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Common Questions

Loan application and acceptance process

Loan disbursement process

Loan repayment - general information

Direct Stafford Loan or PLUS Loan repayment

Federal Perkins Loan or Brown University institutional loans repayment


How do I apply for a student loan?

Students must first apply for financial aid before they can be awarded any loans. Contact the Financial Aid Office for applications and instructions. If your Financial Aid award includes loans, you will be required to accept the loans and complete loan requirements. Return to the list of questions for more details.


How do I apply for a PLUS loan?

PLUS Loan request forms can be obtained from the Loan Office. The student is required to complete the Free Application for Federal Student Aid (FAFSA) before the PLUS Loan request will be processed. The maximum amount that may be borrowed equals the cost of attendance minus any aid the student is awarded. Completed PLUS Loan applications should be returned directly to the Brown Loan Office. Approval is based on the borrowers creditworthiness.

How do I apply for a Private loan?

Visit the Financial Aid Office website for more information regarding Private loans.

How do I learn more about the loan programs?

Review our loan repayment information to learn more about the loan programs available through Brown University.

Review the Financial Aid Office Private Loan information for details on other loan options.

How do I accept or decline a loan online?

Students may accept or decline offered loans online through Banner Self Service. Follow these steps to make loan borrowing decisions:

  • Select the Financial Aid tab
  • From the options, select your current student level
  • Select “Accept Award Offers”
  • From the “Select Aid Year” dropdown, select the current Aid Year
  • You now have the option to accept (all or a portion of) or decline your offered loans.  Choose “Accept” or “Decline” in the Accept Award dropdown.  If you are accepting a portion of the offered amount, choose “Accept” and enter the amount (in whole dollars) in the “Accept Partial Amount” column.
  • Be sure to select the “Submit Decision” button before leaving this section of the website.

Should I accept the full loan amount offered even if I only need a portion?

Before accepting the full amount of the loan, carefully consider how much you actually need to cover the cost of attendance plus any additional education related expenses. You may wish to use online loan repayment calculators to estimate what your monthly payments will be once you enter repayment. Keep in mind that you may need to borrow each year you attend.

How do I complete my loan entrance and promissory note requirements?

Stafford or PLUS Loan requirements must be completed online at www.studentloans.gov . Stafford Loan and Graduate/Professional PLUS Loan borrowers must complete entrance counseling and a Master Promissory Note. Parent PLUS Loan borrowers must complete a Master Promissory Note.

Perkins or Brown University Loan requirements must be completed online. The required loan materials will be generated after the loan has been accepted - they will not be immediately available. The Loan Office will contact the student by email with detailed instructions and log-in information.

Loan Disbursement Process

When will my loan be disbursed and credited to my student account?

Loans will be disbursed to student accounts after all requirements have been completed (including promissory note entrance counseling, etc) and in the case of Stafford or PLUS, after an approval has been received. The first disbursement is no earlier than ten days prior to the start of school, and the second disbursement no earlier than ten days prior to the start of the second semester.

Why hasn't my loan disbursed?

If your loan has not disbursed, review Banner Self Service to verify that all requirements have been completed. If you have completed all requirements and it is within 10 days of the term start date, please contact the Loan Office for assistance.

My student account shows a credit balance. How do I receive a refund?

The Bursar's Office is responsible for processing refund requests. Please allow 10 days for processing once the refund request is received by the Bursar's Office. Complete a Student Account Refund Request form and send it to the Bursar's Office by mail, email, or fax.

Loan repayment - general information

I am graduating, taking a leave, or dropping below half-time status. What do I need to do and what happens to my loans?

When you leave school or drop below half-time status, your loans will enter a grace period and then enter repayment. This will occur even when you are on a leave of absence and plan to re-enroll in the future. You will need to be prepared for the potential of having to repay loans during your leave.

Loan Exit Counseling must be completed. The Loan Office will send you notification along with detailed instructions to complete your requirements - watch for this important communication. All loan borrowers are required to complete exit counseling requirements upon graduation or at the beginning of any leave (even if they intend to return to school later that year). Exit counseling provides important information regarding the details of your loans including the length of your grace period, repayment options, and more.

Loans will enter a grace period. This is a period of time when payments are not required on your loan. See the grace period chart for details on the length of grace period for each loan type. If your leave of absence is longer than your grace period, you will be required to begin repaying your loan.

