A federal Perkins Loan is a reduced-attract (5 %) loan which had been previously approved so you can student people having financial you desire

A federal Perkins Loan is a reduced-attract (5 %) loan which had been previously approved so you can student people having financial you desire

UWRF ‘s the lender. The mortgage is made with government finance with a share provided from the UWRF. The latest debtor need certainly to repay so it financing so you can UWRF.

UWRF has contracted with Heartland Educational Computer Systems Incorporated (Heartland ECSI ) to service their Federal Perkins loan program.Heartland ECSI has been in the business of servicing student loans for over 30 years. With Heartland ECSI, you may access your account at any time over the Internet at heartlandecsi. Customer service representatives are available at 888-549-3274 Monday through Friday, 6:30 a.m. through 6:30 p.m. to answer questions about your Federal Perkins loan.

If Heartland ECSI is unable to answer your questions, you may contact the school at:
Student Billing
215 North Hall
River Falls, WI 54022

General Terminology

The next data is a summary out-of a king Promissory Notice. It’s the courtroom file ruling the new loved ones from UWRF and you will the fresh new debtor.

Alter Regarding Condition

The Borrower (student) has the responsibility to notify Heartland ECSI when they stop attending the University as at least a half-time student. They should also update their addresses and telephone numbers in eSIS (Falcon Account) . The borrower should also provide the same information to Heartland ECSI. Until the borrower changes any of the information with Heartland ECSI, they will use the original information as provided with the Master Promissory Note .

Leave Interviews

Exit interviews inform the borrower of their Rights and Responsibilities regarding their Perkins loan. This is a separate and different exit procedure than the Stafford loans. Once a student’s attendance at UWRF falls below at least a half-time status, they should contact Heartland ECSI to set up an Exit Interview. Heartland ECSI will provide information as to where to go on-line for the interview (through heartlandesci). Until the borrower completes their interview, a hold will be on their records. Once the interview is completed, the hold on your record shall be removed within a week.

Cost Terms

There is a ten year fees several months. Getting money totaling lower than $3700, the brand new minimal payment would be $40. Having larger funds, this new payment per month will be place during the number needed seriously to spend the money for membership within the ten payday loans South Carolina year time-limit. The new borrower get pay the membership completely at any time instead of punishment.

The fresh new repayment months initiate 10 weeks on the day the brand new borrower stops to be at the very least a half-go out scholar. The first sophistication period is actually nine months where zero principal or interest accrues and no payment arrives. Attention starts to accrue at the conclusion of the new 9 week sophistication period. The speed is actually secured during the five per cent (5%).

Payments should be sent to ECSI and may be made through the mail, over the Internet, or over the telephone. Remittances should be payable to UWRF c/o ECSI.

Repayments was owed the original of every times. When the commission otherwise factor in not and make fee (deferment otherwise termination desires) are not recorded from the to begin the new few days, the newest account might be susceptible to a later part of the fees. Submitting deferment/cancellation desires and you can investing regularly may be the borrower’s obligations.

Velocity Out-of Payment

Brand new borrower can get accelerate repayment of loan (spend loan regarding very early) rather than punishment. If you are paying this new account off, quicker attract is actually billed. So if the latest debtor directs an early or most payment they is mean be it to get applied since the a routine arranged fee or even to be used once the an accelerated commission. Repayments gotten without any notation is addressed given that an expidited fee.

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