and FPL if you are in your grace period or already in repayment on your student loans. With only one lender and one monthly payment due for student loans, it is easier than ever for borrowers to manage their debt. Borrowers have only one lender, the U.S. Department of Education, for all loans included in a Direct Consolidation Loan. Please remember you must still make your payments while your consolidation is being processed.
Failure to Make Payment
Failure to make a payment means to default. If that happens, you may be asked by the school to repay the entire loan immediately and can be turned over to a collection agency in order to collect it.
You can be charged all interest plus late payment fees, court fees and collection costs.
You can be reported to credit bureaus and have your future credit rating affected.
The IRS may withhold your income tax refund and apply it to your loan balance.
You will not receive any additional federal aid until the default status is rescinded
You may be contacted by Todd, Bremer, & Lawson, Inc. or Williams & Fudge, Inc. regarding any defaulted loan turned over to collections. Please take all correspondence seriously!
Contact information for:
Todd, Bremer, and Lawson 1-800-849-6669
Todd, Bremer & Lawson, Inc.
Post Office Box 36788
Rock Hill, SC 29732-0512 firstname.lastname@example.org
Williams & Fudge, Inc. 1-800-849-9791
Williams & Fudge, Inc.
300 Chatham Avenue
Rock Hill, SC 29731 email@example.com