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Customer Services provided by the Collections area include:
- outstanding student account balances
- past due balances for Perkins/HPSL/NSL/Institutional Loans
- deferments (e.g., Hardship, Unemployment, Forbearance and Student) for Perkins, HPSL, NSL and Institutional Loans
- Perkins Loan in default status and rehabilitation request
- providing general information regarding loan consolidation and cancellation
- referral of unpaid account balances and defaulted
loans (e.g., Perkins Loans) to outside Collection Agencies for action
If a student is currently enrolled in school and owes FSU an account balance, a REGISTRATION and TRANSCRIPT HOLD will be placed on the student's account until the outstanding balance is paid in full.
If a student is no longer enrolled in school (not taking classes at least half-time or 6 credit hours) and owes FSU an account balance, your account will be referred to the Collection Department for action.
A REGISTRATION and TRANSCRIPT HOLD will be placed on the student's account until the outstanding balance is paid in full.
Failure to pay your account balance may result in your account being referred to an outside Collection Agency for resolution. Also, you may be reported to the Credit Bureau.
If you have any questions regarding your past due balance, you may contact the Collection Department at (231) 591-2128 or Email: C&C@ferris.edu.
For the NDSL/Perkins, Health Professional, Nursing and Institutional Loans, the borrower's may request a deferment (alternative payment schedule) if your:
- loan payments are past due;
- loan has not been fully accelerated (in default status and entire account balance due);
- loan has not been referred to an Outside Collection Agency.
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, click here ELIGIBILITY CRITERIA. For a copy of the Deferment and Financial Arrangement Form, click here FORMS or call contact Collection Department at (231) 591-2128.
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 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 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 |
| Collections Department |
| 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. For the Loan Repayment address, click here UNIVERSITY ACCOUNTING SERVICES PAYMENT ADDRESS
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) 591-2128 or Email:C&C@ferris.edu.
The Perkins, Nursing, Health Professional and Institutional loans are considered in default after 8 months past due (or 240 days). Once a borrower's loan becomes past due, it is referred to the Collection Department
for action. The borrower will receive written notification of their past due loan balance and is required to pay the past due portion of the loan within 30 days
from the date of notice. Past due balances not paid within 30 days will be FULLY ACCELERATED and referred to an outside Collection Agency. If your loan is FULLY ACCELERATED,
the entire principal balance plus interest, late fees, penalty charges and/or collection costs will be due. The past due status of your loan(s) are reported to a credit bureau on a monthly basis.
If you are eligible for deferment, postponement or cancellation, it is the borrower's responsibility to ensure that proper documents are processed.
For information on types of deferments and other information, click here PAST DUE LOAN DEFERMENTS.
For information on loan postponement or cancellation, click here LOAN POSTPONEMENT/CANCELLATION
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) 591-2128 or Email: C&C@ferris.edu.
The Perkins Loan program provides the borrower with an opportunity to cancel all or part of their loan for certain types of employment or service. For a list of Perkins Loan Postponement/Cancellation and Eligibility Criteria,
click here CANCELLATION/POSTPONEMENT. If you feel you are eligible
for a Perkins Loan postponement/cancellation, you should apply for
cancellation/postponement of your loan account during your year of qualifying
service/employment. The postponement/deferment process delays billing until the
end of the year, then your payments will be cancelled. To maintain your
eligibility, you must re-apply to a postponement/deferment each year. To apply,
complete a Request for Cancellation/Postponement form and return it to
University Accounting Service (UAS). If, after receiving a postponement, it is
determined that you are not eligible for cancellation/postponement, or if you
should fail to complete your year of service/employment, all repayment
installments that have been postponed 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/postpone 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 Postponement Forms, click here FORMS.
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, the following loan consolidation services can be contacted for information and assistance:
If you have any questions regarding the loan consolidation, contact the Collections Department at (231) 591-2128 or Email: C&C@ferris.edu.
Information regarding loan consolidation can be obtained by mailing your questions or concerns to:
| U.S. Department of Education |
| Consolidation Department |
| Direct Loan Servicing Center |
| P.O. Box 1723 |
| Montgomery, AL 36102-1723 |
| Phone:
| | Consolidation Department: (800) 557-7392 |
To contact an outside Collection Agency regarding your past due loan or unpaid account balance, the following agency names and phone numbers are provided:
| Outside Collection Agency |
Contact Information |
| Financial Recoveries |
1-716-873-7560 |
| National Enterprise System (NES) |
1-800-973-0600 |
| State of Michigan |
1-800-950-6227 - Must provide
SSN# |
If you have any questions regarding the past due loan or unpaid balance, contact the Collections Department at (231) 591-2128 or Email: C&C@ferris.edu
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