Monthly repayment will begin upon expiration of the grace period. The annual interest rate is 5%. The repayment period is ten years. Prepayment of all or part of this loan can be made at any time without penalty.

The university may impose a late charge if the scheduled payment is not made when due. Late charges may also be imposed if proper documentation is not submitted, in a timely manner (as determined by the university) to defer the payment. The late charge will not exceed 20% of the monthly payment.

Payments are applied to accounts in the following order:

  • Collection Costs
  • Late Charges
  • Accrued Interest
  • Principal

ECSI Website




A consolidation loan may help borrowers simplify loan repayment by allowing the borrower to combine several types of Title IV federal student loans with various repayment schedules into one loan. Combining loans may reduce the total monthly payment due and many consolidation agencies offer flexible repayment options.

Reminder: By consolidating a Perkins loan, the eligibility for professional employment cancellation is lost.

For more information, contact your Stafford lender or visit these sites:

Student Guide on Consolidation (from the Department of Education)

Sallie Mae

Direct Consolidation Loans