What happens with my loan after I leave Northern? When enrollment at Northern ceases, your loan will enter a grace period. During the grace period, no payments are due. After the grace period has ended, interest begins to accrue and payments are to begin.
What is my account number? Your account number is your Social Security number.
Is there a website available for completing the Federal Perkins loan exit interview process? Yes, it is http://mappingyourfuture.org/
When are my payments due? A repayment schedule for your loan will be prepared and sent to you either before graduation, or shortly after you leave Northern. Once repayment begins, your payment is due by the 15th of each month.
I’m still in school. Why am I getting a bill? If you continue to be at least a half-time student you can get your payment deferred. Payments are due until you are actually back in school. You should complete the student deferment form (have it certified by the school that you are attending) and return it to Northern immediately.
Doesn’t ACS/Student Loan Finance Corp. handle all my student loans? No. Federal Perkins loans are campus-based loans. Payments are made directly to the university from which you received the money.
How can I make my payments when you were sending my coupons/ billings to the wrong address? It is the responsibility of the borrower to keep the NSU Federal Perkins Loan office informed of your current mailing address. Failure to do so will result in your account becoming past due and being assessed late fees and possibly being sent to a collection service. So PLEASE, keep us informed of your current address.
I need to make a payment but I misplaced my statement. What should I do? Send your payment to:
NSU Campus Box 994
1200 S. Jay St Aberdeen SD 57401
Be sure to include your Social Security number on your payment.
How do I make extra payments to my loan? Any payment received on an account that is more than what is due will be applied to the principal balance of the loan.
What types of deferment options are there on my loan and how do I apply? Please see the Perkins Loan Information Page.
Am I eligible for partial loan cancellation? A borrower may have all or part of his or her Federal Perkins Loan cancelled for engaging in various types of employment or public service. Eligibility depends on specific loan program rules and dates of loan disbursements. Please find more cancellation information on the Perkins Loan Information Page.
Due to temporary financial trouble, I am unable to make my payments. What should I do? Short-term deferments and forbearances can be granted to assist borrowers through periods of temporary economic difficulty. Eligibility will be determined by the Federal Perkins Loan Office and all requests should be made in writing. For more information, please contact our office.
Can I have my loans consolidated? Yes, please see the Perkins Loan Information Page.
Will past due payments really show up on my credit report? Yes, we report monthly to a national credit bureau. This is a history of your paying habits, so pay promptly to avoid any negative reporting.
Is there a website that I could check to see if the school in which I am teaching full-time qualifies for cancellation benefits? Yes: Visit the Teacher Cancellation Low Income Directory.