Questions Answered in this Article
- What is ECSI and what does it do? ECSI is a student loan servicer that is responsible for collecting and tracking payments for federal Perkins student loans but does not own the loans.
- How can ECSI help borrowers manage their student loan payments? ECSI can assist borrowers in registering for online access to their accounts, enrolling in autopay, processing deferment and forbearance requests, and processing monthly payments and extra payments.
- Can borrowers be stuck with ECSI until their loans are paid off? It is possible that student loans could be transferred from one servicer to another if a servicer’s contract expires or if the borrower consolidates or seeks forgiveness for their loans. If loans are transferred, borrowers will be notified by the Department of Education and will be required to make payments to the new servicer.
- What should borrowers do if their loans are transferred to ECSI? Borrowers should download and save their payment history from their online account or request a copy from their original servicer, and update their contact information with their most recent address, phone number, and email address.
- Are Perkins loans eligible for any type of income-driven repayment plan? Perkins loans are not eligible for any type of income-driven repayment plan. Borrowers with Perkins loans who work in a public service job for five years may be eligible to have their student loans fully forgiven.
Summary
- ECSI is a student loan servicer that manages federal Perkins student loans, but does not own the loans.
- Perkins loans were available to undergraduate and graduate students with financial needs until they were discontinued by the federal government in 2017.
- As of September 2022, more than 1.3 million people still had outstanding Perkins loan debt.
- ECSI can assist borrowers in managing their student loan payments, including registering for online access, enrolling in autopay, processing deferment and forbearance requests, and processing monthly and extra payments.
- It is possible that student loans could be transferred from one servicer to another if a servicer’s contract expires or if the borrower consolidates or seeks forgiveness for their loans.
- If loans are transferred, borrowers should download and save their payment history and update their contact information.
- Perkins loans are not eligible for any type of income-driven repayment plan, but borrowers with Perkins loans who work in a public service job for five years may be eligible for loan forgiveness.
- Borrowers with questions about their student loans can contact the Department of Education or their current servicer for assistance.
How can ECSI help you?
ECSI is a student loan servicer that can assist you in managing your student loan payments. Some of the ways ECSI can help include:
- Registering for online access to your account: By setting up a profile with ECSI online, you can access monthly billing statements and pay bills electronically. You will need your account number to do this, which can be found in written or electronic communication from ECSI or through the ECSI website.
- Enrolling in autopay: ECSI can automatically deduct your payments from your bank account at a frequency and amount of your choice.
- Processing deferment and forbearance requests: If you qualify, ECSI can help you temporarily stop making payments or reduce your payment amount. This can help you avoid default and maintain good standing, although interest may continue to accrue on your balance during deferment or forbearance periods. Note that Perkins loans are not eligible for any type of income-driven repayment plan.
- Processing monthly payments and extra payments: ECSI tracks and collects your payments and you can make additional payments over the phone or via online chat. You can also print copies of your billing statements through your ECSI account online.
It’s important to note that servicers like ECSI are there to help you manage your student loan payments, but they may not always offer the most beneficial repayment options for you as a borrower. It’s important to know your student loan repayment options and to ask questions to ensure you are making the best decisions for your financial situation. If you’re not sure which company is your servicer or have any other questions about your student loans, you can log in to My Federal Student Aid or call 1-800-4-FED-AID for assistance.
Am I stuck with ECSI until my loans are paid off?
It is possible that your student loans could be transferred from one servicer to another. This can happen if a servicer’s contract expires or if you choose to consolidate or seek forgiveness for your loans. If your loans are transferred, you will be notified by the Department of Education via letter or email and will be required to make payments to the new servicer. All services offer similar options and programs based on the type of loan they service, but customer service may vary. If you are notified of a servicing transfer, it is important to take the following steps:
- Download and save your payment history from your online account or request a copy from your original servicer.
- Update your contact information with your most recent address, phone number, and email address.
ECSI has held a government contract to service Perkins loans since 2013. However, it is possible that your loans could be transferred to a different servicer at some point in the future. It is important to keep track of your loans and to be aware of any changes in your servicer. If you have any questions about your student loans, you can contact the Department of Education or your current servicer for assistance.
What if my loans are transferred to ECSI?
If you receive a letter or notification that your student loans have been transferred to ECSI, it means that ECSI is now responsible for servicing your loans on behalf of your university. It is important to take the following steps in this situation:
- Set up a profile with ECSI to manage your loans online.
- Cancel any automatic payments with your previous servicer.
By setting up a profile with ECSI and canceling automatic payments with your previous servicer, you can ensure that your loan payments are being made and tracked correctly. If you have any questions about the transfer of your loans to ECSI or need assistance setting up your profile, you can contact ECSI for help.
Here’s how to reach Heartland ECSI customer service:
ECSI phone number: 1-888-549-3274
ECSI hours of operation: Monday – Friday, 7:30 a.m. – 9:00 p.m. ET
ECSI address for loan payments via check or money order:
Your School Name, c/o ECSI
P.O. Box 1287
Moon Township, PA 15108
ECSI address for general correspondence:
ECSI
P.O. Box 1289
Moon Township, PA 15108
ECSI website: heartland.ecsi.net
ECSI email: cservice@ecsi.net, or use the 24/7 online chat tool.
Conclusion
In conclusion, ECSI is a student loan servicer that manages federal Perkins student loans but does not own them. It can help borrowers manage their student loan payments by offering various services such as online account access, autopay enrollment, and processing of deferment and forbearance requests. It is possible that student loans could be transferred from one servicer to another, and borrowers should be prepared to update their contact information and download their payment history in such cases. Perkins loans are not eligible for income-driven repayment plans, but borrowers who work in public service jobs for five years may be eligible for loan forgiveness. If you have any questions about your student loans, you can contact the Department of Education or your current servicer for assistance.
