Federal Perkins Student Loan Repayment Information
General Information
The Perkins Student Loan Department is responsible for Pre Loan counseling, providing information regarding the terms and conditions of your loan, questions about consolidation, automatic direct deposit, and general maintenance of your Federal Perkins Student Loan.
Our outstanding staff are knowledgeable in all aspects of student loan repayment and are here to help and guide you through your repayment process. If you have questions about your loan or if you are having trouble making a payment, do not hesitate to contact your student loan analyst.
We are here to assist you!
Whom to Contact
| If your last name begins with... | Contact | Phone | |
|---|---|---|---|
| A - Ld | Eduardo Castro | (562) 985-8562 | eduardo.castro@csulb.edu |
| Le - Z | PJ Molina | (562) 985-5348 | pj.molina@csulb.edu |
| Other | Maureen Wilson | (562) 985-4227 | maureen.wilson@csulb.edu |
Or You May Contact Your Billing Agent For Payments and Other Questions:
When making a payment on your Perkins Student Loan, make checks payable to CSULB, Student Loans. Be sure to include your social security number or account number on all payments and correspondence to ensure accurate posting and prompt response. You may visit the Billing Agent's web site or you may telephone them.
Your Rights and Responsibilities
A Federal Perkins Student Loan is a binding legal obligation. When you sign a promissory note, you are agreeing to the terms of the loan even if you don't complete your education, are unable to find a job, or if you are dissatisfied with CSULB in general. It is a loan which, if it remains unpaid, may result in serious consequences.
When you cease to be enrolled at least half-time, CSULB will initiate your nine-month grace period and you will begin receiving your statements every quarter.
Although statements will be mailed to you by our billing servicer, it is ultimately your responsibility to make payments when due.
Even if you do not receive a bill or a repayment notice, you must still make payments on your loan as agreed. This information will be provided to you in the pre-loan counseling workshop which you are required to attend. It is stressed again in your exit interview when you leave CSULB.
These workshops are mandatory. They provide you with vital information such as loan amounts, your interest rate, minimum and maximum repayment amounts, consolidation, and repayment terms. Failure to attend necessary workshops will result in withholding of funds and/or withholding of university services.
Statement of Privileges and Responsibilities
Loan Terms
Payments on Federal Perkins Student Loans are made directly to the University or its billing agent, ECSI. You (the borrower) are responsible for paying the principal and interest that accrues on your loan beginning 9 months after the date that you cease to be at least a half-time student at an institution of higher education. Interest will accrue from the beginning of your repayment period. CSULB will report the amount of your installments along with the amount of this loan to national credit reporting agencies when disbursed. Your first payment will begin in the twelfth month after exiting the institution and will end after completion of your payments, according to your repayment schedule. Your payment plan may be extended or shortened, depending upon your special circumstances, during periods of deferment, hardship, or forbearance, or upon written request and approval by the Loan Collections Department. As a recipient of a Federal Perkins Student Loan, there are many entitlements at your disposal. Please read your promissory note or contact the Loan Collections Department if you believe you qualify for any of the benefits listed. We will help you in any way that we can.
Collection on Defaulted Student Loans
Default is defined as follows:
- Failure to make a scheduled payment by the due date.
- Failure to submit appropriate deferment, cancellation, or forbearance forms in a timely manner.
If your payment is due and you cannot make a payment on your Perkins Student Loan, you should contact the Perkins Loan Department to avoid default. Your Loan Analyst will listen to you and take every measure possible to assist you in preventing your loan from going into default. The goal is prevention. Once the loan is defaulted, it becomes much more difficult to assist you. Following are some consequences of default:
- Late fees and collection costs may be assessed.
- Credit bureaus are notified, which may affect employment or future financing opportunities.
- A financial hold will be placed on your student records.
- Your State and/or Federal income taxes may be withheld.
- You may lose your eligibility for future title IV aid.
- You may lose any deferment or cancellation benefits that you may have been entitled to.
- Your account may be assigned to a collection agency for litigation and garnishment of wages.
- Your account may be assigned to the Department of Education for Federal withholding.
It is to your advantage to contact us before default occurs. There are many solutions that we can offer including:
- Hardship deferment
- Unemployment deferment
- Economic hardship
- Forbearance
- Student deferments
- Service deferments
- Rehabilitation
- Temporary reduction of payments
- Consolidation
- And a multitude of cancellation benefits
Remember, defaulted student loans are pursued to the fullest extent of the law. The Perkins Loan Collections Department at California State University, Long Beach can help you to prevent your loan from going into default and, in some cases cure default.
If you have missed a payment on your student loan, or if you think you will miss a payment, call us now! Only you can prevent default!
Consolidation
If you have several student loans from various sources (e.g.: Stafford, SLS, PLUS, Federal Perkins/NDSL and /or HPSL) you may be eligible to consolidate these loans into one low monthly payment.
Consolidation is intended to make payments easier by allowing you to combine several loans with varying payment schedules and interest rates into one convenient payment. By extending your loan period, monthly payments are lower and often more manageable, but it is not for everyone. Sometimes, this means more interest paid in the long term and possible loss of some benefits. Still, this can be a perfect solution for borrowers who owe large sums of money on several student loans, or who have high monthly payments, or several loans with different lenders. For those borrowers who are having difficulty keeping up with a number of loans taken over the course of their studies, this option is highly recommended.
For more information, or to begin the consolidation process, feel free to contact one of the consolidation agencies listed below:
- Sallie Mae SMART LOAN® Student Loan Consolidation (800) 524-9100
- Citibank Student Loans (800) 846-1298
- US Dept of Education Loan Consolidation (800) 557-7392
- Credit Star
- Collegiate Funding
- The Student Loan Consolidator
Automatic Direct Draft
Automatic draft allows you to make payments on your student loan promptly and efficiently. All you need is a checking account and the resources to cover each draft!
When you sign on for direct draft, your billing servicer will deduct each regularly scheduled payment from your checking account. These transactions will appear every month as a debit on your bank statement. You choose the date of withdrawal.
Advantages to using Automatic Clearinghouse (ACH) payments:
- It's easy. Complete the initial application and relax.
- It saves time. No more checks to write out.
- It saves money by eliminating late fees when your payment doesn't arrive on time.
- It saves postage. No more stamps or trips to the post office.
- It eliminates worry. No more agonizing about your payments being received.
- It's smart. Ensure yourself a good credit rating by having your payments automatically applied through ACH.
Applying for the ability to pay using ACH is easy. Download and complete the Authorization Agreement and return it to your billing servicer along with a voided check or deposit slip when you make your next payment. You will receive acknowledgement when your authorization has been processed. Remember to continue making payments until you have received notification of your first draft date.
Or contact your billing servicer directly: