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.

Entrance interview »

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.

Exit interview »

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.

Monk statues in O'Grady Library

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 aowensby@stmartin.edu.

  • Loan Consolidation

    This is a replacement of multiple loans with a single loan, often with a lower monthly payment and longer repayment period. You will need to include the Federal Perkins Loan; most often this loan is not included unless specified.

    Applying for Consolidation: Consolidation Application
    Telephone: 1-888-799-2474
    Frequently asked questions: FAQ
    Business Hours: 8 a.m. - 8 p.m. Eastern time, Monday-Friday

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
  • Consequences
    • 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 car 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 student/borrower.
    • 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 loan
  • Loan rehabilitation program policy
    1. The school will notify defaulted borrowers that the rehabilitation option is available.
    2. The borrower must request the rehabilitation.
    3. The Loan Servicer ECSI will request financial information from the borrower in order to determine a fair and equitable payment amount in keeping with the terms of the rehabilitation policy.
    4. The borrower may be put on a temporary payment plan or forbearance in order to bring all interest and late fees completely current before a rehabilitation plan is put in place.
    5. The borrower will receive an information packet from the Loan Servicer ECSI in order to begin rehabilitation. The packet will consist of at least the following:
      1. An informational letter stating the amount that will be rehabilitated, the address to which all payments must be sent and the person to contact with any questions
      2. A repayment schedule and a copy of the original promissory Note
      3. A rehabilitation affirmation form
    6. The school will track all payments to verify that they are made on time. If the borrower fails to make an on time payment, the school will notify him/her the rehabilitation agreement is void and if they wish to continue they must request a new rehab agreement and schedule.
    7. Upon successful completion of twelve on time monthly payments, the borrower will be notified that he/she is returned to regular billing.
    8. ECSI will be notified to delete the previous negative credit history within 30 days of the date the last validating payment is received.