Federal and Private Student Loan Freeze
We previously notified you that the Student Financial Services Office will be transitioning to a new vendor for all federal and private loan disbursements. As we prepare for this change, there will be a freeze for all federal and private loan disbursements from 4/8-4/20. Any loan change requests or budget appeals will not be processed during this time. We will resume disbursements starting 4/21 with our new vendor Nelnet Student Choice Refund.
If you have any questions or need emergency funding during this freeze, please let us know by contacting our office at [email protected]
Coming Soon Updates to Direct Deposit Providers
The Student Financial Services Office is transitioning its loan disbursement provider from Tuition Management Services (TMS, and also known by email as afford.com) to Nelnet Campus Commerce.
What does this mean for you now?
Continuing Students:
- If you are already signed up with TMS, your personal ACH/direct-deposit account information will transition automatically to Nelnet Campus Commerce! However, your prior loan disbursement payment history will NOT. If you wish to capture your payment history, please login immediately to TMS to screenshot this information no later than March 31, 2021.
New Students:
- If this is your first time expecting to receive a Direct/Private Student Loan disbursement, you will need to sign-up with Nelnet Campus Commerce in the next few weeks. At that point, please be ready to provide routing and account information where you want your funds deposited to your bank.
Stay tuned for more specific details on signing into and accessing Nelnet Campus Commerce.
UPDATE COVID-19 University Loans, Perkins, HRSA Loan Status
While Federal Stafford and Plus Loans have extended 0% interest administrative forbearance status through September 30th, that extension has not been granted to all Campus Based Loans.
University Loans including Dream Loans have continued 0% interest and administrative forbearance through September 30th 2021.
Perkins Loans 0% interest and administrative forbearance ended January 31st 2021. Perkins Loans have gone into repayment if you do not qualify for in school deferment. Set up repayment with ECSI
HRSA Loans (HPSL, LDS, NSL, PCL) 0 have extended 0% interest administrative forbearance status through September 30th. Monthly payments remain the same, but you can contact the Servicer to suspend payments. For more details view the HRSA FAQ
UPDATE COVID-19 Interest Rate and Payments Paused for Federal Direct Loans until September 30, 2021
President Biden has directed the acting Secretary of Education to extend the pause on student federal loan payments and to keep interest at 0% through September 30th 2021. For borrowers in repayment, payments are not required during this period. Suspended payments will continue to count toward forgiveness programs. For updates please view the Department of Education’s Press Release and StudentAid.Gov
The Department of Education has now allowed lump sum or prepayments to qualify towards months of service under the PSLF program. Prepayments will count for up to 12 months or the next time borrowers are due to recertify their income-driven repayment (IDR) plan.
To see more details please view the news release from the PSLF UPDATE
Know what to do before you return!
Check for updates on COVID-19 testing and quarantine requirements for students.