When you applied for student loans, you signed a promissory note that legally obligates you to repay the loans according to the terms and conditions in which you agreed to.
You are entitled to a grace period after you graduate, withdraw, or are enrolled less than ½ time. This is the initial 6 months after you are out of school or drop below half-time, for the Federal Stafford loan (Direct & FFELP) in which you are not yet responsible to make payments. The Federal Perkins Loan and Nursing Loan has a 9 month grace period.
You should receive a repayment obligation and billing statement approximately one month prior to your first payment being due from your servicer(s).
Not repaying your student loans has very serious consequences, such as:
- Damage your credit report for 7 years or more
- Garnishment of wages and federal/state income tax refunds
- Ineligible for any additional federal aid in the future at any institution
- Loss of deferment eligibility
- Legal action may be taken against you
You can view your current Federal Loan debt and the name of your lender at NSLDS.
You can determine your estimated monthly loan payment here.
If you received a Federal Stafford Loan (Direct and/or FFELP) or Nursing Loan while enrolled at MAC, you are required to complete an exit counseling session. The exit counseling is required to be completed anytime a student withdraws, graduates, or is enrolled less than half time (less than 6 credits). The goal of exit counseling is to inform you of your rights and responsibilities of loan repayment, the amount you borrowed, your projected monthly payment, and lender information.
**Separate exit sessions are required for the Stafford, Perkins, and Nursing Loans.**
Stafford Loan Exit Counseling at studentloans.gov
- Sign in using your FSA ID & password
- Select COMPLETE COUNSELING
- Choose EXIT COUNSELING and START
Nursing Loan Exit Counseling at ECSI.net
- Sign in using the PIN# provided by ECSI
- Complete the exit counseling
Consolidating & Refinancing Options
You may consolidate your Federal Stafford, Perkins, and Nursing Loans together. Please visit the Department of Educations website at studentloans.gov .
You may lose your grace period or loan forgiveness options when consolidating your loans. Be sure to visit www.youcandealwithit.com to determine whether consolidation is right for you.
Some lenders may consolidate or refinance not only your Federal loans, but your private alternative loans as well.
Check out these great sites for more information on consolidation and refinancing:
Student Loan Consolidation & Refinancing Lenders for 2018 (Lendedu)
The Best Student Loan Consolidation Lenders for 2018 (U.S. News)
*We caution you to read all information thoroughly before applying for any kind of consolidation or refinancing whether you go through the Department of Education or a lending institution.
Nursing Loan Repayment
You will want to contact either the Financial Aid Office or ECSI to see if you qualify for a deferment or forbearance or set up a special payment plan. Visit www.ecsi.net to apply for a deferment or forbearance.
You must also notify ECSI if you change your name, address, phone number, or if you are enrolled in a college or university on at least a part time basis.
To contact Educational Computer Systems Inc. (ECSI):
181 Montour Run Rd
Coraopolis, PA 15108
Stafford Loan Repayment
If you are having difficulty repaying your Stafford loan, contact your servicer(s) immediately to see if you qualify for a deferment, forbearance, or if consolidation is right for you. You may also want to visit www.youcandealwithit.com for suggestions on how to deal with repayment issues.
You must also notify your servicer if you change your name, address, phone number, or if you are enrolled in a college or university on at least a part time basis.
Visit www.nslds.ed.gov to find out the servicer(s) of your Stafford/PLUS loan(s).
To contact your servicer(s):
Navient (formerly Sallie Mae)
Aspire Resources Inc. -ISL
If you dispute your Federal Stafford Loans you can contact the FSA Student Loan Ombudsman Group at:
Via on-line assistance: https://studentaid.ed.gov/sa/repay-loans/disputes/prepare
Mail U.S. Department of Education
FSA Ombudsman Group
PO Box 1843
Monticello, KY 42633