Perkins Loan Office Resources
Do I have a Federal Perkins Student Loan?
Federal Perkins Student Loans are need-based, usually smaller loans awarded in addition to your Federal Subsidized Direct and Unsubsidized Direct Loans. If you have been awarded a Federal Perkins Student Loan, you should know some important facts:
How do I know if I have a Federal Perkins Student Loan - studentaid.gov/understand-aid/types/loans/perkins/
Perkins loans are federal loans but are disbursed and collected by your school. This is a federal program that is no longer receiving federal funds but is sustainable from the repayments of previous borrowers. Those repayments are provided to current students who are in need of extra loans. You are helping yourself and other students by repaying your Perkins loan!
Loyola staff are here to help with your questions about Perkins Loans. And although we will not sell or transfer your Perkins loan, your loan will be serviced by a billing service - ECSI (Educational Computing Systems, Inc). The numerous services provided by ECSI include many functions to assist us in providing the best customer service to you. Electronic promissory notes, entrance and exit interviews, account inquiries, address changes, entitlement forms, and automatic recurring payments are just some of the features they provide to you, the borrower.
Please be assured that you may contact us directly with any questions about your Perkins Loan.
ECSI (Educational Computer Systems, Inc.)
We have contracted with Heartland's Educational Computer Systems, Inc (ECSI) to bill and collect our Perkins Student Loans. We have not ‘sold’ our Perkins loans to ECSI and will still maintain our Perkins Loan Office here on the main campus at Loyola University New Orleans. ECSI has many resources that will assist not only us in the disbursement and collection of our loans but will assist our borrowers with many features that we could not provide alone. Some of those features include:
- Electronic Promissory Notes and Entrance Counseling
- Electronic Exit Interviews
- Account Inquiry on the web
- Direct monthly payments from your checking account
- Additional payment options
- Advanced payments
- Access to Downloadable Forms such as deferment and forbearance
- Links to Federal government regulations web site
- Online address changes
Depending on your modified adjusted gross income, you may be able to claim the interest you paid on a student loan used for higher education as an adjustment to income on your income tax return.
More information about this and a copy of your 1098E tax document can be found on ECSI’s website at ecsi.net/taxinfo.html
Nurse Faculty Loans
ECSI is Loyola University’s loan servicer for the Nurse Faculty Student Loan program.
Promissory Note and Truth in Lending Disclosures
You must complete a new promissory note and truth in lending disclosures every academic year that you receive this loan. These are available on ECSI’s website at ecsi.net/promm6/
Borrowers are required to complete an Exit Interview when they graduate or end enrollment. The Exit Interview is available on ECSI’s website at https://Heartland.ecsi.net/.
Nurse Faculty Loan borrowers are limited to a 12-month timeframe to establish employment as full-time nurse faculty at an accredited school of nursing following graduation. Employment verification must be submitted to Loyola University within this 12-month period otherwise you will not be eligible for the Nurse Faculty loan cancellation provision. You must submit a properly completed form certifying your employment to Loyola University’s Perkins Loan Office. If you fail to complete the advanced nurse education program or fail to serve as a full-time nurse faculty member, upon graduation, interest on this loan will accrue on the outstanding balance at the prevailing market rate.
Please download this form from ECSI’s website at https://www.ecsi.net/bwr/forms/nflp-employment.pdf
A Nurse Faculty Loan may be postponed, in lieu of payment, if the borrower is employed full-time as a faculty at a school of nursing and expects to claim partial cancellation of his or her loan at the end of each complete year of such employment. To postpone repayment, the borrower must submit a properly completed Postponement of Installment Payment form to Loyola University’s Perkins Loan Office before the initial 9-month grace period expires. This form must be filed annually, 30 days before the expiration of the initial request for postponement each year of employment.
Please download this form from ECSI’s website at https://www.ecsi.net/bwr/forms/nflp-postponement.pdf
The NFLP is a direct loan program with cancellation provisions. Up to 85% of the loan may be canceled if the student fulfills specific requirements.
The borrower may cancel:
- 20% of the principal and interest of the unpaid loan balance upon completion of each of the first, second, and third year of full-time employment as a nurse faculty member in accordance with the provisions of the loan.
- 25% of the principal and interest of the unpaid loan balance upon completion of the fourth year of full-time employment as a nurse faculty member in accordance with the provisions of the loan.
The borrower is responsible for requesting cancellation. To request PARTIAL loan cancellation while employed as nurse faculty at a school of nursing, the borrower must submit the Request for Partial Cancellation of Loan form to the Loyola University’s Perkins Loan Office at the end of each complete year of full-time employment. This form can be downloaded from ECSI’s website at https://www.ecsi.net/bwr/forms/nflp-cancellation.pdf.
Please note that a request for postponement must be submitted at the start of the year to postpone payments. See the previous section regarding Postponement of Installment Payment.
If the borrower takes a break from full-time employment as nurse faculty during the year, the borrower is not eligible for loan cancellation and must begin repayment of the NFLP loan immediately.
For more information on the Nurse Faculty Loan Program please visit the Loyola’s Office of Financial Aid http://www.loyno.edu/financialaid/