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Loan Repayment

The Office of the Bursar, through its Credit and Collections unit, is responsible for the repayment and collection of loan payments for campus-based Federal Perkins loans, Health Professions Student loans, Nursing Student loans and Institutional/Long-Term University Student Loans. 

Students who have graduated, drop below half-time status (6 credits) or leave the University will begin the process of repaying their student loans.  

ACS Xerox Education Services is the University's billing service provider for Perkins Loans, Health Profession Loans, Loans for Disadvantaged Students Nursing Student Loans, and Institutional/Long-Term Loans.  ACS can be reached at:

ACS/Xerox Education Services 
2505 South Finley Road, Suite 100 
Lombard, Illinois 60148-4899

Before Loan Repayment Begins

Students begin to repay their loans upon expiration of the applicable Grace Period outlined in their promissory note.  The Grace Period is that period of time before the borrower must begin or resume repaying a loan. This period begins immediately after the borrower graduates or ceases to be enrolled as at least a half-time student. If you cease to be a half-time student, but re-enter the same or another accredited school as at least a half-time student within the applicable grace period, the grace period is not considered to have begun.

Loan Repayment

Loan Repayment begins when the student graduates or ceases to be a half-time student and any eligible grace period ends. Specific details will be found in the promissory note.  The total amount of the loan received under the program, plus accrued interest, and other related costs must be repaid.

If you cannot repay your loan at the prescribed time, there may be other options available to you.  Those options include cancellation, forbearance and deferment.

Cancellation of part or all of a loan is available on some loans where a borrower is employed in selected fields. Please refer to your Federal Perkins Promissory Note for all eligible cancellations.

Forbearance is typically a temporary postponement of payments for students experiencing financial hardship, poor health, or other acceptable reason.  Interest continues to accrue when your loans are in forbearance.

Deferment is also a temporary solution when a borrower finds themselves in a situation that would hinder him or her from repaying their loan.  In a deferment the borrower is not required to pay loan principal.

To receive a cancellation, forbearance or deferment you must complete the appropriate form before the loan due date. You also may be required to provide documentation to prove that you qualify. You may lose the benefit if you fail to file a timely request.  Forms can be obtained at ACS.

If You Fail to Repay Your Loan

A Default occurs when you fail to make a scheduled payment when due or to submit proper documentation of deferment, cancellation, or forbearance. When this takes place the University may declare your loan in default and accelerate your loan.

The University must disclose to credit bureaus that the loan is in default. If you default, you will also lose the right to be awarded any other further federal student financial assistance until satisfactory arrangements has been made to repay the loan.

If your loans are about to go into default or if you have defaulted on your loans, you should be aware of what is available to you for Loan Rehabilitation.

Loan Rehabilitation may be available to defaulted loan borrowers. Eligible borrowers must request rehabilitation. Loan rehabilitation is achieved by making nine (9) consecutive, on-time monthly payments on a defaulted loan. After successfully completing nine (9) consecutive payments, the borrower will again be eligible for all remaining benefits from the original promissory note. The default will be removed from the borrower's credit bureau report.

The Credit and Collections department can assist you with a variety of repayment issues, included deferments, payments and borrowers encountering difficulty repaying their loans.  Please contact Credit and Collections.