- CHANGE OF STATUS: You must inform Student Loan Collections at South Dakota State University of any change in your name, address, telephone number and employment or school status.
- GRACE PERIOD: Graduate, leave school or fall below half-time enrollment your Health Profession loan is placed in a twelve-month grace period. Payments are not required during the grace period; however, any payments made during this period will be applied to your principal balance.
- INTEREST RATE: Interest will accrue daily after the grace period of 12 months has ended. The interest rate is 5%.
- PAYMENTS: A billing statement is sent each month from our billing service, Heartland ECSI, with a due date of the 10th of the month. Checks or money orders should be made payable to Health Profession Loan. Please send payments to SDSU Student Loan Collections, Morrill Hall 140, Box 2201 Brookings, SD 57007, seven days prior to the due date. A postmark is not enough-be sure your payment arrives at SDSU by the 10th of the month. You are able to make payments online by going to Heartland ECSI.
Your loans are reported to the credit bureau monthly from the date of disbursement. You must make payments on your loan even if you do not receive a bill or repayment notice. Billing statements are sent to you as a convenience. - FEES: Failure to meet a scheduled repayment or timely filing of forms could result in a late fee charge. If you default on your loan a hold will be placed on your academic transcript, loss of eligibility for further financial aid and your loan will be referred to a collection agency with at least 50% additional collection fees.
- CONSOLIDATION: Different loans may be consolidated into one payment by consolidation. For information on consolidation, you can go to student loan consolidation. You can also call the Loan Consolidation Information Call Center at 1-800-557-7392, you can sign in electronically or get a paper application from the website. Remember to contact the Loan Collection Office at SDSU anytime you cannot make your monthly payment.
DEFERMENTS
- Student Status: Pursues a full-time course of study at a health professions school eligible for participation in the Health Profession Student Loan Program or Pursues advanced professional training, including internship and residencies or Participates in a fellowship training program.
- Uniformed Service: Periods of up to three years during which you are a member of the uniformed service (on full-time active duty in the Army, Navy, Air Force, Marine Corps, Coast Guard, National Oceanic and Atmospheric Corps or U.S. Public Health Service).
- Peace Corps: Periods of up to three years while a volunteer under the Peace Corps Act may be deferred.
- Filing for Deferment: In order to receive any such deferment for status as explained on the previous page, it is YOUR RESPONSIBILITY TO REPORT TO SOUTH DAKOTA STATE UNIVERSITY on “Request for Deferment of Payment” or appropriate deferment. All deferments must be signed by the borrower and by an authorized official.
Since deferments cannot be granted in advance, new forms must be submitted each semester as long as the borrower remains in student status.
A military or Peace Corps deferment must be completed at the time first payment is due following entrance into such status. This form must be filed at least annually before each payment is due for as long as you are eligible for deferment.
Disability or Death Cancellation
In the event of your death, your total loan balance at that time would be canceled. An official copy of the death certificate must be provided. In the event of your total and permanent disability, the outstanding amount of your loan would be canceled. Permanent and total disability means the inability to attend school or work and earn money because of medically determined impairment. A Loan Discharge application form must be completed if totally and permanently disabled. The Secretary of HHS would approve or disapprove the cancellation due to disability.
IF YOU HAVE A STAFFORD LOAN (GSL) and need information, contact Financial Aid, located in the Enrollment Services Center, or call 605-688-4695 or your lender. Another option is NSLDS, click financial aid review (on the left side) then click accept and then complete PIN information. It will go directly to loan information. You can also call the Federal Student Aid Information Center at 1-800-4-FED-Aid or 1-800-433-3243.
Department of Education/Great Lakes: 800-236-4300
ACS: 800-835-4611
Department of Education/Nelnet: 888-486-4722
The Student Loan Corp: 800-967-2400
Direct Loans: 800-433-3243
Department of Education/Navient: 800-722-1300
FedLoan Servicing: 1-800-699-2908