Criteria: Financial need; enrolled at least half time.
Interest: 5 percent; does not accumulate until repayment period begins.
Repayment: Six-month grace period; up to five years to repay.
Eligibility and Awarding
All Ray and Eleanor Cross TECHAID loan eligibility and awarding is done through the Financial Aid Office. Once Michigan Tech receives your FAFSA information, you will be notified of your eligibility for this loan by the Financial Aid Office.
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.
Master Promissory Note
If awarded the Ray and Eleanor Cross TECHAID loan, you will receive an email from ECSI with instructions on how to sign your electronic promissory note. In order for your loan to be applied to your Michigan Tech student account, you will need to complete the electronic promissory note through the ECSI website.
This loan program requires you to sign a new promissory each year that you receive an award.
All students who have the Ray and Eleanor Cross TECHAID 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 notifications, 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. 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.
The Ray and Eleanor Cross TECHAID loan has an interest-free, six-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.
If you re-enroll in a postsecondary educational institution as at least a half-time student, you may be eligible for an in-school deferment of payment on your Ray and Eleanor Cross TECHAID loan. A deferment is a period of time during which interest on your loan does accrue and payments do not have to be made. To obtain the necessary forms to apply for an in-school deferment, visit the ECSI website or call them to request this information.
After your deferment has ended, your loan will go back into repayment and you will receive monthly billing 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 statement. If you default on your loan payments, your loan repayment will be accelerated and may be referred to an outside collection agency. At that time the loan will be due in full and you will be responsible for the entire unpaid balance of the loan, including principal, interest, and late charges. The default will be disclosed to credit bureau organizations.
It is your responsibility to keep your contact information including your mailing address, phone number, and email address updated with ECSI so that you continue to receive updates on your loan status. You can either change your address through the ECSI website or by phone.