Student Loans

Effective Date: 07/01/00

Introduction Statement


Purpose

The Student Loans Office is designed to maintain all data pertinent to student loan processing from the time a borrower first enters the student loan program until his loans are fully paid, cancelled, or written off as uncollectible. This includes basic demographic information (e.g., account numbers, name and addresses), all information about the individual loan(s) that a borrower has, and all transactions that have affected the loans.

Billing is done by the system according to the predefined repayment schedules. All interest payments due are computed, at the appropriate rate, as simple interest on the unpaid principal each month. Payments received up to the 15th day of the month and processed prior to the mid-month statements may be considered as having been received on the first day of the month. Payments received between the 16th day and the end of the month may be considered as having been received on the first day of the following month. The billing cycle accrues principal, interest, and late charges due, and generates bills for borrowers. The system includes a comprehensive Due Diligence module for following up on unpaid accounts.


Location

The Student Loans Office is located in the Old Cafeteria Complex.


Assistance

Any questions pertaining to the Student Loans Office or its responsibilities will be answered by the supervisor at 328-6816 or e-mail wynnew@mail.ecu.edu.