Keep Your Account Current

Question: What can I do to keep my account current? What if I can't make my payment on time? How can I apply for forbearance? Am I eligible for deferment and cancellation?

Answer: Contact Campus Partners at www.mycampusloan.com or by phone at 800-334-8609. You may also contact Student Financial Services at 206-281-3435 (local), 800-737-8826, EXT 3. (toll free), or by email through Loan Repayment.


Acceleration
For seriously past due accounts, we invoke the Acceleration Clause of your Promissory Note. This means the entire principle, interest, and accumulated late charges are due in full. In addition, you will lose your benefits for forbearance, deferment, and cancellation.


Credit Reporting
Campus Partners Servicing Group reports the status of all outstanding loans to national credit bureaus each month. The credit rating you earn with this loan will help determine your ability to make major credit purchases in the future. Delinquent payments reported to credit bureaus will remain on your record for up to seven years.

Information about obtaining a free copy of your credit report is available from the Federal Trade Commission.


Collection Agencies
When an account has been referred for outside collection the borrower must make repayment arrangements with the agency and, as detailed in the promissory note, the borrower is responsible for the additional collection charges.

Enterprise Recovery Systems (ERS): 800-377-1904
Immediate Credit Recovery, Inc. (ICR): 800-964-5689
RC Services, Inc. (RCS): 800-400-3047
Windham Professionals: 800-208-5076 or 800-394-4300


Default
Legally, a loan that is one day past the payment due date is in default. Perkins, Nursing and SPU Institutional loans are considered to be in default when 120 days past due.


What it means:
A defaulted loan can remain on your credit report for up to seven years after you cure the default.
How it affects you:

The United States Department of Education, which governs Stafford, Perkins, PLUS, and Grad PLUS student loans, assists our office in collection of delinquent and defaulted Perkins loans. We are obligated to notify our past-due borrowers of the following penalties:

· Delinquent or defaulted student loans will result in a poor credit rating for the borrower.
· A poor credit rating may prevent you from purchasing a car, obtaining a mortgage on a house, or acquiring a loan for business.
· Even if defaulted loan information is removed from your credit record, the loan must be repaid.
· Defaulting on your loan can lead to lawsuits, and/or garnishment of wages and income tax returns.
· Defaulted borrowers are ineligible for any financial aid or loan deferments.
· Defaulted borrowers are unable to receive official academic transcripts.

We want to help our borrowers avoid a poor credit rating and the resulting economic hardships. Loan rehabilitation may be available for Perkins and SPU Institutional loans. Please call Student Financial Services to discuss your account.