Repayment starts nine months after exiting the Federal Perkins Loan Program. Statements are sent by our billing agency ACS. If you are a borrower in repayment you may contact ACS, www.afsa.com, regarding your account.

If you believe that you may qualify for a cancellation, deferment, forbearance or rehabilitation please read the links related to those areas. Upon determining your qualification you may acquire the appropriate forms directly from ACS or from Saint Martin's Student Loan Administration Office at (360) 438-4393.

Billing schedule

Payments are due the first of each month. If your payment is not received by the time the next month's bill are run, your account will be assessed a late charge. Saint Martin's University utilizes the services of ACS Education Services.  Your bills will come directly from ACS as our billing service, they can be reached at:

ACS EDUCATION SERVICES
2505 SOTH FINLEY ROAD STE 100
LOMBARD, ILLINOIS 60148-4899

Consequence of default

Definition of default

• Failure to make a scheduled payment when due under the repayment schedule established by the institution
   
• Failure to submit to the institution, on or before the date on which the payment is due, documentation that qualifies the student loan for a deferment, forbearance or cancellation provision listed on the loan's promissory note.

The following action may occur on loan in default:

• Assessment of a $8.00 monthly collection charge to your account
   
• Delinquency reported to a national credit bureau. A poor credit rating can hamper the possibilities of obtaining loans. If you are planning on financing a house or auto in the future, it is essential to remain up-to-date on your loans. Credit ratings usually remain on the Credit Bureau records for at least (6) years following the closing of the loan.
   
• Ineligibility for future Title IV financial aid. Once a Federal Student Loan enters default status, it is extremely difficult to regain eligibility for additional financial aid.
• Placement of the loan with a licensed collection agency. Accounts placed with a collection agency are assessed fees that are charged by the agency. 
   
• Litigation and court costs. Costs of litigation can sometimes be quite high. Per Federal Regulations, these costs are charged to the student/borrower.
   
• Assignment of the loan to the U.S. Department of Education.  Our office is not authorized to service any account assigned to the Department of Education. The deferment and cancellation provisions on the promissory note would no longer be valid. The Department of Education is also authorized to garnish income tax returns to recover the outstanding balance of assigned student loans.

Repayment