UWRF ‘s the financial. The loan is produced with authorities fund with a percentage provided by UWRF. The fresh new borrower must pay-off it mortgage to UWRF.
UWRF has contracted with Heartland Educational Computer Systems Incorporated (Heartland ECSI ) to service their Federal Perkins loan program.Heartland ECSI has been in the business of servicing student loans for over 30 years. With Heartland ECSI, you may access your account at any time over the Internet at heartlandecsi. Customer service representatives are available at 888-549-3274 Monday through Friday, 6:30 a.m. through 6:30 p.m. to answer questions about your Federal Perkins loan.
If Heartland ECSI is unable to answer your questions, you may contact the school at:
Student Billing
215 North Hall
River Falls, WI 54022
715-425-3805
General Terminology
The next info is a summary regarding a master Promissory Note. It is the court file governing brand new family members away from UWRF and new debtor.
Transform Out of Position
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 (Falcon Account) . 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 .
Leave Interviews
Exit interviews inform the borrower of their Rights and Responsibilities regarding their Perkins loan. This is a separate and different exit procedure than the Stafford loans. Once a student’s attendance at UWRF falls below at least a half-time status, they should contact Heartland ECSI to set best online payday loans in Ohio up an Exit Interview. Heartland ECSI will provide information as to where to go on-line for the interview (through heartlandesci). Until the borrower completes their interview, a hold will be on their records. Once the interview is completed, the hold on your record shall be removed within a week.
Payment Terminology
There is a ten year cost months. To have funds totaling below $3700, the fresh new restricted payment might be $forty. Having huge finance, the fresh monthly payment would be lay from the count had a need to afford the membership for the ten-year time period. This new borrower can get spend the money for membership in full any moment instead of punishment.
The fresh cost months begins 10 months regarding the big date the latest borrower ceases to get at the very least a 1 / 2-big date college student. The initial sophistication several months is actually nine weeks where no dominating or interest accrues no payment arrives. Appeal actually starts to accrue after the fresh nine week sophistication several months. The interest rate are secured from the four percent (5%).
Payments should be sent to ECSI and may be made through the mail, over the Internet, or over the telephone. Remittances should be payable to UWRF c/o ECSI.
Repayments try owed the first of every times. In the event that fee or factor in maybe not and make percentage (deferment otherwise cancellation needs) aren’t recorded of the firstly the fresh new week, the newest membership could well be at the mercy of a later part of the charge. Processing deferment/termination desires and you may expenses in a timely manner certainly are the borrower’s duties.
Velocity From Cost
Brand new debtor can get speeds installment of your own financing (spend loan of early) as opposed to penalty. By paying the latest membership down, smaller attract was recharged. So if the brand new debtor directs an early or a lot more percentage it would be to imply whether it’s is applied because a normal scheduled percentage or even to be employed since the an expidited fee. Repayments gotten with no notation is treated once the an accelerated percentage.
