Loyola University Maryland

Office of Financial Aid

Your Responsibilities as a Federal Perkins Loan Recipient

Exit Interview

It is the borrower's responsibility to report to Loyola's office of student administrative services prior to his/her departure/withdrawal from Loyola University Maryland for the purpose of an exit interview.

Heartland ECSI

All loan recipients of a Federal Perkins Loan from Loyola will be billed each month by Heartland ECSI, P.O. Box 718, Wexford, PA 15090. Please make checks or money orders payable to Loyola University Maryland and include your Social Security number preceded by 03411. Cancellation, postponement and student deferment forms are provided by Heartland ECSI upon request and may be sent directly to them for processing.

Change of Name or Address

It is the borrower's responsibility to promptly notify Heartland ECSI at 1-888-549-3274 when there is a change in name or address. Always include your Social Security number, which is your account number.


Interest will begin to accrue on your loan at the end of the grace period. The rate of interest is 5.0% annually calculated on the unpaid principal balance as follows:

Principal Balance  x  0.0500  /  12  =  Interest Due


Your total loan amount, plus the interest accrued on that amount, is repayable in installments according to the schedule that is provided when you depart from Loyola University.  You will be sent a bill approximately 30 days before each payment is due. You are responsible for making your regularly scheduled payments even if you do not receive a bill.  Should you ever fail to receive a bill, please contact Heartland ECSI.

Late Charges

Under the terms of your promissory note, Loyola University will assess late payment charges if you fail to make your payments on time, or if you fail to file the necessary deferment or cancellation forms prior to their scheduled due date.  Loyola University will cooperate with you in any way possible should you have any difficulties in making payments.  However late payments and other types of neglect (such as failure to report changes of address, or failure to submit deferment or cancellation forms on time) could result in late charges being assessed and/or action by a collection agency.  You will also be obligated to pay any collection agency fees.


If you fail to remit a scheduled installment or to file a cancellation or deferment form on time, the entire unpaid balance of your loan, plus accrued interest and any applicable penalty charges, may become immediately due and payable.  If your loan is in default, Loyola University will not release your academic transcript until the balance is paid in full.

Sample Repayment Plans

The following tables illustrate repayment plans available to borrowers from the Loyola University Maryland Federal Perkins Student Loan Fund.  These illustrations provide an extract of repayment amounts (only the first two and last two payments are shown) broken down into principal and interest.  All loans are subject to a minimum repayment of $40.00 per month.  The total monthly payment due is computed on the basis of the total amount borrowed, since all loans are subject to a maximum ten year total repayment provision.

SAMPLE I:  $2,000.00 @ 5.000% (minimum $40.00 monthly payment)

Payment Number Principal Interest Principal Payment Total Payment
1 $2,000.00 $8.33 $31.67 $40.00
2 $1,968.33 $8.20 $31.80 $40.00
56 $47.17 $0.20 $39.80 $40.00
57 $7.37  $0.03 $7.37 $7.40
  $247.40  $2,000.00 $2,247.40

SAMPLE II:  $1,000.00 @ 5.000%  (minimum $40.00 monthly payment)

Payment Number Principal Interest Principal Payment Total Payment
1 $1,000.00 $4.17 $35.83 $40.00
2 $964.17 $4.02 $35.98 $40.00
26 $57.92 $0.24 $39.76 $40.00
27  $18.16 $0.08 $18.16 $18.24
    $58.24 $1,000.00 $1,058.24

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