Your loan servicer will contact you with information to begin repayment. The Brown University Loan Office services Perkins Loans and Institutional Loans. The Federal Direct Stafford Loan and PLUS Loan are serviced by a Direct Loan servicing agency. Visit NSLDS to determine which agency services your loan. It is your responsibility to keep your address and contact information current with each of your servicers.

There may be some specific situations which allow you to postpone repayment. Contact your loan servicer to learn about deferment/forbearance options. Be aware, your loans must remain in good standing in order to be eligible to received future federal financial aid. A defaulted loan will prevent you from receiving future federal financial aid and will have a negative impact on your credit score.

If you return to school (at least half-time, in a degree granting program), you must notify each of your loan servicers. You may be eligible to place your loans into deferment. You may be required to submit a completed deferment request to your servicer.

How do I complete loan exit counseling requirements?

Federal Stafford Loan and PLUS Loan exit counseling requirements must be completed online through NSLDS. NOTE: Requirements must be completed no earlier than 30 days prior to the end of the term. Any requirements completed earlier than this time-frame will not be valid.

Federal Perkins Loan and Brown Loans exit counseling requirements must be completed online. The required loan materials will be generated within 30 days of the end of the term. The Loan Office will contact the student by e-mail with detailed instructions and log-in information as soon as the materials are available for completion.

NOTE: You must complete exit counseling requirements for each loan you have borrowed.

When does my loan repayment begin?

When you leave school your loan(s) enter a grace period. The length of the grace period depends on the type of loan. The loan enters repayment once the grace period ends.

Federal Stafford Loan: 6 month grace

Federal PLUS Loan: 6 month grace (Note: Parent PLUS Loans enter repayment within 60 days from the final disbursement. Borrowers have the option to request deferment while the student is enrolled.)

Federal Perkins Loan: 9 months grace

Brown University Institutional Loans: 6 months grace

Urban Education Loans: 4 months grace

What is a deferment or forbearance?

•Deferment is a temporary suspension of loan payments for specific situations such as reenrollment in school (at least 1/2 time), unemployment, or economic hardship. Interest continues to accrue on Unsubsidized Stafford Loan, but does not accrue for Subsidized Stafford, Perkins, or Brown University Institutional Loans.

•Forbearance is a temporary postponement or reduction of  payments for a period of time due to financial difficulty. Interest continues to accrue on all loans.

Eligibility for deferment or forbearance differs for each loan type. Borrowers should review their loan documentation or contact their servicer(s) to determine eligibility and begin the application process. NOTE: Borrowers applying for in-school deferment must submit a completed deferment form to their school's registrar after the term start date. The registrar must certify enrollment after the start of classes.

What if I need to postpone loan repayment or can't make the monthly payments?

You should contact your loan servicer(s) if you are having difficulty making your monthly loan payments. Your servicer can provide details about deferment or forbearance options that could temporarily postpone or reduce your monthly student loan payments.

If I don't repay my loans on-time, will it affect my credit?

Loan repayment status is reported to all the major credit bureaus each month. Late or delinquent payments will have a negative impact on your credit history and credit score.


How do I consolidate my loans?

Consolidation allows you to combine all or some of your student loans into one new loan. This can lower your monthly payment and extend your repayment term. Keep in mind this may increase the overall cost of your loans by increasing the amount of interest you will pay. Compare the costs and begin the application process with the Direct Loan Consolidation Center.


Are my student loan interest payments tax deductible?

The Taxpayer Relief Act of 1997 introduced several tax incentives including a deduction for the interest paid on qualifying student loans. The maximum amount of a deduction in one year is $2,000 in 2000 and $2,500 in 2001 and beyond. There are also limits to your adjusted gross income, which may affect the amount of deduction you may take. Brown provides borrowers with IRS Form 1098-E which indicates the amount of interest that may be deductible. If you have questions about how much interest you can deduct, you should consult with a qualified tax professional or contact the IRS Taxpayer Assistance line at (800) 829-1040. Additional information about Educational Tax Incentives may also be found at the IRS website.

Direct Stafford Loan or PLUS Loan repayment

How do I manage my Stafford or PLUS Loan account? Where do I send my loan payments?

The first step in managing your Stafford or PLUS Loan is determining which servicer holds your loan. Visit the National Student Loan Database System (NSLDS) to determine which servicer holds your loans and to view your servicer's contact information.

