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Loans

Educational loan options can help fund your college education. Loans are a form of financial aid that must be repaid, with interest. For more information on these loans, see the information below. Additional information on Federal loans can be found at studentaid.ed.gov.

Note: Title IV HEA Federal student and/or parent loans are submitted to the National Student Loan Data System (NSLDS) and are accessible by guaranty agencies, lenders, and schools who are authorized users of the system.

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
  • Do not exceed aggregate loan limits or 150% of the published program length (see below for further details)
  • Stay enrolled at least half-time
  • Meet all eligibility requirements
Additional Information:
  • Loan funds are disbursed directly to Evangel University in equal amounts for each term of the academic year
  • See the loan repayment section for information on repayment options
  • Interest rates and loan fees
  • Direct Student Loan annual and aggregate limits
  • 150% Loan Subsidy Maximum-Federal Direct Loan borrowers taking their first loan on or after July 1, 2013 may qualify for a Subsidized Direct Loan for a maximum of 150% of the length of their academic program. Students will be limited to receiving subsidized loans for 3 years in a 2 year program or 6 years in a 4 year program. Students reaching this limitation could receive unsubsidized loans if eligible. Additionally, borrowers who reach the 150% limitation will have their interest subsidy end for all outstanding subsidized loans. For more information, review this document from the U.S. Department of Education: Federal Student Aid

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:  Private Loans

  • 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
  • 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
  • Both forms can be found at StudentLoans.ed.gov

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.

Compare Private Student Loan vs. PLUS Loan for Parents

Download the comparison guide (pdf).

  • The Graduate PLUS loan, or GradPLUS loan, is a low-interest student loan offered to graduate students
  • Non-need based loan
  • Interest rate
  • 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:

Federal Direct Grad PLUS Entrance Counseling

Grad PLUS Loan Master Promissory Note through the Department of Education

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:

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. Evangel University utilizes the services of ECSI, Inc. to bill and service our Federal Perkins Loans. Please note that the Federal Perkins Loan was discontinued beginning with the fall 2018 school year. This information is provided for loans disbursed prior to closure.

The toll-free telephone number for ECSI is 1.888.549.3274 and the website is www.borrower.ecsi.net.

Through ECSI you will be able to:

  • Verify when your payments have been received
  • Update address and phone information
  • Verify account balances
  • Obtain loan payoff amounts
  • Sign-up for electronic billing
  • Make your payments
  • Download various forms, such as deferments, forbearance requests, etc.

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

  • Two–digit school code: Evangel’s code is W7
  • Your Social Security number
  • Five digit pin number, which can be obtained by calling ECSI at 1.888.549.3274

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 (additional fee applies to credit card payments)
  • Contact ECSI or log onto their website to initiate this service after you have made at least one payment by check
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 either were not sent a bill or 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 (please note: this is not the Evangel University mailing address)
    • Be sure to write your account number (Social Security number) on the check so that 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. It is the policy of the Evangel University Student Loan Repayment Office to charge late fees to Perkins Loan borrower’s accounts. The amount of the late fee is determined as follows: a late charge of 20% of the payment that is one month past due will be applied to the borrower’s account
Perkins Loan Cancellation

Learn more about the requirements for cancellations

Cancellation of Perkins Loan amounts are available for the following careers:

  • Teacher in a designated low income school listed in the Federal Register
  • Special Education Teacher or qualified provider of Early Intervention Services / Teacher of Handicapped
  • Teacher of Mathematics, Science, Foreign Languages, Bilingual Education (loans after 7-23-92)
  • Staff member performing qualified service under the Headstart Act
  • Nurse – must provide copies of License/Certification
  • Medical Technician – must provide copies of License/Certification
  • Law Enforcement/Corrections Officer for an eligible Local, State, or Federal Agency (after 11-29-90)
  • Service agent providing or supervising the provision of services to High Risk Children for Low-Income Communities and families of such children (after 7-23-92)
  • Military service member
  • Peace Corps volunteer or Americorps* VISTA volunteer
  • Full-time staff members in a pre-kindergarten or child care program
  • Full-time public defenders
  • Full-time faculty members at a tribally-controlled university
  • Librarians with a master’s degree in library science in a Title I school
  • Full-time speech language pathologists with a master’s degree in Title 1 exclusively
  • Full-time firefighters

*Amounts are generally cancelled over a five year period of service

Deferment

During deferment, the borrower is not required to pay loan principal, and interest does not accrue. The availability of deferments, as well as the criteria to qualify, are listed on the deferment form.

Forbearance

During forbearance, the borrower is not required to pay loan principal, but interest is accrued. It can be paid monthly (preferred method) or as one lump sum at the end of the forbearance, along with the full monthly payment that would normally be due at the start of repayment.

All forms are available at http://www.ecsi.net/bwr/forms/index.html and will be included in the “ECSI forms” portion of the page.

For questions or concerns regarding your Federal Perkins Loan, please contact ECSI or Office of Financial Aid at 417-865-2815, ext. 7300.

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.

Loan Exit Counseling

Complete your Direct Loan Exit Counseling online.
Complete your Perkins Loan Counseling online.