Federal Perkins Loans are low-interest federal student loans offered to undergraduate and graduate students who demonstrate an exceptional financial need. These loans are offered at a fixed rate of five percent. While Perkins Loans are federal loans, they are administered by Saint Martin's Student Financial Services Center.
Note: As an institution Saint Martin's University no longer awards the Federal Perkins Loan.
Entrance and exit interviews
Students applying for and receiving Federal Perkins Loans must begin and end the process with an entrance and exit interview.
|Entrance interview||Exit interview|
The entrance interview consists of the completion of an online promissory note.
Upon graduation all borrowers will receive an Exit Interview notification with their School Code, account and Pin Number. If you have not received the login credentials please contact ECSI directly. Transcripts and Diplomas will be held until you've completed the Exit Interview per Federal Regulations.
ECSI is our loan servicer for the Federal Perkins Loan. You may contact them to make payments, provide address changes, request deferments, revised payment plans, cancellations and forbearance forms. They can also provide you with the status of your account.
Please contact your student loan servicer immediately if you're experiencing financial difficulty. You may be able to:
- Change repayment plans, for example income based repayment plans.
- Consolidate your loans and possibly reduce your monthly payments through an extended repayment term.
- Temporarily suspend payments through deferment, economic hardship or forbearance.
Your loan servicer can explain all of these options and work closely with you to address your needs. Please contact the loan servicer at ECSI: 1-888-549-3274.
Repayment starts nine months after exiting the Federal Perkins Loan program. Statements are sent by our Loan Servicer ECSI. If you are a borrower in repayment you may contact ECSI, regarding your account.
Cancellation, deferment, forbearance or rehabilitation
If you believe you may qualify for a cancellation, deferment, forbearance or rehabilitation please contact your Loan Servicer. Upon determining your qualification you may acquire the appropriate forms directly from ECSI. Make sure to scroll down the page to find all the forms. You may also obtain those forms from the student loan collection specialist, AnneMarie Owensby directly at 360-438-4393 or at email@example.com.
Defaulting on your Federal Perkins Loan
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.
Defaulting on a loan can impact your life in a number of ways:
- Negative marks on your credit score (this will impact your future borrowing eligibility, including credit cards and other types of loans)
- Seizure of federal tax refund
- Your employer deducting up to 15 percent of your paycheck
- Increased loan balance due to collection costs
- Lose of eligibility to borrow student loans