Federal Perkins Loan Information
The United States Department of Education has ended the Federal Perkins Loan Program as of September 30, 2017. No new Perkins Loans are available. Information below is for existing loan recipients.
Michigan Tech's administrator for this loan is Heartland Educational Computer Systems Inc. (ECSI). The ECSI website is a useful tool for managing your account.
All students who have a Perkins loan and either graduate from Michigan Tech or drop below half-time enrollment are required to complete an exit interview through ECSI.
Future correspondence concerning your loan, including emails and billing statements, will come from ECSI, not Michigan Tech. It is important to read all emails and mailings from ECSI to keep your loan current. It is also your responsibility to keep your mailing address and email address updated with ECSI so that you continue to receive updates on your loan status.
Within a couple weeks of your graduation or drop in enrollment, you will receive an email from ECSI with the information you will need to complete your exit interview online. If you do not complete the online exit interview, you will be mailed a paper version. Please complete your exit interview as soon as possible, as there will be a hold on your Michigan Tech account preventing you from receiving your grades, transcripts, and diploma until it has been completed. You may also be required to complete an exit interview for other loans that you have taken out during your time at Michigan Tech, so please be sure you complete all the exit interviews that are required of you.
Perkins loans have an interest-free, nine-month grace period that begins at the time you graduate or cease to be enrolled at least half time.
After your grace period has ended, you will start to receive monthly billing notifications from ECSI. To avoid late charges, please make your payments by the indicated due date and direct them to ECSI, not Michigan Tech. You will continue to receive monthly billing statements until your loan is paid in full. You can sign up for electronic bill notification and online payments through the ECSI website.
Deferment and Cancellation Eligibility
As part of the Perkins loan program, you may be eligible for periods of deferment, during which interest may or may not accrue and payments do not have to be made. The Perkins loan program also provides you with the opportunity to cancel all or part of your loan for certain types of employment or service. To review the deferment and cancellation eligibility criteria and obtain the necessary forms to apply, visit the ECSI website or call them to request this information.
After your deferment has ended, your loan will go back into repayment status and you will receive monthly notifications from ECSI. Please note that if you are applying for an in-school deferment, you will need to do so for every semester that you are enrolled or your loan will go into repayment status.
It is important that you make your payments by the due date listed on your billing notice. If you default on your loan payments, your loan repayment will be accelerated and may be referred to an outside collection agency. At this time the loan will be due in full and you will be responsible for the entire unpaid balance of the loan, including principal, interest, late charges, and collection costs. You will not be eligible for any further federal student financial assistance, and the default will be disclosed to credit bureau organizations and the NSLDS. You will also lose your right to receive cancellation benefits for service that is performed after the date of acceleration.
Information about loan consolidation can be found on the Federal Student Aid Direct Consolidation Loans website.
It is your responsibility to keep your contact information including your mailing address, telephone number and email address updated with ECSI so that you continue to receive updates on your loan status. You can change your address through the ECSI website or by phone.