Loan Acceptance, Requirements & Disbursement
How do I accept my Institutional Loans?
If you decide to accept your Institutional Loans, log into PROWL and select Accept.
What should I expect once I've accepted my Institutional Loans?
Once you have accepted your Institutional Loans, LMU will send the information to ECSI, our loan servicer. ECSI will send you an email notification (email@example.com) to your LMU email account as soon as your promissory note & supporting disclosures are available to complete. Please allow 72 hours from the time you accept your loan to receive this notification. If you have not received an email within 72 hours, please contact ECSI directly at (888) 549-3274. It is possible that the email may appear in the spam/junk email. Please check your spam /junk folders before contacting ECSI.
How do I complete the requirements?
Once you have accepted your loan offer, you must complete three additional loan requirements: Institutional Loan Self-Certification, Institutional Loan Approval Disclosure, and Institutional Loan Final Disclosure. Please read the information carefully as you complete the process online. The requirements to disburse your loan will show "missing" on your PROWL account until the requirements are completed.
Does my Institutional Loan require a guarantor (cosigner)?
The following loans require a guarantor (cosigner)
- Fritz B. Burns Student Loan
- Jack Shandler Student Loan
- LMU California Student Loan
- Miyawaki Hawaii Student Loan
For more info, view our Loan Terms & Conditions page.
How does my guarantor (cosigner) complete the requirements?
If your Institutional Loan requires a guarantor (cosigner), please be sure to notify your guarantor to check his/her email account for notification from ECSI (firstname.lastname@example.org). It is possible that the email may appear in the spam/junk email. Please be sure to have them check their spam /junk folders before contacting ECSI.
What steps should I take if my guarantor (cosigner) was locked out & is unable to complete the requirements online?
In the event your guarantor is locked out & unable to be authenticated through the online process, you (the borrower), must print out a copy of the Promissory Note and the cosigner will need to have their signature notarized on the document. The original copy will need to be submitted to the Loans Office in order to complete the requirements. Please be sure not to make notations on the documents other than the required signatures, otherwise the documents will be rejected, which will delay the processing of your loan.
Where can I find information regarding my Federal Direct Student Loans?
Borrowers must contact the Direct Loan Servicing Center at ed.gov for all Federal Direct Student Loan repayment information. In addition, borrowers can view all of their federal loans through the National Student Loan Data System website, nslds.ed.gov and studentaid.gov. Borrowers must contact their lender directly for all FFELP student loan repayment information. For Financial Aid information, please visit the Financial Aid Office Website.
Why hasn't my Institutional Loan been disbursed?
If your loan has not been disbursed it is likely because the requirements have not been completed. Please make sure that the required documents have been submitted and that you and your guarantor (cosigner) have both completed the Promissory Note.
Managing Your Loan
How do I manage my Institutional Loan?
Loyola Marymount University utilizes ECSI (Educational Computer Services, Inc.) to manage the repayment of all its Perkins and Institutional Loans. ECSI is the single point of contact for all billing, payment, deferment, and cancellation activity. Borrowers may view their Campus Based Student Loan account(s), download forms, update their addresses, and make online payments by logging into the ECSI website at ecsi.net.
How do I login to ECSI?
Go to ECSI's website at ecsi.net and login using the school code, your account number and ECSI PIN number. If you do not recall your account number & PIN, please contact ECSI.
What is the ECSI School Code?
The school code for Loyola Marymount University is 7F.
How can I contact ECSI?
ECSI can be reached at the following:
The above contact methods can be used to mail all payments, correspondence, forbearance, deferment and cancellation applications directly to ECSI.
How long is my grace period?
Upon separation from the University (graduation, leave of absence, withdrawal) you are given a grace period of 9 months from the date of separation for the Federal Perkins Loan, and 6 months from the date of separation for Institutional Loans. Interest will begin to accrue upon expiration of the grace period, for interest-bearing loans.
When is my first payment due?
The date of your first payment will be listed on the Exit Interview, along with the loan repayment schedule. You may also view your account on the web via ecsi.net.
Am I responsible for remitting payment if I did not receive a bill?
Not receiving a billing statement in the mail does not justify missing payments. Per the Promissory Note, it is the borrower's responsibility to contact & update their information with the lender any time there is a change of address, in order for the lender to send them a billing statement in a timely manner.
How can I remit payment to ECSI?
Payments may be remitted through ECSI on line, via mail & over the phone. Online payments can be remitted 24 hours a day, 7 days a week, 365 days a year. The online portal even allows you to schedule future and recurring payments. Debit, ACH, eChecks, and all major credit cards are accepted (Visa, MasterCard, Discover, and American Express).
