Loan Consolidation
LOAN FAQs
What loans are administered by Wayne State University's Student Accounts Receivable - Loans?
Federal Perkins Loans, Nursing Student Loans, Health Professions and University Loans.
How and when will I be billed for my Perkins, Nursing, Health Professions Loans and/or University Long-Term Loans?
Affiliated Computer Services (ACS) will bill each loan in accordance with the terms of the signed promissory note (obtained at time of disbursement) and repayment schedule (provided with loan exit information). Most loans are billed monthly following the expiration of your initial grace period. All payments are due on the first of each month.
What should I do if I do not receive a billing statement?
Refer to your repayment schedule for due dates and amounts. It is your responsibility to make payments on time. Please include your social security number on all remittances, make checks payable to Wayne State University and mail to:
ACS
P.O. Box 3295
Milwaukee, WI 53201-3295
Payments can also be made on-line at www.acs-education.com
How do I change my name/address/telephone number?
Call ACS at (800) 826-4470 or record the changes on your billing statement in the space provided and return with your payment or update your information on-line at www.acs-education.com.
How do I obtain deferment/cancellation forms?
All forms can be obtained by contacting Student Accounts Receivable - Loans at (313) 577-3656 or by selecting the form from the list above.
PERKINS LOAN - TERMS & REPAYMENT
Interest/Grace Period
Interest shall accrue at the expiration of your initial nine (9) month grace period at the annual percentage rate of 5% on the unpaid balance, except that no interest shall accrue during any deferment period. All payments made during the grace period are interest free.
Repayment
The first monthly payment will be due ten (10) months from the time you cease to be at least a half-time student and all payments are due by the first of the month.
Prepayment
The borrower may prepay all or any portion of the principal plus any accrued interest at any time. If you remit more than the amount due for an installment, the excess will be applied to principal unless you designate it as an advance payment on the next regular installment. Note, if paying in advance, you must remit the total installment amount.
Deferments/Cancellations (Perkins, Nursing, and Health Professions Loans)
The borrower should refer to their promissory notes for the specific deferments and cancellations available to them. All deferment and cancellation privileges are discussed during the exit interview, as well as provided with the loan exit materials. A deferment/cancellation can be processed only after timely remittance of a properly certified deferment/cancellation form and all required supporting documentation. The borrower may lose deferment/cancellation benefits if they fail to file the request on time.
Forms
NURSING LOAN - TERMS AND REPAYMENT
Interest/Grace Period
Interest shall accrue at the expiration of your initial nine (9) month grace period at the annual percentage rate of 3% on the unpaid balance, except during deferment periods specified in your promissory note. All payments made during the grace period are interest free.
Repayment
The first monthly payment will be due ten (10) months from the time you cease to be at least a half-time student and all payments are due by the first of the month.
Prepayment
The borrower may prepay any portion of the principal plus any accrued interest at any time. If you remit more than the amount due for an installment, the excess will be applied to principal unless you designate it as an advance payment on the next regular installment. Note, if paying in advance, you must remit the total installment amount.
HEALTH PROFESSIONS LOAN - TERMS AND REPAYMENT
Interest/Grace Period
Interest shall accrue at the expiration of your initial twelve (12) month grace period at the annual percentage rate of 5% on the unpaid balance, except during deferment periods specified in your promissory note. All payments made during the grace period are interest free.
Repayment
The first monthly payment will be due thirteen (13) months from the time you cease to be at least a half-time student and all payments are due by the first of the month.
Prepayment
The borrower may prepay all or any portion of the principal at any time. If you remit more than the amount due for an installment, the excess will be applied to principal. Note, if paying in advance, you must remit the total installment amount.
UNIVERSITY LONG-TERM LOAN - TERMS AND REPAYMENT
Interest/Grace Period
Interest shall accrue at the annual percentage rate of 6% on the unpaid balance when the borrower ceases to pursue a half-time course of study at Wayne State UniversityRepayment shall begin at the expiration of your initial six (6) month grace period.
Repayment
The first monthly payment will be due seven (7) months from the time you cease to be at least a half-time student and all payments are due by the first of the month.
Prepayment
The borrower may prepay all or any portion of the principal at any time. If you remit more than the amount due for an installment, the excess will be applied to principal. Note, if paying in advance, you must remit the total installment amount.
EXIT INTERVIEW INFORMATION
The borrower must without exception report any of the following to Office of the Bursar, Student Accounts Receivable - Loans, Wayne State University, Welcome Center 42 W. Warren Room 427, Detroit, MI, 48202 (313) 577-3686, FAX (313) 577-5255. Reporting the following information to Student Accounts Receivable - Loans enables the loan collection staff to better serve the student.
- withdrawal from school
- transfer to another school
- drop below half-time status
- name change
- address change or your parent's address changes
- social security number changes
When a student separates from Wayne State University or drops below half-time status, the loan exit process will begin. The borrower is encouraged to attend an exit interview meeting where they will be provided the required disclosers from the institution. Borrowers not attending the exit interview will receive the exit packet by mail. It will be sent to the mailing address on file in Pipeline. The borrower must return a signed copy of the final truth in lending statement and repayment schedule. Failure to do so will result in University services being withheld (i.e., transcript, grade, diploma and registration hold). Graduating students can perform the exit interview counseling on-line or in person at scheduled meetings in March (Medical School only), December, April and August.
LOAN CONSOLIDATION
Consolidation of loans allows a borrower to combine different types of federal student loans to simplify repayment. You can even consolidate just one loan into a Direct Consolidation Loan to get benefits such as flexible repayment options. Because consolidation programs vary, refer to the 1999-00 Student Guide to Financial Aid Form from the U.S. Department of Education, pages 20-23. Copies are available in the Office of Student Financial Aid or on the Department of Education's world wide web site: http://www.ed.gov/prog_info/SFA/StudentGuide/.
