Federal Perkins Loan Repayment

The Federal Perkins Loan is a student loan that must be repaid.  The interest rate for Perkins is fixed at 5%.  There's a 9 month grace period once your enrollment falls below part-time status (8 credits for undergraduates and 4 credits for graduates) or you leave Emerson College.  During your grace period and while you are in school at least part-time interest will not accrue and no payments are required.  Please keep in mind that your Perkins Loan is separate from your Stafford Loan. 

You'll be billed on a quarterly basis for these loans.  It is your responsibility to make sure the billing agent has your current address.  Our billing agent/servicer is:

ECSI (Educational Computer Systems, Inc.)
181 Montour Run Road
Coraopolis, PA 15108
888.549.3274

Late payments are subject to late fees and reported to a national credit bureau.  Consult your promissory note for a complete listing of your rights and responsibilities.

Under certain circumstances you can defer your Perkins loan, obtain a forbearance, or qualify for loan cancellation.

Deferments

Under certain circumstances a borrower is entitled to have repayment of the Perkins Loan deferred.  During deferment the borrower is not required to pay the loan principal and interest does not accrue.  After each deferment the borrower is entitled to a post-deferment grace period of 6 consecutive months.

• In-School Deferment – A borrower may defer repayment of a Perkins Loan if enrolled at least part-time in an eligible school.
• Military Service Deferment - Eligible borrowers may receive the deferment on all outstanding FFEL, Direct Loan and Federal Perkins Loan programs in repayment on October 1, 2007, for all periods of active duty service that include that date or begin on or after that date.
• Active Duty Service Deferment - For members of the National Guard or Armed Forces Reserve, and members of the Armed Forces who are in a retired status, who are called or ordered to active duty service.
• Seeking full-time employment – A borrower may defer repayment on a Perkins Loan up to three years, regardless of disbursement date and contrary provisions on the promissory note, if the borrower is unable to find full-time employment while actively seeking it.  Schools determine what documents the borrower must provide to apply for this deferment.
• Economic hardship – A borrower is entitled to an economic hardship deferment for periods of up to 1 year at a time, not to exceed 3 years cumulatively, if the borrower provides the school with satisfactory documentation.

Please contact ECSI for more details.

Forbearance

Forbearance is usually a temporary postponement of payments.  The borrower may request smaller payments than previously scheduled or a time extension for making payments.  Unlike deferment, interest continues to accrue during any forbearance period.

Schools may grant forbearance to borrowers who experience financial hardship, poor health, or other acceptable reasons.  Schools may grant the borrower forbearance for a period of up to 1 year at a time.  The forbearance may be renewed but cannot collectively exceed 3 years. Please contact ECSI for more details.

Loan Cancellation and Forgiveness

Loan Cancellation and Forgiveness is available to borrowers who complete qualifying public service, teach in federally approved areas, have died or have become permanently and totally disabled .  The Higher Education Act was amended October 7, 1998 to extend all service cancellations to all Perkins, NDSL, and Defense Loan borrowers who were previously ineligible.  Please contact ECSI for more details