Repayment starts nine months after exiting the Federal Perkins Loan
program. Statements are sent by our billing agency ACS. If you are a
borrower in repayment you may contact ACS,
www.afsa.com, regarding your account.
If you believe that you may qualify for a cancellation, deferment,
forbearance or rehabilitation please read the links related to those
areas. Upon determining your qualification you may acquire the
appropriate forms directly from
ACS or from Saint Martin's student loan administration office at
Payments are due the first of each month. If your payment is not
received by the time the next month's bill are run, your account will be
assessed a late charge. Saint Martin's University utilizes the services
of ACS Education Services. Your bills will come directly from ACS as our
billing service, they can be reached at:
ACS Education Services
2505 Soth Finley Rd. STE 100
Lombard, IL 60148-4899
Consequence of default
Definition of default
Failure to make a scheduled payment when due under the repayment
schedule established by the institution.
Failure to submit to the institution, on or before the date on which
the payment is due, documentation that qualifies the student loan
for a deferment, forbearance or cancellation provision listed on the
loan's promissory note.
The following action may occur on loan in default:
Assessment of a $8.00 monthly collection charge to your account
Delinquency reported to a national credit bureau. A poor credit rating
can hamper the possibilities of obtaining loans. If you are planning
on financing a house or auto in the future, it is essential to
remain up-to-date on your loans. Credit ratings usually remain on
the Credit Bureau records for at least (6) years following the
closing of the loan.
Ineligibility for future title IV financial aid. Once a federal
student loan enters default status, it is extremely difficult to
regain eligibility for additional financial aid.
Placement of the loan with a licensed collection agency. Accounts
placed with a collection agency are assessed fees that are charged
by the agency.
Litigation and court costs. Costs of litigation can sometimes be quite
high. Per federal regulations, these costs are charged to the
Assignment of the loan to the U.S. Department of Education. Our office
is not authorized to service any account assigned to the U.S.
Department of Education. The deferment and cancellation provisions
on the promissory note would no longer be valid. The department of
education is also authorized to garnish income tax returns to
recover the outstanding balance of assigned student loans.