For the NDSL/Perkins, Health Professional, Nursing and Institutional Loans, the borrower's may request a deferment (alternative payment schedule) if your:
The following table provides a list of some deferments handled by the Collections Department:
|Type of Deferment||Description|
|Economic Hardship||Loan payments (principal and interest) will be deferred for a specified period of time (36 month maximum period).|
|Unemployment||Loan payments (principal and interest) will be deferred for a specified period of time (36 months maximum period).|
|Forbearance||Loan payments (principal only) will be deferred for a specified period of time. With a Forbearance deferment, interest continues to accrue and the borrower is responsible for payment of interest (36 months maximum period).|
|Student||Loan payments (principal and interest) will be deferred as long as the student remains in school and is enrolled in classes at least part-time (e.g., taking at least 6 credit hours for the semester).|
For a list of NDSL/Perkins, HPSL, NSL and Institutional Loans Deferment eligibility criteria, visit the UAS website and click on Borrower-Student. For a copy of the Deferment and Financial Arrangement Form, visit the UAS website and click on Borrower-Student or call the Collection Department at (231) 591-3982.
If you are unable to remit the amount required to bring your NDSL/Perkins, HPSL, NSL and Institutional Loan account current, you must apply to the lending institution, which is Ferris State University, for an alternative payment schedule (e.g., deferment). The Financial Arrangement Form must be completed in it's entirety and be RETURNED DIRECTLY TO THE LENDING INSTITUTION WHICH IS FERRIS STATE UNIVERSITY to the address provided on the form. DO NOT return the form to University Accounting Services, Inc. because they do not approve or grant the deferment.
Mail completed forms to:
Ferris State University
1201 S. State Street
Big Rapids, MI 49307
It is the responsibility of the borrower to provide ALL information and include supporting documentation as requested. THE TYPE OF DEFERMENT GRANTED DEPENDS ON THE INFORMATION YOU PROVIDE AND WHEN YOUR LOANS WERE MADE.
The borrower will be notified in writing by the lending institution (e.g., Collection Department) of the decision regarding the alternative payment arrangements. Also, the lending institution determines the length of time for such deferments. If granted, all arrangements are temporary. If you do not follow the requirements made by the lending institution, the arrangements may be considered invalid and billing will resume at the regularly repayment scheduled amount, including all past due balances.
Billing Statements and Payments
UAS will bill the borrower according to the arrangement established by the lending institution. The statements sent during the agreement period may reflect a "temporary amount due" on the bottom portion. The upper portion of the statement will reflect the amount due according to the borrower's original loan repayment schedule, including any past due amounts. This information is provided to help the borrower monitor the status of their account.
If payments are not received at UAS by the fifteenth (15th) of each month, the borrower will receive past due notices that reflect all past due amounts based on the original loan repayment schedule. When making payments, please include the bottom portion of the statement and write your account number on the check. YOUR LOAN(S) WILL CONTINUE TO BE REPORTED TO THE NATIONAL CREDIT BUREAU(S) IN THEIR APPROPRIATE STATUS. The University Accounting Services Payment address is listed below:
Mail loan payments to:
University Accounting Services
P.O. Box 3131
Milwaukee, WI 53201-3131
A REGISTRATION and TRANSCRIPT HOLD will be placed on your account pending a decision of financial arrangements or payment of past due account balance.
If you have any questions regarding the Perkins Loan past due balances, deferment eligibility criteria or would like to make arrangements for an alternative financial plan, contact the Collections Department at (231) 591-3982 or Email:C&C@ferris.edu.
If you are eligible for deferment or cancellation, it is the borrower's responsibility to ensure that proper documents are processed. For information on types of deferments and other information, visit the UAS website and click on Borrower-Student. For information on loan deferment or cancellation due to employment, visit the UAS website and click on Borrower-Student.
If you have any questions regarding your loan past due balance or to obtain information on the loan rehabilitation process, you may contact the Collection Department at (231) 591-3982 or Email: C&C@ferris.edu.
If you feel you are eligible for a Perkins Loan deferment/cancellation, you should apply for cancellation of your loan account during your year of qualifying service/employment. The deferment process delays billing until the end of the year, then your payments will be canceled. To maintain your eligibility, you must re-apply for a deferment each year. To apply, complete a Request for Cancellation/Deferment form and return it to University Accounting Service (UAS). If, after receiving a deferment, it is determined that you are not eligible for cancellation, or if you should fail to complete your year of service/employment, all repayment installments that have been deferred will be due and payable immediately.
To receive cancellation benefits, you must file a Request for Partial Cancellation form at the end of your eligible year. If you cancel or defer payments for service/employment, a Request for Partial Cancellation form will be sent to you automatically.
To obtain a copy of Cancellation or Deferment Forms, visit the UAS website and click on Borrower-Student.
Loan Consolidation Agencies
The borrower may request a consolidation of their federal loans into a new loan that may offer you several advantages such as lower interest rate and/or payment, one lender and one monthly payment and no minimum/maximum loan amounts or fees. If you are interested in consolidating your loans, please visit the following site:
If you have any questions regarding the loan consolidation, contact the Collections Department at (231) 591-3982 or Email: C&C@ferris.edu.
|Outside Collection Agency||Contact Information|
|ConServ (Continental Service)||1-800-724-4439|
|State of Michigan||1-800-950-6227|
If you have any questions regarding the past due loan or unpaid balance, contact the Collections Department at (231) 591-3982 or Email: C&C@ferris.edu
1201 S. State Street, CSS 101