Perkins Loan Rules and Regulations

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. 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 .

Exit interviews inform the borrower of their Rights and Responsibilities regarding their Perkins loan. This is a separate and different exit procedure than 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 on how to complete the interview via heartlandesci.com. Until the borrower completes their interview, a hold will be on their records. Once the interview is completed, the hold on any record shall be removed within a week.

There is a 10 year repayment period for Perkins loans. For loans totaling less than $3700, the minimum monthly payment will be $40. For larger loans, the monthly payment will be set at the amount needed to pay the account within the 10 year time limit. The borrower may pay the account in full at any time without penalty.

The repayment period begins 10 months from the date the borrower ceases to be at least a half-time student. The initial grace period is nine months during which no principal or interest accrues and no payment is due. Interest begins to accrue at the end of the nine month grace period. The interest rate is locked at 5%.

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

Mail: UWRF c/o Heartland ECSI
P.O. Box 1287
Coraopolis, PA 15108

Online: heartlandecsi.com
Log into your account and follow the instructions.

Telephone: 888-549-3274
Customer service representatives are available Monday through Friday, from 6:30 a.m. to 6:30 p.m. CST.

Payments are due the first of each month. If payment or reason for not making payment (deferment or cancellation requests) are not submitted by the first of the month, the account will be subject to a late charge. Filing deferment/cancellation requests and paying in a timely manner are the borrower's responsibilities.

The borrower may accelerate repayment of the loan (pay loan off early) without penalty. By paying the account down, less interest is charged. If the borrower sends an early or extra payment they should indicate whether it is to be applied as a regular scheduled payment or to be applied as an accelerated payment. Payments received without any notation are treated as an accelerated payment.

At any time, the university has the option of accelerating the note, which is to declare the entire amount of the loan due immediately. However, this is usually only done when the borrower does not make payments or file proper deferment requests. Accelerated loans are ineligible for deferment provisions and cancellation benefits.

If satisfactory payments are not being made and additional collection effort is taken, the cost of that effort will be added to the borrower's account.

Information about Perkins loans are reported to a National Credit Bureau on a monthly basis.

To see your complete history of federal student loans, including Federal Perkins loans. You can log in to your account at StudentAid.gov using your FSA ID.

Deferment Request forms need to be completed by the borrower and then certified by an authorized official before being sent to Heartland ECSI for processing. They are available on Heartland ECSI's website.

No interest accrues and no payment is due during a period of valid deferment unless there was an amount that came due prior to the deferment period.

There is no time limit on the following deferments:

• Enrolled and attending as at least a half-time undergraduate student at an eligible institution.*
• Enrolled and attending as a regular student in a course of study that is part of an approved graduate fellowship program.*
• Enrolled and attending a course of study that is part of a rehabilitation training program for disabled individuals.*
• Engaged in graduate or post-graduate approved fellowship supported study outside the United States.*
• For any period of time while providing services as described in the cancellation section.*
   

There is a maximum of three years for the following deferments:

•  Military service when the borrower is on active duty during a war or other military operation, or national emergency or performing qualifying National Guard duty.

•  Seeking but unable to find full time employment.

•  To avoid economic hardship as determined by UWRF Perkins Receivable Office.*

*EXCEPTION : A borrower is ineligible for these deferments when serving a medical internship or residency.

Cancellation Request forms need to be completed by the borrower and then certified by an authorized official before being sent to Heartland ECSI for processing. They are available on Heartland ECSI's website.

Cancellation benefits are available to Perkins Loan borrowers who work full-time in an eligible position for a full year (or equivalent). Unless identified otherwise, the cancellation rates are:

• First year, 15%
• Second year, 15%
• Third year, 20%
• Fourth year, 20%
• Fifth year, 30%

Teacher Cancellations: For teachers, the borrower must be employed full-time at a public or a non-profit school (or an approved program) and also able to apply at least one of the following criteria:

• Teaching in a school that is listed by Department of Education as having a high concentration of low income families.
• Teaching handicapped infants, toddlers, children and/or youth.
• Teaching mathematics, sciences, foreign languages, bilingual education or any other field of expertise as determined by the state educational agencies to have a shortage of qualified teachers.
• Full-time Head Start teaching staff members are able to access a cancellation benefit of 15% per year so long as 
  • It is operated for a period comparable to a full academic year and
  • The salary paid is less than a comparable employee in the locality.
     

Early Intervention Services Cancellations: For professionals from Early Intervention Services who work with preschool children.

Law Enforcement or Corrections Cancellation: Cancellations for a full-time law enforcement officer or a full-time corrections officer for a local, State or Federal agency.

Health Care Service Cancellation: Cancellations due to being a full-time nurse or medical technician providing primary health care service.

Service to High Risk Children/Families Cancellation: Full-time employee of a child or family agency that is providing or supervising the provision of services to high risk children and their families from low income communities.

Volunteer Service Cancellation: Your are entitled to have up to 70% of the Perkins loan cancelled if you are a volunteer for either the Peace Corps or and organization created under the Domestic Volunteer Service Act of 1973. This provision uses the same cancellation rate schedule, however only for the first four years.

Military Cancellation: For each year of full-time active duty in the Armed Forces of the United States serving in an area of defined hostilities (Section 310 of Title 37 of the United States Code), you may cancel up to 50% of your loan at the rate of 12.5% per year.

Death and Disability Cancellation: If the borrower dies or becomes permanently and totally disabled, the entire amount of this loan plus the interest will be cancelled.