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Loan repayment information

Loan FAQ
What loans are administered by Wayne State University's Student Accounts Receivable?
Federal Perkins Loans, Nursing Student Loans, Health Professions and university loans.

How and when will I be billed for my Perkins, Nursing, Health Professions and/or university long-term loans?
Educational Computer Systems, Inc. (ECSI) 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:
Wayne State University
c/o Educational Computer Systems, Inc.
181 Montour Run Road
Corapolis, PA 15108-9408
Payments also can be made online.
How do I change my name/address/telephone number?
Call ECSI at 888-549-3274 or record the changes on your billing statement in the space provided, and return with your payment or update your information online.
How do I obtain deferment/cancellation forms?
All forms can be obtained by contacting Student Accounts Receivable at 313-577-3656 or by selecting the "Forms" drop down section below.
Perkins Loan terms and repayment
Interest/grace period
Interest shall accrue at the expiration of your initial nine-month grace period at the annual percentage rate of 5 percent 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 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 and 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
All forms to request forbearance, deferment (in-school, residency, fellowship, military, Peace Corps), economic hardship, cancellation, postponement and unemployment for all loans can be found here or by contacting the Student Accounts Receivable department at 313-577-3656.
Nursing Loan terms and repayment

Interest/grace period
Interest shall accrue at the expiration of your initial nine-month grace period at the annual percentage rate of 3 percent 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 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 12-month grace period at the annual percentage rate of 5 percent 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 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 percent on the unpaid balance when the borrower ceases to pursue a half-time course of study at Wayne State University. Repayment shall begin at the expiration of your initial six-month grace period. Repayment
The first monthly payment will be due seven 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
Wayne State University Welcome Center
42 W. Warren, Room 427 
Detroit, MI, 48202
313-577-3686

Reporting the following information to Student Accounts Receivable 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. Prior to the end of the term, graduating students will receive instructions on how to complete exit counseling online or in person at scheduled meetings in March (Medical School only), December, April and August.  Failure to complete exit counseling will result in university services being witheld (i.e., transcript, grades, diploma).
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. Apply online.