Payment Options

The Federal Perkins loan program offers borrowers a nine month grace period after graduating, falling below half time status or withdrawing from school.  Repayment of the loan begins at the end of the nine months. The interest rate is fixed at 5% and the federal government does not charge interest on the Federal Perkins loan while borrowers maintain an enrollment status of at least halftime, during the grace period, or during authorized periods of deferment. The amount borrowed must be repaid within 10 years.

Payments are due on the 1st of each month and our loan servicer, ECSI, offers several payment methods including ACH payments, e-check, or credit card payments.  Payments may be scheduled in advance and you can also mail a check or money order directly to ECSI.

Loan Consolidation

Federal Loans including Stafford loans, Perkins Loans, and Graduate Plus Loans are eligible for consolidation with the Department of Education’s Direct Loan Program. Loan consolidation allows borrowers to consolidate multiple loans into one single loan. Loan consolidation provides benefits such as paying one lender and reduced monthly payments. You are eligible to consolidate your federal loans after you graduate, leave school, or drop below half-time enrollment. The Direct Loan Program has several repayment plans designed to meet the needs of different borrowers.

Please visit the Department of Education’s Federal Student Aid website and be sure to consider all of your alternatives.  In most cases it is a wise choice, but while consolidation does provide many benefits, some otherwise useful benefits may be lost in consolidating your loans.  We encourage you to explore your options!