Student Loan Repayment and Servicing

Effective March 27, 2020, the Department of Education has instructed all Direct Loan Servicers to suspend interest calculation and payments for borrowers in repayment of Direct Student Loans. For more information, visit the Department of Education.

May 1, 2022, the University of Chicago has resumed repayment for Federal Perkins and Institutional Loans.

• Federal Loans – U.S. Department of Education
• Private Loans – Contact the Lender Directly
• Perkins Loans – University of Chicago Loan Service Provider (ECSI)
• Institutional Loans – University of Chicago Loan Service Provider ( ECSI)
  
  

There are special situations which may qualify you to postpone making monthly payments on your loans. You must contact your lender directly to apply for deferment or forbearance on your student loans.

Special Repayment Options

• Deferment – A specified and limited period of time during which payments on principal and interest are not due.
• Forbearance – A period in which the holder of the loan permits lower monthly payments due to the borrower’s inability to pay in full.
• Cancellation/Public Service Loan Forgiveness – Loan is cancelled or forgiven in exchange for service requirements.
• Consolidation – The process to combine loans into one single monthly payment.
  • We encourage you to review important information on Public Service Loan Forgiveness (PSLF), and Loan Consolidation at StudentAid.gov. Federal Perkins Loans may become eligible for PSLF if you consolidate them into a Direct Consolation Loan.

For more information on repayment options please contact your Loan Servicer directly.

• Federal Loans – U.S. Department of Education
• Private Loans – Contact the Lender Directly
• Perkins Loans – University of Chicago Loan Service Provider (ECSI)
• Institutional Loans – University of Chicago Loan Service Provider ( ECSI)