Skip to main content

CAMPUS-BASED LOAN ANNOUNCEMENTS

Learn about the latest news and announcements about your campus loans!

 Atkinson Hall

Upcoming Loan Workshops

Campus-Based Loan Workshop: Join the Loan Administration team for a Campus-Based Loan workshop! An educational workshop to help our students understand what loan are considered Campus-Based Loans, breakdown the repayment process, and other options available to manage their loan accounts. To register for this event, please visit our registration website. For any questions, please email us

 

Campus-Based Loan 101 Management Workshop: The Loan Administration team has partnered with UCSD’s Campus Community Centers to inform our students about their Campus-Based Loans, breakdown of the repayment process, and other options available to manage their loan accounts. There will be one workshop dedicated to all Campus-Based Loans and one workshop dedicated to our Dream Loan. To register for this event, please visit our registration website. For any questions, please email us

 

Dream Loan Workshop: Join the Loan Administration team for a Dream Loan Workshop! An educational workshop to help our undocumented students understand the Dream Loan, breakdown the repayment process, and other options available to manage their loan accounts. To register for this event, please visit our registration website. For any questions, please email us

 

Dream Loan Drop-in Sessions: The Loan Administration team is hosting two virtual counseling drop-in sessions for the Dream Loan via Zoom. If you have any question regarding the Dream Loan, the repayment process, or other options available to manage your Dream Loan account, please feel free to join! For any inquiries regarding this event, please email us

 

Exit Loan Counseling Workshops: Are you graduating Spring Quarter 2021? Need more information about the repayment process of your Federal Direct Loans and Campus-Based Loans? Join the Loan Administration team for an Exit Loan Counseling Workshop! An educational workshop that will provide our graduating students with more information about the Exit Counseling session, breakdown of the repayment process, and other options available to manage their loan accounts. To register for this event, please visit our registration website. For any questions, please email us

UC Student Loan Relief and COVID-19 (subject to change)

Institutional Loans (excludes Perkins Loans)**

  • UC suspends interest accrual on all Dream Loans and Institutional loans from April 15, 2020 through September 30, 2021.
  • UC ceases charging late fees on Dream Loans and Institutional Loans. Late fee assessment stopped from April 15, 2020 through September 30, 2021.  Late fees already assessed remain on the account. In addition, UC would cease charging late fees on the $73M it holds in Health Resources and Services Association (HRSA) Loans.*
  • UC will apply an Administrative Forbearance (ceasing collection entirely) upon borrower request for Dream Loans and Institutional Loans. All borrowers except HRSA borrowers who are delinquent in payments will be automatically put into forbearance. UC decided to ask students to request the forbearance if they are not delinquent on payments because doing so across the board would be a disservice to those who are not having challenges repaying their loans by introducing administrative hassles (e.g., having to reestablish electronic payments through UC's student loan servicer). Administrative Forbearance from April 15, 2020 through September 30, 2021.
  • UC ceases turning loans over to collections until further notice. The State Franchise Tax Board has also ceased tax refund garnishment on UC loans from March 26 through July 15. UC discontinued tax offset through at least July 31, 2021.
  • Borrowers will be notified via email about these actions by UC's loan servicer. 
  • The Department of Education has extended their CARES Act Guidance in an January 20, 2021 Electronic Announcement. The guidance continues the student loan relief through September 30, 2021. UC San Diego has received approval from the UCOP Budget Office to extend the guidance for Dream Loans and Institutional Loans.

*The other benefits outlined in this memo (e.g., ceasing interest accrual) requires federal permission for HRSA loans. 


**Perkins Loans

  • UC suspends interest accrual from April 15, 2020 to January 31, 2021. This includes loans that are in good standing, delinquent, or in default. 
  • UC ceases turning loans over to collection until January 31, 2021. UC has ceased tax refund garnishment on Perkins Loans at least through July 31, 2021.
  • UC ceases charging late fees from April 15, 2020 to January 31, 2021.
  • UC will apply an Administrative Forbearance (ceasing collection entirely) upon borrower request for Perkins Loans until January 31, 2021. UC decided to ask students to request the forbearance if they are not delinquent on payments because doing so across the board would be a disservice to those who are not having challenges repaying their loans by introducing administrative hassles (e.g., having to reestablish electronic payments through UC's student loan servicer).

HRSA Student Loans COVID-19 Impact

  • 0% Interest Rate - HRSA has instructed us to extend the 0% interest rate on your eligible HRSA loans through Sept 30, 2021. During this period, you will not be charged interest on your eligible loans. All interest accrued on your eligible HRSA loans after the date of this notice and through Sept 30, 2021 will continue to be calculated at 0%.

During this period of 0% interest, you will continue to receive a bill and your fixed monthly payment will remain the same unless you are placed on an Administrative Forbearance because your eligible HRSA loans are greater than 31 days past due. The full amount of your payments will be applied to principal once all of the interest and late fees that accrued prior to the original extension date of March 13, 2020 are paid.

  • Administrative Forbearance - Borrowers that are currently on an administrative forbearance that was set to expire on Feb 28, 2021 will remain on an administrative forbearance through Sept 30, 2021.

Borrowers that are not currently on an administrative forbearance and are unable to make payments on their loans due to the COVID-19 national emergency should contact ECSI to request an Administrative Forbearance to suspend payments. Any borrower that is placed on Administrative Forbearance will have their payments suspended until Sept 30, 2021 and can temporarily stop making payments without becoming delinquent. Given that HRSA is waiving interest for eligible HRSA loan programs through Sept 30, 2021, interest will not accrue while these loans are in forbearance. ECSI will cancel any scheduled auto-debit payments while your loans are in forbearance and you must reset your auto-debit payments when the forbearance period ends.

If your eligible HRSA loans are greater than 31 days past due, we will automatically place an Administrative Forbearance on these loans for the period of Mar 1, 2021 through Sept 30, 2021. During this period, you will not be required to make monthly payments on your loans. ECSI will cancel any scheduled auto-debit payments while your loans are in forbearance and you must reset your auto-debit payments when the forbearance period ends.

Although you will not be required to make monthly payments during this specific administrative forbearance period, you will not be penalized for making a payment that is less than the usual monthly payment and will still have the option to make payments on your eligible HRSA loans in order to make progress toward reducing the balance.

You may opt out of the Administrative Forbearance at any time. If you opt out, we will remove the Administrative Forbearance and you will be required to make monthly payments. Unless you want to continue making payments through auto debit, there is no advantage to you by opting out of the administrative forbearance. The 0% interest rate will remain in effect, and you will not be charged interest through Sept 30, 2021, whether the forbearance remains in effect or not.

QUESTIONS?

Feel free to e-mail us by clicking below or, give us a call at 858-822-4727 if you have additional questions.

E-MAIL US