Loan Repayment FAQs
How much do I owe in school loans?
Check the websites below to find all of your school loans:
- Federal Loans - www.nslds.ed.gov
- Private school loans – contact the lender
- Biola-held loans (Federal Perkins, Federal Nursing, Biola University Loan, FAS Loan, Hermann Loan or Yates Loan) - borrower.ecsi.net
Educational Computer Systems, Incorporated (ECSI) is Biola’s loan servicing agency for Biola-held loans. Please visit ECSI online or call ECSI at (888) 549-3274 to:
- Complete Loan Entrance or Exit Counseling
- Make a loan payment
- Set up automatic payments
- Apply for a Perkins deferment or cancellation
- View your Annual Disclosure Statements
- Print your 1098-E Form
- Set up an Authorized User using the Release of Information Authorization
To log into your account, you will need Biola's School Code (RG), your Social Security number, and your Personal Pin number ECSI will mail to your permanent address. If you cannot locate your Personal Pin number, click on "Need Help Logging In?" input the school code RG and provide the requested login credentials. Questions, call ECSI at (888) 549-3274.
The Bursar Department, located in Lower Metzger West, administers Biola-held loans. The Bursar Department can be contacted at (562) 903-4760 or firstname.lastname@example.org.
When will I start repaying my loans?
Repayment begins when your grace period ends. Grace period begins when you:
- Drop below half-time
- Depart from the University
How long is the grace period?
- Most Federal loans – 6 months
- Private loans – contact the lender
- Biola-held loans (Federal Perkins, Federal Nursing, Biola, FAS, Hermann and Yates Institutional Loans) – 9 months
Please remember to inform your lenders within 10 days if your contact information changes (i.e. address, phone number, e-mail address, etc.) in order to receive timely notifications about your loans. This is an important way to protect against delinquency.
What may happen if I default on my loans?
- Lower credit scores
- Lose deferment benefits
- Late fees
- Sent to collection agency
- Collection costs
- Wages or tax refund garnished
- Trouble getting future loans for car, house or school
Timely loan repayment is vital for good credit. Your credit score is important and it is worth protecting!
What if I can’t afford my loan payments?
- For Direct/Stafford Loan deferments, search postponing repayment at studentaid.ed.gov
- For Federal Perkins deferments, go to borrower.ecsi.net or call (888) 549-3274
- For other loan types, contact the lender to see if deferment options are available
Where will I make my loan payments?
Contact each lender to find out where to send your payment. Multiple loans usually mean multiple payment addresses.
Should I consolidate my Federal loans?
Consolidating your loans means combining all your federal loans into one loan with one monthly payment. Reasons to consolidate:
- One payment instead of several
- Easier to manage repayment
- Lower monthly payments
- If income is low, you may apply for income based repayment after consolidating
Reasons not to consolidate:
- Possible loss of loan cancellation benefits
- You plan to pay off some loans right away
For more information, visit StudentLoans.gov.