Loans

There are two types of Federal Direct Loans.

Direct Subsidized Loan:

• Direct Subsidized Loans are need based
• Government pays the interest while you are enrolled in school at least half-time
• Payments are deferred until six months after the student graduates, withdraws, or drops below half-time status
• Direct Subsidized Loans are available to undergraduate students

Direct Unsubsidized Loan:

• Direct Unsubsidized Loans are non-need based
• The borrower is responsible for interest while in school (interest accrues while you are in school and will be capitalized when you enter repayment)
• Payments are deferred until six months after the student graduates, withdraws, or drops below half-time status
• Direct Unsubsidized Loans are available to undergraduate and graduate students

To Qualify for Direct Loans:

• File the FAFSA annually
• Complete Verification, if selected
• Accept the loan via My Financial Aid in your student portal
• Complete Loan Entrance Counseling through the Department of Education or My Financial Aid (first time borrowers only), to ensure you understand your obligation to repay the loan
• Sign Direct Loan Master Promissory Note through the Department of Education or My Financial Aid (first time borrowers only), agreeing to the terms of the loan
• Maintain Satisfactory Academic Progress
• Stay enrolled at least half-time
• Meet all eligibility requirements

• Low-interest student loan that parents (biological, step or adoptive) can borrow for their dependent, undergraduate student who is attending at least half-time
• Interest rate and loan fees
• Loan funds are disbursed directly to Evangel University in equal amounts for each term of the academic year
• The maximum that can be borrowed is the cost of education less any other forms of financial aid
• PLUS loans CANNOT be processed after the end of the loan period; therefore, they cannot be used to pay a past due balance
• Payments can be deferred until 6 months after the student graduates, withdraws, or drops below half-time status
• Borrower is responsible for interest while student is in school (interest accrues while student is in school and will be capitalized when you enter repayment)
• If a parent is denied a PLUS loan, their student will be offered additional unsubsidized Direct Loan funds in the student’s name. Freshmen and sophomores are offered an additional $4,000 and juniors and seniors are offered an additional $5,000

Parent PLUS Loan Details

Instructions for Parent PLUS loan borrowers:

• Student must file a FAFSA
• Complete the Parent Plus Loan Application, which includes a credit check
• If approved, the Parent PLUS Loan Master Promissory Note must be completed in order for the loan to be processed, to ensure you understand the terms and your obligation to repay the loan

Alternative Education Loans are offered through private lenders and are usually in the student’s name and require a cosigner.  Review our preferred lender list and apply here.

• The Graduate PLUS loan, or GradPLUS loan, is a low-interest student loan offered to graduate students
• Non-need based loan
• Interest rate and loan fees
• Borrower is responsible for interest while in school (interest accrues while you are in school and will be capitalized when you enter repayment)
• Loan funds are disbursed directly to Evangel University in equal amounts for each term of the academic year
• The maximum that can be borrowed is the cost of education less any other forms of financial aid
• Payments can be deferred until 6 months after the student graduates, withdraws, or drops below half-time status
• The interest is tax deductible for most graduate students

To Apply:

• File a FAFSA
• Complete the Graduate PLUS Loan Application, which includes a credit check
• Accept the loan via My Financial Aid in your student portal
• Complete Federal Direct Grad PLUS Entrance Counseling through the Department of Education or My Financial Aid to ensure you understand your obligation to repay the loan
• Sign Grad PLUS Loan Master Promissory Note through the Department of Education or My Financial Aid , agreeing to the terms of the loan
• Enroll at least half-time
• Maintain Satisfactory Academic Progress
• Meet all eligibility requirements

Federal Direct Loans

Repayment on Federal Direct Loans begins six months after a student has left school or has dropped to less than half-time status. Questions concerning repayment of Federal Direct Loans should be directed to your lender or the Office of Financial Aid. Students can check out the National Student Loan Data System to see a history of all federal student loans.

Helpful links for questions concerning federal loan repayment:

• Loan Repayment Estimator
• Federal Loan Repayment Options
• Federal Direct Loan Consolidation Center

Federal Perkins Loan

The Federal Perkins Loan is a 5% fixed interest loan. Interest charges and repayment of principal begin nine months after the student leaves school or drops below half-time enrollment.

Federal Perkins loans that have not been either paid in full, cancelled, or consolidated have been Assigned to the Department of Education and are no longer being serviced by Heartland ECSI. If your Perkins loan is still in active repayment, you may contact the DOE-appointed servicer ECSI Federal at 866.313.3797 or https://efpls.ed.gov for more information.

Evangel University Student Loans (EUSL)

In some cases, Evangel University may offer a loan to help students cover remaining expenses. The interest rate on the EUSL is six percent and EUSL payments are made through our loan servicer – ECSI. The toll-free telephone number for ECSI is 1.888.549.3274 and the website is www.borrower.ecsi.net.

All students who graduate or withdraw (meaning they’re no longer enrolled on at least a halftime basis) from Evangel University must complete an exit interview for their loans. Repayment will begin six months after graduation or withdrawal.

Through ECSI you will be able to:

• Verify when your payments have been received
• Update address and phone information
• Sign-up for electronic billing
• Make your payments

To access ECSI’s system you will need three codes:

• Two digit school code – Evangel’s code is W7
• Social Security number
• Five digit pin number, which can be obtained by calling ECSI

Another helpful feature is that ECSI provides payment options, such as:

• Electronic Funds Transfer (EFT/ACH)
• Payment date choice (only if using EFT)
• Credit card

Other Information:

• Failure to receive a bill does not negate your responsibility to pay
• If you are ever in the position of needing to make a loan payment but you were not sent a bill or you have misplaced your bill, follow these simple instructions:
  • Always make your check payable to Evangel University
  • Mail to: ECSI PO Box 718, Wexford, PA 15090 (notice: this is not the Evangel University mailing address)
  • Be sure to write your account number (Social Security number) on the check so the payment will be accurately posted to your account(s)
• Failure to either make payment or file an approved deferment form will result in the delinquency being reported to the credit bureau

For questions or concerns regarding your Evangel University Student Loan, please contact ECSI or the Office of Financial Aid at 417.865.2815, ext. 7300.