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Loan Deferment and Forbearance for Past Due Loans

For the NDSL/Perkins, Health Professional, Nursing and Institutional Loans, you 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 Loan 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 Collections Department at (231) 591-3972.

If you are unable to remit the amount required to bring your NDSL/Perkins, HPSL, NSL or 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 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
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 regular 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 the 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, LLC
P.O. Box 5865
Carol Stream, IL 60197-5865

A REGISTRATION  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) 591-3972 or Email: [email protected].

Loan Defaults

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 or cancellation, it is your 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) 591-3972 or Email: [email protected].

Loan Cancellation and Deferment

The Perkins Loan program provides borrowers with an opportunity to cancel all or part of their loan for certain types of employment or service. For a list of Perkins Loan Deferment/Cancellation and Eligibility Criteria, visit the UAS website and click on Borrower-Student.

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

You may request a consolidation of your 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) 591-3972 or Email: [email protected].

Outside Collection Agencies

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
ConServ (Continental Service) 1-800-724-4439
Merchants & Medical 1-800-225-8770
Reliant 1-866-738-3178
Schuerger Law Group 1-855-277-7798
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) 591-3972 or Email: [email protected]