Student Loan Frequently Asked Questions
St Olaf College International Institutional Loans
- How do I know what types of loans I have and how much I have borrowed?
- You can view your Olaf loans at Heartland/ECSI by creating or logging into your account at any time.
- You can reach out to the St Olaf Financial aid office at finaid@stolaf.edu for confirmation of the types and amount of loans you borrowed.
- What is my interest rate?
- Your loan has a fixed interest rate of 5%. Interest will begin upon the loan’s disbursement to your student account and continue until the loan is paid in full.
- When do I need to start making payments?
- Upon graduation or withdrawal from the college.
- Your loan has a 6 month grace period with the first payment due in the 7th month after graduation or a withdrawal from the college.
- You have 60 months to repay your loan beginning with the first payment.
- Check with your loan lender (St Olaf College, repayment@stolaf.edu) or loan servicer, (Heartland/ECSI) if you are unsure of exactly when your first payment is due.
- Can I make payments while I am still in school?
- Yes, but you don’t have to make payments. You can make payments on your loan at any time by logging into your Heartland/ECSI account.
- Who is my contact for my loans and how do I contact them?
- St Olaf College is your loan lender. You can reach out to repayment@stolaf.edu at any time with questions or you can contact the loan servicer Heartland/ECSI:https://heartland.ecsi.net/
Loan Lender Loan Servicer
St Olaf College Heartland/ECSI
1520 St Olaf Ave PO Box 1289
Northfield MN 55057 Moon Township, PA 15108
Phone: 507-786-3296 Phone: 1-888-549-3274
Email: Repayment@stolaf.edu Email: cservice@ecsi.net
- What do I do if I don’t have a job and/or can’t afford my payments?
- Contact your loan servicer or lender right away. As per the master promissory note, this type of loan does not have a deferment or cancellation option. You can reach out to the loan servicer, ECSI, to discuss forbearance options.
- Can I defer payment if I transfer to another institution or while in grad school?
- No. You should contact the loan servicer, Heartland/ECSI as soon as possible and complete the forbearance request form found on the form page of the Heartland/ECSI website.
- Follow the submission instructions on the form and ECSI will notify you when/if you are approved for forbearance.
- Your loan has a total of 36 months forbearance available. You must complete a request form. Forbearance is granted for 12 or less months at one time. Each time it expires, you must submit a new request form.
- I just realized I was supposed to start making payments and I have not. What should I do?
- Contact your loan servicer or lender right away. Depending on the amount of time that has passed, either they or a collection agency will assist you.
Loan Lender Loan Servicer
St Olaf College Heartland/ECSI
1520 St Olaf Ave PO Box 1289
Northfield MN 55057 Moon Township, PA 15108
Phone: 507-786-3296 Phone: 1-888-549-3274
Email: Repayment@stolaf.edu Email: cservice@ecsi.net
- What do I do when I graduate or transfer out?
- The school will notify ECSI, your loan servicer, that you have graduated or are leaving the college.
- You will receive exit counseling information from ECSI/Heartland via email from webmaster@ecsi.net. You must complete ALL exit documents.
- If you are graduating, a hold is placed on your account preventing the release of your diploma and or transcripts until your exit interview is complete.
- If you are transferring, a hold is placed on your account preventing the release of a transcript until the exit interview is complete.
- What is my minimum payment when I have to start making payments?
- The minimum amount you can pay is the fixed payment listed in your exit interview truth and lending document.
- Your fixed loan payment will depend on the amount you borrowed as well as when you start paying your loan off.
- Your exit interview will provide you with a truth and lending statement.
- This statement will include the following information:
| Separation Date | Frequency of payment |
| Grace period begins date | Interest rate |
| Grace period end date | Fixed payment amounts due |
| Due date of first payment | Term of your loan (60 months) |