Frequently Asked Questions
What happens if I don't complete my Exit Interview?
Your diploma and transcripts will be held indefinitely.
What is the difference between a Perkins or Nursing loan and a Stafford loan?
A Perkins or Nursing loan is a federal loan offered through the school's financial aid department. You will pay back your Perkins or Nursing loan through Boston College via monthly billing statements from ECSI.
A Stafford Loan is a government loan granted directly through the U.S. government. Your Stafford lender will make contact with you, providing they have the correct address, in regard to repayment options.
What is the interest rate on my Perkins or Nursing loan?
Five percent (5%).
What is the interest rate on my Stafford Loan?
Stafford Loans have variable interest rates (based on 91-day T-bill rate + 1.7% during school with an additional 0.6% increase upon graduation) capped at 8.25% or less, depending on yearly adjustments. All lenders offer the same rate for the Stafford Loan, although some give discounts for on-time and electronic payment of the loan after graduation.
What should I do if I can't make payments on my loan?
Contact your lender right away.
What is loan default?
If, for any reason, you do not make a scheduled payment on your loan for 60 days, you will be in default.
What happens if I default on my loans?
- Credit bureaus may be notified, and your credit rating will suffer.
- The U.S. Treasury may withhold your tax refunds toward repayment of your loan.
- You may have to pay additional collection costs.
- You may be subject to administrative wage garnishment, whereby the Department of Education or your lender will require your employer to forward 10% to 15% of your disposable pay toward repayment of your loan.
- Federal employees face the possibility of having 15% of their disposable pay offset by the Department of Education toward repayment of their loan through the Federal Employee Salary Offset Program.
- The Department of Education or your lender may take legal action to force you to repay the loan.
- You will no longer be eligible for federal aid.
How can I avoid default?
Contact Boston College or your other lenders before you miss a payment. Ask about a loan deferment or forbearance, or how to rework your loan situation through consolidation. You can reach Boston College, Office of Student Services toll free at 800-294-0294 or 617-552-3300.
What do I do if I do not receive my billing statement?
Contact Boston College's loan billing servicer, ECSI (Educational Computer Systems, Inc.). They can be reached at 888-549-3274.
NOTE: You are still responsible for loan payments if you have not been receiving your billing statements.
What should I do to update my name, address, telephone number, cell phone number, or email address?
Does the Boston College Office of Student Services or ECSI accept credit cards?
How long do I have to repay my loan?
How long is my grace period?
Perkins Loans have a nine-month grace period. Stafford Loans have a six-month grace period. Loan payments can be deferred if you are a student who is in school at least half-time.
Where do I get information on Perkins Loan cancellation?
Contact the Boston College Office of Student Services toll free at 800-294-0294 or 617-552-3300, or click on the link above.
Whom do I contact if I qualify for loan cancellation?
Contact the Boston College Office of Student Services toll free at 800-294-0294 or 617-552-3300.
What is loan rehabilitation?
After nine consecutive monthly payments, your lender will agree to reinsure the loan. Once a loan is rehabilitated, it will be taken out of default, the credit bureau reports made by the servicing agency will be deleted, you will be able to repay the loan over a nine-year period, and you will again be eligible for additional federal student financial aid funds. Contact the Boston College Office of Student Services at 800-294-0294 or 617-552-3300.
Whom do I call if I have a dispute with my lender?
Contact the Student Loan Ombudsman's office at 877-557-2575 or Ombudsman.Ed.gov.