Your Rights and Responsibilities

Your Rights

You are entitled to know the full amount of your loan, the interest rate, the first payment due date and the amount. Please reference your repayment schedule, which was given to you when you left school. If you do not have a repayment schedule, you did not complete an Exit Interview. Please contact the school at (919) 515-2985 or email student_collections@ncsu.edu.

You may prepay all or any portion of the principal plus accrued interest at any time without a penalty. Payments are applied to outstanding collection, late, and interest charges before being applied to the principal. All other payments made in excess of the amount due will be used to reduce principal, unless you clearly designate in writing that excess amounts are payments toward future installments. The balance of the loan is not reduced by the total payment amount; it is reduced only by the amount applied to principal. Amounts paid during the academic year in which the loan was made will be used to reduce the amount of the loan. These are not considered prepayments but loan reductions.

The Department of Education has established an Office of Student Financial Assistance (OSFA) Ombudsman Office to work with student loan borrowers to informally resolve loan disputes and problems. Visit the Ombudsman Office's web site at http://www.ombudsman.ed.gov or call the Ombudsman Customer Service line at (877) 557-2575.

You are entitled to request deferment, cancellation and forbearance of your loan as specified in your promissory note. These requests must be made in writing and must include any supporting documentation the school requires. Student deferments can be accepted through the National Student Loan Clearinghouse if your school reports enrollment information to the Clearinghouse; this is the only circumstance when a student deferment does not have to be requested in writing. Requests for deferment, cancellation and forbearance must be made in a timely manner or you may lose these benefits. Click here to download the appropriate form: Forms

Your Responsibilities

Exit Counseling: Federal regulations require borrowers to complete an exit counseling session prior to leaving NC State University. Click on the following link to be directed to instructions on completing this requirement: Exit Interview

Name and Address Changes: You must promptly notify ECSI or NC State University of any name, address, and/or telephone number changes. Filing a mail forwarding order with the Post Office does not fulfill your obligation under this clause.

Repayment: You are responsible for repaying your loan even if you do not complete your academic program, are dissatisfied with the education you received, or are unable to find employment after you graduate.

Completion of Forms: You must submit properly and fully completed, certified forms for requesting deferment or cancellation on a timely basis. You are responsible for notifying ECSI or NC State University of anything that might alter your eligibility for an existing deferment or cancellation.

Prompt Response: You must promptly answer any communication from ECSI or NC State University regarding your loan. If you cannot pay on time, you must contact the Student Loan Collections Division at NC State University immediately to discuss your situation at (919) 515-2985 or student_collections@ncsu.edu.

Timely Remittances: Payments are due on the first of every month. You should allow ample time for the payment to reach ECSI. We recommend you send payment by the 20th of the month so it has reached ECSI by the 1st. You must contact the Student Loan Collections Division at NC State University before the due date of any payment that you are unable to make. This enables the office to assist you in determining possible payment alternatives, if necessary.

Credit Verification: NC State University is the owner of your loan. Requests for credit verification, mortgage verification, bankruptcy notices and consolidation requests must be sent to North Carolina State University, Student Loan Collections, 2005 Harris Hall, Box 7524, Raleigh, NC 27695-7213.