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Interest Rate

The annual interest rate charged on the unpaid balance of the Federal Perkins Loan is 5%. Before July 1, 1981, the rate was 3%; between July 1, 1981, and September 30, 1981, the interest rate was 4%. The interest rate is stated in the borrower's promissory note.

Grace Period

"Grace Period" is the period of time before the borrower must begin or resume repaying a loan. The grace period begins when you cease to be enrolled at least as a half-time student.

Loan Repayment

Repayment of the Perkins Loan begins when the grace period ends. If you received a Perkins loan after October 1, 1980, repayment begins six months after the date the borrower drops below at least half-time enrollment. At the time a borrower drops below half-time enrollment or leaves school, Graceland University must conduct an exit interview, during which pertinent information and a repayment schedule are provided to the borrower. The repayment schedule contains the number of payments, interest rate, date of the first payment and frequency of payments. Loan payments are due on the first day of each month. Monthly payment amount depends on the amount borrowed. The repayment period may not exceed 10 years.

Graceland University sends monthly statements to loan borrowers. However, payment of your debit is not contingent upon receipt of a bill from us. When you make a payment by check or money order, please include your social security number on the check or money order and make it payable to Graceland University.

Graceland University
c/o ECSI,
P.O. Box 400550,
Pittsburgh, PA 15268-0550

The annual interest rate on the unpaid balance of long term institutional loan varies from 18% to 19.5%. The interest rate is stated on the borrower's promissory note.

Grace Period

"Grace Period" is the period of time before the borrower must begin or resume repaying a loan. The grace period begins when you cease to be enrolled at least as a half-time student. Please note a short-term tuition loan does not have a grace period. Grace periods for long-term institutional loans are 6 months. Please refer to your promissory note for details.

Loan Repayment

Repayment of a long-term institutional loan begins when the grace period ends (if a grace period is applicable). At the time a borrower drops below half-time enrollment or leaves school, Graceland University must conduct an exit interview, during which pertinent information and a repayment schedule are provided to the borrower. The repayment schedule contains the number of payments, interest rate, date of the first payment and frequency of payments. Long term institutional loan payments are due on the first day of each month. Monthly payment amount depends on the amount borrowed. The repayment period may not exceed 10 years.

Repayment for a short-term institutional loan is due on the first day of the last month in a semester (i.e., in fall the due date is December 1). An exit interview is not required for a short-term loan.
Graceland sends monthly statements to loan borrowers. However, payment of your debit is not contingent upon receipt of a bill from us.

When you make a payment by check or money order, please include your social security number on the check or money order and make it payable to the Graceland University.

The address for payments is:

Graceland University
c/o ECSI
P.O. Box 400550
Pittsburgh, PA 15268-0550

If you have questions about your institutional loan, you may contact the office by telephone, e-mail or US mail (see the address above). We are here to help you. Don't Default. Let us help.