Deferments
A borrower is entitled to have the repayment of a loan deferred under certain circumstances. A deferment is a period of time during which the borrower is not required to repay the loan principal and interest does not accrue. After each deferment, a borrower is entitled to a post-deferment grace period of six consecutive months.
In order to qualify for a deferment, you must meet the specific eligibility requirements for that deferment type. To apply for a deferment, complete the appropriate form in detail and be sure to include any required authorization or documentation listed in the eligibility requirements section.
Send the form to ECSI for processing (address is on the form). The form must be submitted in a timely matter. If it is not, and your loan is past due, you will be assessed a LATE CHARGE and may be REPORTED AS A DELINQUENT ACCOUNT TO THE NATIONAL CREDIT BUREAUS. ECSI will process your request promptly. You will receive notification explaining whether your deferment was applied, rejected, or returned to you for additional information.
A note regarding Student Deferments: Some schools participate in a program with the National Student Loan Clearinghouse. The schools that participate in this program automatically report each student’s enrollment status to the Clearinghouse. The Clearinghouse then reports this information to all lenders and servicers. If the school you are attending is a member, you do not need to complete an In-School Deferment form, as ECSI will be notified of your enrollment automatically. Check for your schools participation at the Clearinghouse. If your school does not participate, you will need to submit a deferment form to ECSI.
Please be advised that it can take up to 60 days for ECSI to update your account after the drop/add date. You may receive delinquent notices prior to ECSI receiving this information. You can check the status of the update at anytime by logging on to your account at www.ecsi.net and clicking the “My Account” link. You will receive written confirmation in the mail after your account has been updated.
NC State University is not required to grant a deferment on loans in default. The borrower must file a form at least once a year for as long as the deferment can be claimed. For student deferments, the borrower must file a form at the beginning of each term/semester. The borrower must immediately report any change in deferment status to the lending institution.