The Federal Perkins Loan Program provides low-interest loans to help students finance the costs of postsecondary education. All repayments of Perkins Loans are reinvested in the University's revolving loan fund. In other words, repayment of your Perkins Loan allows future students similar opportunities you were granted.

The repayment of the Perkins Loan program is administered by a third party, ECSI, on behalf of Cleveland State University. Completion of an Exit Loan Interview is required when a student graduates, withdraws from the University, or drops below half-time enrollment (less than 6 credit hours).

You will need to have the following information available prior to completing your exit interview:

• Your Social Security Number
• Your Driver's License Number
• Name, Address, Telephone Number of Three (3) References

For more information on the Exit Interview please visit the ECSI.net website.

Frequently Asked Questions about the Perkins Repayment Program

Why do I have to do an exit interview?
All Federal Perkins Loan borrowers are required to complete an exit interview prior to leaving campus. As a result of leaving campus, your loan file will be transferred to our third party administrator, ECSI.

What is the purpose of an exit interview?
To inform you of your privileges and obligations under the Federal Perkins Loan Program, as well as to bring your loan file up-to-date for ECSI.

When does repayment start?
Repayment of your Perkins Loan is required to begin at the end of your six-month grace period following your separation from the University.

How long do I have to repay my loan?
The length of repayment is determined by the total amount borrowed, the interest rate, and the repayment amount. Federal Perkins Loans have a maximum ten-year repayment period.

What is the interest rate?
The interest rate for Federal Perkins Loans is 5%.

What if I plan to continue my education?
You are eligible for Student Deferment as long as you are enrolled at least half-time in an eligible course of study at any eligible institution.

Can I just tell you my plans now?
If it has been determined that you are required to complete an exit interview at this time, the exit interview should be completed now. You can notify ECSI of your enrollment status at the proper time by using a Student Deferment form, which they will use to determine your eligibility for deferment.

How will student deferment eligibility be determined?
A Student Deferment form must be filed with ECSI at least once a year for each year you are in an eligible status.

Can you give me the student deferment form now?
You should request the Student Deferment form directly from ECSI after they have sent you their acknowledgment statement. This acknowledgment statement indicates that your loan account information is established on their system. All correspondence, as well as loan payments are to be directed to ECSI, not to Cleveland State University.

Can I consolidate my Federal Perkins Loan with my other student loans?
Although this is an option, you should consider that the interest rate on the Federal Perkins Loan is 5% and other loans may have variable interest rates that may be higher. Once consolidated, you will lose the possibility of any future deferment, should you continue your education.

How can I contact ECSI?
Once your loan account information is established at ECSI, you may contact them at:

Address:
181 Montour Run Road
Coraopolis, PA 15108

Phone: 1-888-549-3274
Fax: 1-866-291-5384
Website: www.ecsi.net

Will I have to provide any private information to ECSI?
The records of ECSI are based on loan account numbers. In nearly all cases, the basis for your account number will be your social security number. It is extremely important to include your loan account number on all correspondence to ECSI.

What is MOST important?
Complete the exit interview, notify ECSI of changes to your address and/or phone number, provide necessary documentation as required, and make timely payments.

What happens if I lose my job or get into other financial trouble?
You can apply for a temporary postponement of your monthly payments for up to one year at a time, not to exceed a three years. A postponement is referred to as either a deferment or forbearance.  A deferment defers principal, interest and all other fees on the account; forbearance defers principal ONLY, interest and other fees will accrue and need to be paid. 

As a Perkins Loan borrower, you may qualify for a deferment or forbearance if you fall within one of the following categories:

• Unemployed
• Financial Hardship
• Service in the military, Americorps, military mobilization or other national emergency.
• Poor Health or Disability
• Half-Time Student (6 credit hours or less)
• Have another federal student loan in deferment or forbearance status

Contact ECSI and ask to apply for a deferment or forbearance. Your request must be writing, by email, fax or letter.

Are there any other options for me?
You can download a request for deferment, forbearance or cancellation from the ECSI website.  Log on to www.ecsi.net.  Select the Students tab at the bottom of the page.  Then select the Download Forms tab at the bottom of the page.  Then select the type of request form you need.  Certain conditions must be met for each of these categories. If you are not sure which to apply for you can review a list and the brief explanation for each at ECSI's web site.