What is a Loan Exit Interview?
The exit interview provides students with detailed information about the terms of their loans, their rights and responsibilities as borrowers, and how to effectively manage their finances.
Why is my school requiring me to complete an exit interview?
Your school is required by the federal government and university policy to conduct this exit interview whenever you are no longer enrolled at least as a half time student. Student loan recipients are required to complete exit interviews. Some reasons that you may drop below half time are:
- You are graduating from school.
- Your school's Registrar's office shows you as enrolled less than half time.
- You are withdrawing from school.
- You are transferring to another school.
- You are taking a leave of absence from school.
- You are attending a semester abroad
Why is there an Exit Interview hold on my account?
Failure to complete the required exit interview results in a hold being placed on the student's records. This hold prevents future registration and the release of transcripts and diploma. It remains in effect until the student completes the required interview.
Does completing the exit interview mean that I cannot go back to school?
Completing the exit interview does not mean that you cannot go back to school again in the future, transfer to a different school, or continue to receive financial aid.
How do I sign my Exit Interview online?
Login to Login to ECSI website at ecsi.net using your account number and ECSI PIN number and go to MyAccount. Click on the "Exit Interview" link. From the list of Pending Exit Interviews, select the appropriate exit to complete and follow the instructions provided. If your Exit Interview does not appear, please check back in 24 hours. If after 24 hours, the Exit Interview still does not appear, please contact ECSI.
Deferment, Forebearance & Cancellation
How do I defer my loan?
Please see Postponing Your Loan Payments for information regarding deferments.
Can a deferment be retroactively applied to my loan to cover a past due balance?
Yes, a deferment may be retroactively applied to an Institutional Loan, so long as documentation for a specified time period is provided.
What is the Employment Cancellation Benefit for the Federal Perkins Loan?
Depending upon your employment or the type of service you perform, your Federal Perkins Loan may be partially or fully cancelled. Teachers in a Title I school, law enforcement, non-profit Child & Family services, Nurses or Medical Technicians are amongst those who qualify for the Employment Cancellation Benefit.
Why was my loan cancelled?
If your loan was cancelled it is likely because the requirements were not completed in a timely manner. Please contact the Student Loans office at email@example.com to see if it is possible to have the loan reinstated.
Loans in Default, Collections & Credit Bureau Reporting
What happens if I default on my student loans?
If you default on your student loans, you may be subject to the following:
- Your loans may be turned over to a collection agency.
- You'll be liable for the costs associated with collecting your loan, including court costs and attorney fees.
- You can be sued for the entire amount of your loan.
- Your wages may be garnished.
- Your federal and state income tax refunds may be intercepted.
- The federal government may withhold part of your Social Security benefit payments.
- Your defaulted loans will appear on your credit history for up to 7 years after the default claim is paid, making it difficult for you to obtain an auto loan, mortgage, or even credit cards.
- You won't receive any more federal financial aid until you repay the loan in full or make arrangements to repay what you already owe and make at least six consecutive, on-time, monthly payments. You will also be ineligible for assistance under most federal benefit programs.
Why was I sent to collections?
Borrowers who default on their student loans are sent to collections after multiple attempts for repayment are made by the University with no avail.
Who do I contact if I have been sent to collections?
If you have been sent to collections you must contact the assigned collection agency to discuss your options.
Why was I reported to the Credit Bureau?
As stated in the Promissory Note, loan and information regarding its repayment will be reported to a national credit bureau. If payments are not made by the scheduled due date, your loan will be reported as "Past Due" on your credit report.
Who should I contact to dispute a possible error on my credit report?
If you believe there to be inaccurate information on your credit report, the quickest way to resolve an error is to submit a dispute through one of the credit bureaus (Experian, Equifax, TransUnion). Upon receipt of notification from one of the credit bureaus, LMU will review and adjust accordingly based on the account information.
How can I have "Past Due" or other negative remarks on my credit report updated?
If you have been reported as "past due" or received other negative remarks on your credit report, you may be able to have it updated if you are approved for a deferment or forbearance for the time you were negatively reported; or by completing a Loan Rehabilitation.
What is Loan Rehabilitation?
Loan Rehabilitation is a one-time opportunity to clear a defaulted loan balance and clear negative remarks from the borrower's credit report. The borrower must agree to remit payments, on-time, for a period of 9 consecutive months in order to rehab the loan. After completing 9 months, the loan may be rehabilitated and the negative remarks may be removed from the borrower's credit history. If you default on the loan while in rehabilitation, you will be sent to collections and will not be able to rehabilitate the loan a second time.