This is not your Stafford Loan.
The Evergreen State College is the lender for your Perkins Loan. If you have questions or concerns, your loan is held here and we will be glad to work with you. Call us at (360) 867-6440.
University Accounting Service (UAS) is our billing service. You will receive monthly billing statements for your loan. Checks should be made payable to The Evergreen State College and sent to: UAS, PO Box 5291, Carol Stream, IL 60197-5291-not Evergreen. Include your loan number on your payment to ensure timely processing.
You are responsible for telling the Perkins Loan office when you move. According to your Promissory Note, YOU get to tell us when you move. Please don't assume that since you have told another office at The Evergreen State College your new address that this office will know! Your permanent address is only permanent when you use it as your return address. The consequences of a bad address are often late payments and default, and the bad news about default is collection agencies.
Student Deferment forms need to be submitted for each term you attend school at least half-time.
The Perkins Loan office is NOT automatically notified if you return to school (The Evergreen State College or another institution). It is your responsibility to notify us if you return to school and to submit the appropriate forms in a timely manner.
If you feel you are eligible for deferment or cancellation for any reason, it is your job to request and submit the appropriate form on time, completed correctly and with any necessary documentation to support your information.
If you have problems, please do not wait until your loan becomes delinquent to call. Accounts are reported on a monthly basis to the credit bureaus, and your payment record cannot be fixed retroactively. If you do not submit payments or paperwork in a timely manner, your credit rating could be affected. There are solutions, one may fit you, but you need to contact this office at the first sign of any financial problems on your horizon.
If you default, your account will most likely be placed with a professional collection agency for further collection action. If you choose to let this happen by not responding to our requests for action, your loan will be accelerated (made fully due) and placed with a collection agency. You would be responsible for paying all collection and/or legal fees incurred (up to 100% of the full amount owed).
Loan consolidation may be a consideration for some borrowers. Please be aware if you choose to consolidate your Perkins Loan with your other loans, you will lose the benefits of the Perkins Loan (5% interest rate, deferment and cancellation benefits). Be sure to look at all consequences of consolidation, especially if you plan to work in a field that may qualify for cancellation (Teaching, Child & Family Services, to name two).
Loan rehabilitation is offered to all defaulted borrowers of a Perkins Loan. To qualify for rehabilitation, your account needs to be in default. If you request rehabilitation of your defaulted Perkins Loan, you must make 12 consecutive monthly payments (amount agreed upon by The Evergreen State College). Once the 12th consecutive payment is received, your account will be brought current, the default information removed from your credit report (wipe the slate clean) and regular repayment resumes. You may be required to sign a new repayment agreement at that time. Please contact this office for more information on loan rehabilitation.
A HOLD will be placed on your Student Account at The Evergreen State College if you do not complete an Exit Interview for your Perkins Loan or if your account becomes delinquent. No college services will be allowed while a hold is on your account. This includes the release of diplomas and transcripts. You may also jeopardize your ability to receive further financial aid if you allow your account to become past due.
Please do not be afraid to contact this office should you run into financial difficulty. We are here to assist you in any way we can. We want to work with you to keep your loan in good standing.