Nurse Faculty Loans

ECSI (Educational Computer Systems, Inc)

ECSI is Loyola University’s loan servicer for the Nurse Faculty Student Loan program.

We have contracted with Heartland's Educational Computer Systems, Inc (ECSI) to bill and collect our Perkins Student Loans and Nurse Faculty Loans. We have not ‘sold’ our Perkins or Nursing 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.

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 https://www.ecsi.net/promm6/

Exit Interview

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/

Employment Verification

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-cancellation.pdf

Postponement

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

Cancellation

The NFLP is a direct loan program with cancellation provisions.  Up to 85% of the loan may be cancelled 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 a full list of Nurse Faculty Loan forms please visit ECSI   www.ecsi.net/bwr/forms/nflp-index.html

For more information on the Nurse Faculty Loan Program please visit the Loyola’s Office of Financial Aid   http://www.loyno.edu/financialaid/