Loan payments for Direct Stafford and PLUS Loans must be sent to your federal loan servicer.

Who do I contact with questions about repayment?

Repayment questions should be directed to your loan servicer. Visit the National Student Loan Database System (NSLDS) to determine which servicer holds your loans and to view your servicer's contact information.

How do I update my address or contact information?

Update your address and other contact information with your loan servicer. Visit the National Student Loan Database System (NSLDS) to determine which servicer holds your loans and to view your servicer's contact information.

Borrowers are required to notify all servicers with all changes of address or repayment status. If you have multiple types of loans, be certain to contact all of your servicers.

What are my deferment or forbearance options and how do I apply?

Visit the Federal Student Aid website for a detailed list of deferment and forbearance options available on Direct Stafford or PLUS Loans.

Federal Perkins Loan or Brown University Institutional Loans Repayment

How do I manage my Perkins or Brown Loan account?

Manage your Perkins or Brown University Institutional Loan online through the ECSI website.

You will be required to enter Brown University's School Code: E7, your 9 digit social security number, and your ECSI PIN number. (If you are an international student and do not have a social security number, please enter your loan ID number.)

This site allows you to view your loan account(s), access your monthly statement, make payments online, sign-up for electronic billing, and more.

How do I request my ECSI PIN number?

The Loan Office sends ECSI PIN numbers to borrowers by e-mail. Contact the Loan Office if you have not received your ECSI PIN.

How do I change my address or update my contact information?

Update your address and other contact information online through the ECSI website.

Borrowers are required to notify all servicers with all changes of address or repayment status. If you have multiple types of loans, be certain to contact all of your servicers.

 

When will I receive a loan statement? What if I don't receive one?

Loan statements will be generated and mailed in the middle of each month. Statements are sent as a courtesy and payment is required by the first of each month even if you do not receive a statement. You may make a loan payment at any time without a statement. If you are mailing a check payment, please indicate your loan ID number and name on the check.

How do I make a loan payment? What are the differences between the online payment options available?

Loan payments may be made online, mailed to the Loan Office, or paid by wire transfer.

Pay online through the ECSI website:

Instant e-Check:  This option allows you to make an online payment the same day using your checking or savings account.  There is a fee of $1.95 associated with this payment method.  If you wish to schedule a payment for a future date, or avoid the processing fee, please select one of the other payment options.

Direct Payment:  This option allows you to schedule a future payment using your checking or savings account.  The payment may be scheduled to occur on the 1st, 10th, 15th, or 20th of the month.  You may use this option to make a one-time payment or to schedule monthly recurring payments.  If you are repaying more than one loan, this option allows you to designate a specific payment amount to each loan.

Convert to Permanent ACH:  This option allows you to schedule monthly recurring payments that will remain in effect until your loan is paid in full.  Paper billing statements will no longer be sent once you convert to permanent ACH.

Credit Card:  This option allows you to pay by MasterCard, Discover, or American Express.  There is a convenience fee associated with this payment method.  The amount of the fee will be disclosed to you prior to completing your payment transaction. 

Mail a check or money order:

Brown University
Cash Management Office
PO Box 1911
Providence, RI 02912-1911

Pay by Wire:

Visit the Cashier's Office for details on paying by Wire Transfer.

I scheduled an online payment through the ECSI website and it was returned by my bank. What should I do?

First verify that your bank account information was entered correctly. If the account information was entered incorrectly, you will need to enter the correct information and schedule a replacement payment. If the account information was entered correctly, please contact the Loan Office for further assistance.

How will my payment be applied to my loan account?

All payments received will be applied first to any outstanding late fees, then to interest, then to principal. All payments will be applied in this manner at the time the payment is received. Payments will not be held in suspense in order to reduce the next scheduled payment amount. If your payment is more than the amount due, the additional amount will be applied toward principal. You are still required to pay the next scheduled payment amount in full.

What are my deferment or forbearance options and how do I apply?

Deferment and forbearance options differ by loan type. View our deferment/forbearance chart for details.

Borrowers must complete a deferment or forbearance application and submit it to the Loan Office along with any required supporting documentation. The Loan Office will review the documentation, determine eligibility, and notify borrowers of any loan status changes. Borrowers must continue to make regularly scheduled loan payments until the deferment or forbearance request has been approved and processed.

Deferment and forbearance applications may be obtained online.