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Loans
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LOANS
The Collections Office is responsible for the collection of loan payments for campus-based loan programs: Federal Perkins Loans, Health Profession Loans, Nursing Student Loans, and Institutional/Long-Term University Student Loans.
The billing service provider for the University of Cincinnati is:
Educational Computer Systems, Inc. (ECSI)
181 Montour Run Road
Coraopolis, PA 15108
Phone: (888) 549-3274
Web: www.ecsi.net
PERKINS LOANS
INTEREST RATES - All loans made on or after August 13, 1981, carry an interest rate of 5% per year.
GRACE PERIOD - The grace period is the period of time before the borrower must begin or resume repaying a loan. This period (generally six or nine months) begins immediately after the borrower ceases to be enrolled as at least a half-time student.
STUDENT LOAN OMBUDSMAN - If you dispute the terms of your National Direct Student Loan (NDSL) or Federal Perkins Loan in writing and the holder of your loan is unable to resolve the dispute, you may seek the assistance of the Department of Education's Student Loan Ombudsman. The Student Loan Ombudsman will review and attempt to informally resolve your dispute and may be reached at (877) 557-2575.
PREPAYMENT - All or any part of your unpaid loan balance may be paid at any time without penalty.
REPAYMENT OF LOAN - Repayment of the Federal Perkins Loan begins when the grace period ends. The total amount of the loan received under this program, plus accrued interest, must be repaid within a 10-year period, which begins immediately after the grace period expires. If you cease to be a
half-time student, but re-enter the same or another accredited school as at least a half-time student within the applicable grace period, the grace period is not considered to have begun (i.e., the repayment period does not begin until you have been away from an eligible course of study continuously for the full duration of the grace period).
DEFERMENT / CANCELLATIONS - You should refer to your Promissory Note for the specific deferments/cancellations available to you. To receive a deferment / cancellation, you must use the proper form, immediately upon entry into eligible service or student status, also with any documentation required to prove that you qualify. You may lose deferment/cancellation benefits if you fail to file the request on time.
DEFAULT - If you fail to make a scheduled payment when due or to submit proper documentation of deferment, cancellation, or forbearance, the University may declare your loan in default and accelerate your loan. The school will disclose to credit bureaus that the loan is in default. If you default on repayment of your loan, you will lose the right to apply for forbearance and cancellation benefits. You will also lose the right to be awarded further federal student financial assistance until satisfactory arrangements have been made to repay the loan.
COLLECTION OF LOANS - If you fail to make a scheduled payment or fail to comply with any other terms of your promissory note, the University may:
- Refer your loan(s) to the Ohio Attorney General’s Collection Enforcement Office for collections.
- Withhold institution services, such as registration, transcripts, letters of recommendation, and degree.
LOAN REHABILITATION - Defaulted Perkins Loan borrowers may be eligible for rehabilitation. Eligible borrowers must request rehabilitation. Perkins Loan rehabilitation is achieved by making 12 consecutive, on-time monthly payments on a defaulted Perkins Loan. After successfully completing 12 consecutive payments, the borrower will again be eligible for all remaining benefits from the original promissory note. The default will be removed from the borrower's credit bureau report.
HEALTH PROFESSION LOANS
INTEREST RATE - The annual interest rate is 5% per year.
GRACE PERIOD - The grace period is the period of time before the borrower must begin or resume repaying a loan. The grace period for these loans is one year. Please refer to your promissory note for details.
PREPAYMENT - All or any part of your unpaid loan balance may be paid at any time without penalty.
DEFAULT - If you fail to make a scheduled payment when due, or fail to submit proper documentation of deferment, the University may declare your loan in default and accelerate your loan. The school will disclose to credit bureaus that the loan is in default. If you default on repayment of your loan, you will lose the right to apply for deferment benefits. You will also lose the right to be awarded further federal student financial assistance until satisfactory arrangements have been made to repay the loan.
COLLECTION OF LOANS - If you fail to make a scheduled payment, or fail to comply with any other terms of your promissory note, the University may:
1. Refer your loan(s) to the Ohio Attorney General’s Collection Enforcement Office for collections.
2. Withhold institution services, such as registration, transcripts, letters of recommendation, and degree.
NURSING STUDENT LOANS
INTEREST RATE - The annual interest rate is 5% per year.
GRACE PERIOD - The grace period is the period of time before the borrower must begin or resume repaying a loan. The grace period for these loans is nine months. Please refer to your promissory note for details.
PREPAYMENT - All or any part of your unpaid loan balance may be paid at any time without penalty.
DEFAULT - If you fail to make a scheduled payment when due, or fail to submit proper documentation of deferment, the University may declare your loan in default and accelerate your loan. The school will disclose to credit bureaus that the loan is in default. If you default on repayment of your loan, you will lose the right to apply for deferment benefits. You will also lose the right to be awarded further federal student financial assistance until satisfactory arrangements have been made to repay the loan.
COLLECTION OF LOANS - If you fail to make a scheduled payment, or fail to comply with any other terms of your promissory note, the University may:
1. Refer your loan(s) to the Ohio Attorney General’s Collection Enforcement Office for collections.
2. Withhold institution services, such as registration, transcripts, letters of recommendation, and degree.
INSTITUTIONAL/LONG-TERM STUDENT LOANS
INTEREST RATE - The annual interest rate on the unpaid balance of long-term institutional loan varies from 0% to 9%. The interest rate is stated in your promissory note.
GRACE PERIOD - The grace period is the period of time before the borrower must begin or resume repaying a loan. The grace period for these loans varies from three to 36 months. Please refer to your promissory note for details.
PREPAYMENT - All or any part of your unpaid loan balance may be paid at any time without penalty.
DEFAULT - If you fail to make a scheduled payment when due, or fail to submit proper documentation of deferment, the University may declare your loan in default and accelerate your loan. The school will disclose to credit bureaus that the loan is in default. You will lose the right to be awarded further federal student financial assistance until satisfactory arrangements have been made to repay the loan.
COLLECTION OF LOANS - If you fail to make a scheduled payment, or fail to comply with any other terms of your promissory note, the University may:
1. Refer your loan(s) to the Ohio Attorney General’s Collection Enforcement Office for collections.
2. Withhold institution services, such as registration, transcripts, letters of recommendation, and degree.
EXIT INTERVIEWS
Exit interviews are required for all borrowers who have a Perkins/Nursing/Health Professions/Long-Term Student Loan and who are graduating or are no longer enrolled at least half-time at the University of Cincinnati. You will receive a letter from the Collections Office indicating when online exit interviews are available. Complete the exit interview by clicking <here>. Follow the instructions for completing the interview. The process takes about 20 minutes. If you should encounter problems or have questions, please call the Collections Office at (513)556-3431 / (877) 724-7249.
Please be advised that the exit interview is mandatory for all borrowers of campus-based loan programs. Failure to complete the required documentation will result in service blocks being placed against your diploma, grades, and transcripts, as well as prevent further registration privileges.
Last Revised 02/23/2009
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