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Student Accounts: Perkins Loans
Perkins Student Loans are awarded as part of a package of Federal, State and other financial aid offered to persons who apply for financial assistance to attend the University. Awards are based on an applicant’s need and the availability of loan funds. You cannot “apply” specifically for a Perkins Loan. For complete information concerning applications for financial assistance and awarding, you may contact the Office of Financial Aid.
To complete the Perkins Loan application procedure:
· Review your Award Letter to make sure you have received a Perkins Loan award.
- Accept your loans via Self Serve.
- Complete a 2015-16 Perkins Loan Confirmation Form.
- Print, sign, and return the form to the Office of Financial Aid.
- Complete a Federal Perkins Loan Master Promissory Note—Heartland ECSI
- If you have any questions regarding the Federal Perkins Loan Master Promissory Note please see FAQs for Promissory Note Identity Validation
- Heartland Educational Computer Systems, Inc. (Heartland ECSI) will contact you with instructions on completing the promissory note.
- Once the MPN is signed, the loan proceeds will be ready for disbursement at the appropriate time.
In some cases, Perkins loans may be forgivable after graduation. Please contact Wendy Delong at Student Accounts for more information.
Perkins Loan Repayment
When you received your student loans, you signed a promissory note agreeing to make repayment according to the terms of the note. The note is a legally binding document, which obligates you to repay the loans.
Official academic transcripts will be withheld for default on a Perkins loan. A single unofficial copy of the academic transcript will be provided in cases involving bankruptcy. Unofficial transcripts will be stamped with the words "UNOFFICIAL" and may note unpaid financial obligations to the University.
When and Where to Pay
Heartland Educational Computer Systems, Inc (Heartland ECSI) is the loan servicer for the University of Portland. You may check your loan status and manage your account information through Heartland ECSI on line . Login to “My Account” by using School Code S8. The University of Portland is the lender for your Federal Perkins Loan. Heartland ECSI will send you a monthly invoice statement. You will send your monthly payment directly to Heartland ECSI. Your payment is due the 15th of each month. You may also pay your loan each month through automatic withdrawal (ACH) from your bank account. If you fail to make a payment on time, you are considered delinquent and late fees will be assessed.
It is your responsibility to contact Heartland ECSI with any name, address, or phone number changes. You can update this information on line at Heartland ECSI.
You’ll receive information about repayment, deferments and cancellations in an email once you fall below half-time enrollment, or one month prior to graduation. Heartland ECSI will notify you of the date loan-repayment begins and provide you with contact information. Remember, you are still responsible for repayment, even if you don't hear from your lender.
You will begin repayment nine months after you graduate, leave school, or drop to less than half-time student status. You may choose to prepay the whole loan or any part of it without penalty.
Notifications - letters
We are required by federal regulations to send you a series of letters when your loan is in its grace period or deferment; either for being in school, unemployed due to the type of your employment or forbearance. These letters are just a reminder of the outstanding loan and the due date of your next payment. If your loan is in deferment it is your responsibility to file the required paperwork prior to the due date to keep your loan current.
If you default on your University of Portland Perkins Loan, your loan may be accelerated, and the entire balance declared immediately due and payable, including principle, interest, late charges and collection costs. Failure to make payment when due, or to submit approved paperwork for eligibility for deferment, forbearance or cancellation on or before the due date of a payment, can cause your loan to be declared in default. Your loan will be referred to outside collections, reported to the credit bureau organizations as defaulted, and you will lose eligibility for deferment, forbearance or the cancellations benefits you might otherwise have quality for: such as eligibility for any future Title IV Federal financial aid.
Hardship Repayment Options
If you qualify as a low-income individual during the repayment period, the University of Portland may extend the repayment period for up to an additional 10 years and adjust the repayment schedule to reflect your income. The University of Portland may also extend your repayment period or allow payments of less than the scheduled payment amount if all the proper documentation is received and the extension is warranted. Contact Wendy Delong at the University of Portland for instructions.
It is possible to rehabilitate a defaulted Perkins Loan. To do so you must enter into a written payment agreement and make 9 consecutive, voluntary, on time monthly payments in an amount determined by the University of Portland. If a Perkins Loan is successfully rehabilitated, eligibility for new Title IV aid will be reinstated and the original terms of your loans contract will be reinstated. However, you may rehabilitate your loan only once; if you default again, the default status will continue until the loan is paid in full.
Deferment is a suspension of payment without interest accrual on the account. All deferments require the borrower to file appropriate certification in a timely manner. All deferment periods are followed by a renewed grace period of six months during which interest does not accrue after the end of the deferment period.
In order to receive a deferment, cancellation or forbearance, the borrower must submit a request to Heartland ECSI which will then be approved by the University of Portland Perkins Loan Officer. Along with the request a borrower is required to provide documentation of why they qualify for these benefits.
