Most student loans do not have to be repaid until you leave the University or drop below half-time student status. A grace period is usually provided. However, you should refer to your original promissory notes for details of when repayment begins for each loan.
Payment Methods
Online Payments
See instructions on Heartland ECSI website under "Commonly Asked Questions"
Payments by Mail
If you cannot make an online payment, mail your payment to Heartland ECSI: Northwestern University c/o Heartland ECSI P O Box 1287 Coraopolis, PA 15108
Borrower Interest and Repayment
Loan Type, Interest Accrual Begins, Principal Repayment Begins
Loan Type
Interest Accrual Begins
Principal Repayment Begins
Student NU Loans
Interest begins accruing upon disbursement and continues while enrolled. Interest payments are optional while in school.
Interest begins accruing upon disbursement and continues while enrolled. Interest payments are optional while in school.
Parent NU Loans
No interest accrues during the grace period.
Monthly payments are required beginning 45 days after disbursement.
Endowed Loans
Interest begins accruing upon disbursement. Interest payments are optional while in school.
Repayment begins after the grace period, typically six months following graduation or separation, with a minimum monthly payment of $100.00.
Repayment Details
Grace period: Increases to 6 months for most NU Loans (Exception: Undergraduate parent loans have no grace period).
Repayment Period: Varies. Monthly repayment may change based on the status of the loan.
Repayment period exceptions:
Physical Therapy students: 15 years
MD student loans originating in 2005 or later: 20 years
All others: 10 years
Payment Schedule: Provided in the exit process.
Payment schedule exceptions: The repayment schedule for the undergraduate parent loan is provided with the promissory note. Signature is required to acknowledge receipt of the repayment schedule).
Repayment start date: Six months for most NU Loans.
Repayment start date exception: Undergraduate parents must begin repayment within 45 days of initial disbursement of funds).
Prepayment: There is no penalty for early repayment. When you make your loan payment, specify that you wish it to be applied as a prepayment.
Minimum Payment: $100 per month
Late charge: 5% of monthly payment not to exceed $15
Report to credit bureau: No
Deferment: No
Forbearance: For economic hardship, monthly payments may be reduced for 6-month intervals for a period of up to 3 years. Refer to your promissory note for details and contact Heartland ECSI with questions and to apply. A financial statement is required. (Exception: MD students can receive forbearance for 12-month intervals as long as they are in a residency or fellowship program).
Cancellation: No
Federal loan consolidation: No, the NU Loan is a private loan
Delinquency and default: The borrower and to co-maker is responsible for the if the loan becomes delinquent, the loan(s) are transferred to collection agency, legal action
Grace period: Usually 6 months; refer to your promissory note.
Repayment period: Usually 10 years; refer to your promissory note.
Payment schedule: Provided at your exit interview.
Repayment start date: Usually 6 months after graduation or separation. Refer to your promissory note.
Prepayment: There is no penalty for early repayment. When you make your loan payment, specify that you wish it to be applied as a prepayment.
Minimum payment: Varies by loan - $100 per month per loan.
Late charge: 5% of scheduled payment, not exceeding $15 per loan.
Report to credit bureau: No
Deferment: No
Forbearance: Yes. Forbearances are granted based on individual circumstances. Please contact Student Finance for further details. A financial statement is required.
Cancellation: Varies. Refer to your promissory note for details and contact Student Finance with questions and on how to apply.
Federal loan consolidation: No
Repayment assistance: No
Delinquency and default: The borrower and to co-maker is responsible for the if the loan becomes delinquent, the loan(s) are transferred to collection agency, legal action
Payment Problems
If for any reason you are unable to meet your monthly loan obligations, contact Heartland ECSI.
NU Loan Consolidation
Federal loan consolidation is a debt-management tool that allows you to combine all of your eligible federal education loans (not any private loans) into a new loan with a single payment. This may lengthen the payback period up to 30 years and reduce your monthly payment. Most borrowers consolidate their federal loans after graduation or separation date during the post-school grace period, during repayment, or during a period of deferment or forbearance.
Consolidation should be considered carefully. You may give up some valuable features or benefits of your student loans by consolidating, such as Perkins Loan deferment or cancellation provisions.