Federal Perkins and Hofstra Private Loan Servicing
Hofstra University has partnered with Educational Computer Systems, Inc. (ECSI) to service the billing for your student loan(s). Your student loans may include Federal Perkins and Hofstra Private Loans such as Law, Hagedorn, and HELP. Borrowers are allowed full access to view their loan accounts, make payment, and update contact information and many other services simply by visiting ECSI using School Code 8V.
FEDERAL PERKINS LOAN INFORMATION
Federal regulations require that students who are no longer enrolled, or enrolled less than half-time, complete the Student Loan Exit Counseling. Through this exit counseling, you will be informed of your rights and responsibilities regarding your student loans. Exit interviews provide a complete explanation of repayment, deferment, and Federal Perkins Loan cancellation privileges. Even if you are continuing your education at another institution, you are still required to complete this exit interview.
- To complete your On-Line Exit Interview, please access ECSI Exits
School Code: 8V
Acct #: Your 9 digit SSN or your student identification number
PIN Number: PIN (to obtain pin number). Your pin number is also included in your exit notification letter sent to you by Hofstra University.
Click the “Account Tools’ Link
Click on the “Exit Interview’ Link
Click the “Pending Exit” link to begin the process.
- If you have any questions regarding your loans or the exit interview, please feel free to contact ECSI at 888-549-3274 or email@example.com or you may email us.
Federal Perkins repayment begins after your nine-month grace period. Your grace period begins after graduation or any period of non-enrollment of nine months or more. The standard repayment period is 10 years and the minimum monthly payment is $40 plus interest.
There are several options on how to repay your Federal Perkins and/or other Hofstra Private Loan(s):
- Billing Statements
- Electronic Payment
- Payments without Payment Stub
- Payments Made via Personal Computer (On-line Banking)
A billing statement will be mailed each month to the address on file. It is very important to keep your billing address updated with ECSI or the Hofstra Loan Repayment office at all times. A missing billing statement does not alleviate your responsibility to make a payment. If for any reason you do not receive your billing statement, you may use the mailing address below to mail your payment. You can also log in to your ECSI account and view an image of your bill. You should then check the mailing address we have on file for you and update it if necessary.
ECSI offers E- Billing. You may choose to receive a billing statement through your email. Log in directly to E-Billing to initiate this service.
Electronic Payment (ACH)
Monthly payments are automatically deducted from your checking or savings account and transferred electronically to your loan account. You may choose to pay your minimum monthly payment or any other higher monthly amount. You also have a choice of four possible withdrawal dates; the 1st, 10th, 15th or 20th of each month. Choose the one that best fits your pay schedule. Log in directly to My Account to initiate this service.
Payments without Payment Stub
If you have lost or misplaced your billing statement, please mail your check directly to ECSI (see address below). Be certain to include your student identification number on the check. You may also simply log into your account and make an online payment.
Payments Made via Personal Computer (On-line Banking)
If you have automated banking services or use your personal computer to issue payments, please send them directly to ECSI (see address below). NOTE: this method of payment is the least efficient of all choices. Your bank is merely writing a check for you and sending it without a payment stub. Often, this delays processing. Please consider switching to ACH (electronic payment) see above for details.
ACH and Credit Card payments are also accepted over the phone at 888-549-3274. A fee is charged for this service.
Payment Mailing Address
Make check payable to ECSI/Hofstra University
P.O. Box 718
Wexford, PA 15090
Please write “loan payment” and your Hofstra Student identification number on all checks.
- What if I cannot make my scheduled monthly payment?
Your student loan debt is a serious financial obligation that is legally binding. If you are having problems making your scheduled loan payment(s); promptly contact the loan repayment office to discuss other repayment options that may be available to you. There are many ways we can help, including advising you on your eligibility for a deferment, forbearance, Federal Perkins loan rehabilitation, loan consolidation, or loan cancellation/discharge.
- Why is missing a payment a problem?
If you make your payment late, start missing payments or stop making payments, your loan is considered delinquent and late fees may be assessed. We strongly encourage you not to default on your student loans as you will be subject to serious penalties including negative reporting to the credit bureau. If your credit rating is affected negatively, you may be denied future education or consumer loans, for example you may not be able to obtain a mortgage, rent an apartment, buy a car, or secure employment.
Federal Perkins Loan
Hofstra Private Loans
The loan repayment office is located in Memorial Hall, Room 205. Office hours are Monday to Friday 9-5PM.
- Federal Perkins Loan Cancellation
Federal Perkins loan borrowers may have all or part of a Federal Perkins loan cancelled while employed full-time for twelve consecutive months in a qualifying profession. The borrower must complete an application for cancellation and provide the supporting documents to the University. The following are sample professions that may qualify for cancellation:
- Federal Perkins Loan Deferment
Under certain circumstances, a borrower may be eligible to have their Federal Perkins loan deferred. During the deferment period, the borrower is not required to pay loan principal and interest does not accrue. You must apply for a deferment. To apply you are required to complete a Deferment/Forbearance Request form and submit it along with the supporting documentation required by the University. The deferment application must be received by the loan repayment office prior to defaulting on the loan. Below is a list of qualifying deferments.
Note: If you received your Federal Perkins loan prior to July 1, 1993, additional deferments are available, please contact the loan repayment office.
- Economic Hardship
- Graduate Fellowship
- Rehabilitation Training
- In – school/Student
- Unemployment/Seeking full- time employment
- Federal Perkins Loan Forbearance
Forbearance allows you to postpone or reduce your monthly payments for a specific period, if you are willing to, but unable to make the regular scheduled payment. Forbearance may be granted for reasons including, but not limited to, financial hardship or illness if you do not meet the eligibility requirements for deferment. You are responsible for paying the interest that accrues during the forbearance period. You may choose to make interest payments monthly during the forbearance period or pay all the accrued interest at the end of the forbearance period. To request a forbearance complete a Request for Forbearance and submit it along with the supporting documents required by the University.
- Federal Perkins Loan Rehabilitation
The University has established a rehabilitation program for borrowers with defaulted loans. You may rehabilitate your loans by making 9 consecutive on-time monthly payments. The University will determine your payments. Successful rehabilitation of your loan will provide you with many benefits including but not limited to removal of negative credit reporting from your credit history and returning your loan to regular repayment status. You may only rehabilitate a loan once. Please contact the loan repayment office for details on the Federal Perkins Rehabilitation Program.
- Federal Perkins Loan Deferment
HOFSTRA PRIVATE LOANS
The Hofstra HELP, Hagedorn, and Law Loans are private loans offered by the University. As the case with Federal loans, your private loan is a financial obligation that is legally binding. At your entrance counseling, you were informed about applicable loan forgiveness programs. If you are not eligible for loan forgiveness, you are required to make scheduled monthly payments once your loan enters repayment.
If you are experiencing financial difficulty and unable to make your scheduled payment, please email us. There are limited deferment options available for Hofstra private loans.