Upon making a properly documented request to Heartland ECSI followed by approval of the University of Portland Perkins Loan Officer, the borrower is entitled to forbearance of principal only, renewable at intervals from 6 to 12 months for periods that collectively do not exceed three years, under the following conditions:
- If monthly Title IV loan debt burden equals or exceeds 20% of the total gross monthly income
- If the Secretary authorizes a period of forbearance due to a national military mobilization or other national emergency
- If the University of Portland determines that the borrower qualifies due to poor health or other approved reasons. Interest continues to accrue during any period of forbearance
Upon making a properly documented request to Heartland ECSI followed by approval of University of Portland Perkins Loan Officer, the borrower is entitled to have up to 100% of the original principal amount of this loan canceled if they perform qualifying services in the areas listed in paragraph A, B, C, D, E, F, G, H and I below. Qualifying service must be performed after they receive the loan. Your loan will be in deferment for the first year of your qualifying services. At the end of each year a cancellation form must be completed by both you and your employer. Upon receipt of the completed cancellation form, your loan will be placed back into deferment.
- A full time teacher in a public or other nonprofit elementary or secondary school, that has been designated by the Secretary in accordance with the provisions of section 465(a)(2) of the Act as a school with a high concentration of students from low-income families. An official Directory of designated low-income schools is published annually by the Secretary.
- A full time special education teacher in a public or other nonprofit elementary or secondary school system.
- A full time teacher, in a public or other nonprofit elementary or secondary school system, who teaches mathematics, science, foreign languages, bilingual education, or any other field of expertise that is determined by the State Department of Education to have shortage of qualified teachers in that State.
- A full time faculty member at a Tribal College or University.
B. Early Intervention Services
A full time qualified professional provider of early intervention services in public of other nonprofit program under public supervision by a lead agency as authorized by the section 672(2) of the Individuals with Disabilities Act. (Early intervention services are provided to infants and toddlers with disabilities.)
C. Law Enforcement or Corrections Officer
A full time law enforcement officer for an eligible local, State or Federal law enforcement agency; a full time corrections officer for an eligible local, State or Federal corrections agency; an attorney employed by a public defender organization.
D. Nursing or Medical Technician
A full time nurse providing health care services, or a full time medical technician providing health care services.
E. Child or Family Service Agency
A full time employee of an eligible public or private nonprofit child or family service agency who is providing or supervising the revision of services to high-risk children who are from low-income communities and the families of such children.
Upon making a properly documented request to the University of Portland you are entitled to have up to 50% of the principal amount of this loan canceled for qualifying service performed after you receive the loan, as a member of the Armed Forces of the United States in an area of hostilities and qualifies for special pay under section 310 of Title 37 of the United States Code.
A full-time Firefighter for a local, state or federal fire department or fire district.
If you have a master's degree in library service, and are employed full-time in an elementary or secondary school that is eligible for assistance under Part A of Title I of The Elementary and Secondary Education Act of 1965, or employed in a public library that serves a geographic area that contains one or more such schools.
I. Speech - Language Pathologist
If you have a master's degree and are employed full-time as a Speech-Language Pathologist and are working exclusively with schools that are eligible for assistance under Title I of the Elementary and Secondary Education Act of 1965.
CANCELLATION RATE-For each completed year of service under paragraphs A, B, C, D, E, F, G, H and I a portion of this loan will be canceled at the following rates: 15% of the original principal loan amount for each of the first and second years; 20% of the original principal loan amount for each of the third and fourth year; and 30% of the original principal loan amount for the fifth year.
J. Head Start, Pre-Kindergarten or Child Care Program
Upon making a properly documented request to the University of Portland, the borrower is entitled to have up to 100% of the original principal amount of this loan canceled for qualifying service performed after the loan is received. A full time staff member in an educational component of a Head Start program which is operated for a period comparable to a full school year and which pays a salary comparable to an employee of the local educational agency.
CANCELLATION RATE—For each completed year of service under the Head Start cancellations provision, this loan will be canceled at the rate of 15% of the original principal loan amount.
K. Volunteer Services
Upon making a properly documented request to the University of Portland, you are entitled to have up to 70% of the original principal amount of this loan canceled for qualifying service performed after you receive the loan, as (1) a volunteer under the Peace Corps Act: or (2) a volunteer under the Domestic Volunteer Service Act of 1973 (Action program).
CANCELLATION RATE—For each completed year of service under the Volunteer Service Cancellation provision, a portion of this loan will be canceled at the following rates:15% of the original principal loan amount for each of the first and second 12-month periods of service; 20% of the original principal loan amount for each of the third and fourth 12-month periods of service.
L. Death and Disability
In the event of death, the University of Portland will cancel the total amount owed on this loan. If you become permanently and totally disabled after you receive this loan, and submit a properly documented request the University of Portland will cancel the total amount owed on this loan.
Perkins Exit Interview
If you have received a Perkins Loan and are about to graduate or if you are dropping below half-time status, you must complete Perkins Exit Interview by going to Heartland ECSI. Heartland ECSI will then send you a letter with complete instructions on how to fulfill your Perkins loan obligation. You may also stop by the Office of Student Accounts and talk to the Wendy Delong for instructions. Failure to complete your exit interview will result in a hold being placed on your grades, transcripts, diploma and any further registration.
If you have any questions in regards to the terms or conditions of your Perkins Loan, please feel free to stop by the office or call 503-943-7159.
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