- Health Professions Student Loan Program (HPSL) for Dentistry & Pharmacy
- Primary Care Loan for Medicine
- Nursing Student Loan Program (NSL)
Billing Agent/Loan Service Provider
OUHSC utilizes ECSI to manage the Health Professions, Primary Care, and Nursing Student loans that are awarded while a student is enrolled at our campus. Borrowers for these loan types will receive communication from ECSI regarding the required entrance interview and promissory note documentation that must be completed. Monthly bills and due diligence contacts are also sent by ECSI. At the end of a borrower’s career at OUHSC, ECSI sends out the exit interview documentation required for completion by the borrower.
There are many valuable resources that can be found on ECSI’s website: https://home.ecsi.net under the Students and Borrowers section. Borrowers will need to register and create a profile. ECSI can be contacted via email at cservice@ecsi.net or by phone at: (888) 549-3274.
Grace Period
The grace period for HPSL and Primary Care loans is one year. For NSL loans, the grace period is 9 months. During the grace period, repayment of principal is not required and interest does not accrue. The grace period immediately follows completion or termination of full-time student status. Once the grace period has been used in full, it will not be reinstated.
Prepayment
The borrower may, at his or her option and without penalty, prepay all or any part of the principal and accrued interest at any time. If an accelerated payment is made, that prepayment must first be applied to accrued interest and penalties, if any, and then to the principal balance.
Deferment
A deferment period on an HPSL, Primary Care or NSL loan means that interest does not accrue and the borrower does not have to make payments on the loan. Deferments are only available for participation in certain eligible activities and do not count against the borrower’s repayment period. Additionally, borrowers are allowed to move in and out of deferment and repayment.
Although borrowers engaged in specific activities are entitled to deferments, the deferments are not automatic. Deferments must be requested at least 30 days before a deferrable activity. Borrowers must continue to file deferment forms in each subsequent period.
Deferment forms are available at the OUHSC Bursar's Office and on ECSI’s website under the school name “University of Oklahoma Health Sciences Center” https://heartland.ecsi.net/index.main.html#/access/downloadFormPages.
Forbearance/Hardship Deferment
Due to a borrower’s extraordinary circumstances, they may request for their loan to be placed in forbearance. This has the effect of temporarily suspending payment of principal, however, interest continues to accrue. Forbearance approval is at the discretion of the institution and is usually granted for a period of 6 months. Extraordinary circumstances include unemployment, poor health or other personal problems that have a short-term impact on the borrower’s ability to make payments as scheduled.
During periods of forbearance, interest continues to accrue on the unpaid principal balance of the loan. Borrowers are required to make monthly interest payments during the period their loan is in forbearance.
Delinquency
Penalty Charges - Borrowers will be charged a late fee for payments on HPSL, Primary Care, and NSL loans that are more than 60 days past due.
Credit Bureau Reporting - Borrowers are reported to the credit bureaus at the point in time their account goes into default (120 days past due).
Acceleration of Delinquent Loans - The borrower’s failure to make any payment according to the repayment schedule or to submit required documents for deferment or cancellation prior to the due date for any payment renders the entire amount of the loan, plus any accrued interest and penalty charges, immediately due and payable when the promissory note contains an acceleration clause.
Collection Agency - Federal regulations require schools to use collection agents. When an account is in default (120 days past due) and the borrower has shown no attempt to bring the account current, the total balance will be turned to a collection agency. The borrower will be responsible for all collection costs and attorney fees associated with the collection of the delinquent account.
Consolidation
Consolidation is the process of combining one or more loans into a single new loan which results in a single monthly payment instead of multiple individual payments. The Title VII HPSL and NSL loans are eligible for consolidation, but the Primary Care Loan is not eligible for consolidation through the U.S. Department of Education. Borrowers can apply for a Direct Consolidation Loan from the U.S. Department of Education through https://studentloans.gov. It is important to note that the Title VII HPSL and NSL loans will not be automatically identified when you start the consolidation process. The borrower will need to make the consolidation servicer aware of their Title VII loan and that the school code for OUHSC is 00588900 so their Title VII loan can be manually included in the consolidation process.
ECSI should be able to answer any consolidation questions that arise. They can be reached at (888) 549-3274 or via email at: cservice@ecsi.net. Additional information can be found on ECSI’s website: https://home.ecsi.net under the Students and Borrowers section.
Paid in Full
When any HPSL, Primary Care or NSL loan is paid in full, the borrower will be mailed a Paid in Full letter along with a stamped copy of their original promissory note.
Glossary
Acceleration clause – fully matures the balance due from a party upon a breach of the contract.
Accrue – is the act of a monetary value that accumulated during the time the principal loan is either in repayment or in forbearance.
Balance – is the total amount of money owed or due that still remains on the account.
Borrower – person that has applied, met specific requirements and received a monetary loan from a lender. The borrower is legally responsible for repayment of the loan and is subject to any penalties for not repaying the loan back based on the lending terms agreed upon. (See promissory note.)
Consolidation – the process of combining one or more loans into a single new loan.
Delinquent – failing to make required minimum payment on time.
Discretion – the right, but not the obligation, to do something.
Entitled – a particular benefit or privilege that can be utilized if necessary conditions are met.
Exit interview – reiterates the terms of repayment that were agreed upon in the promissory note, has information about the borrower's rights and responsibilities and is used to update personal information that may have changed from the time the promissory note was completed.
Interest – the fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the principal.
OUHSC – University of Oklahoma Health Sciences Center.
Principal – the original amount borrowed, or the part of the amount borrowed which remains unpaid (excluding interest that has accrued).
Promissory note – the borrower initiating the request for a loan signs a promissory note agreeing to pay the lien holder back during a specified timeframe for the entire loan amount plus any additional fees.
Repayment – is the time during which payment is due on a loan, deferment and grace periods are not counted toward the repayment period.