St. Olaf Loan

Financial Aid
Applying for Financial Aid
International Students
St. Olaf Loan

Institutional Loans for International Students

The St. Olaf Loan is an institutional loan funded by St. Olaf College and serviced through ESCI. This loan is for international students and non-eligible noncitizens (ex. DACA students) that are not eligible for any federal loans.

The St. Olaf Loan can show up under four different names on a student account, an Olaf Loan, a Thompson Loan, an Estrem Loan, or an Eiselein Loan. All the loans are the same, with same eligibility requirements.

The Financial Aid Office is responsible for awarding and disbursing funds.

The Student Account Office manages repayment. For information on the repayment process, please review their website.

Sample Promissory Note

ECSI Login Steps

STEP 1: Enter Information Step 2: Authentication

Step 3: Consent Step 4: Confirmation

Accept Your Loan

Accept your loan through the St. Olaf Financial Aid Portal before fall semester begins, or email your assigned Financial Aid Counselor if you want to accept your loan after the start of the academic year.
- You will need to know how much you would like to borrow in order to accept your St. Olaf Loan.
- If you accept your loan online, please email your assigned Financial Aid Counselor or the general Financial Aid email (finaid@stolaf.edu) to let them know you have accepted your loan.

Promissory Note

Students are required to complete a promissory note for every loan they take out. To be able to complete the form, you must have a Social Security Number (SSN). Since most international students do not receive a SSN until after fall semester begins, your loan will be listed on your tuition account (SIS) as “anticipated aid” until you receive a SSN, complete the promissory note, and the funds are disbursed.
- A promissory note or “prom note,” is a legally binding contract between a borrower (student) and a lender (St. Olaf College) in which the borrower promises to repay their loans, interest, and any fees.
Once you receive your SSN, a promissory note will be generated and you will receive an email in 2-3 days from ECSI/Heartland with your PIN. Use this PIN to log in and complete the form.
- If you haven’t received a PIN number, please call ECSI at 1-888-549-3274 or your Financial Aid Counselor.

Waiting Period & Disbursement

After the promissory note is submitted, and the mandatory waiting period of three business days has passed, the Financial Aid office will disburse the loan funds onto your tuition account.
- The Financial Aid office is legally required to wait three business days before applying these funds to a student’s account. Funds cannot be disbursed before this waiting period, even for extenuating circumstances.

Create an ECSI Account

Once the loan is disbursed to your account, you will need to wait a few days, then create an account with ECSI. This is where you will make payments and view your loan information.

Note: You must complete a new promissory note if you want to increase your loan amount.

Accept Your Loan

Accept your loan through the St. Olaf Financial Aid Portal before fall semester begins, or email your assigned Financial Aid Counselor if you want to accept your loan after the start of the academic year.
- You will need to know how much you would like to borrow in order to accept your St. Olaf Loan.
- If you accept your loan online, please email your assigned Financial Aid Counselor or the general Financial Aid email (finaid@stolaf.edu) to let them know you have accepted your loan.

Promissory Note

You will receive an email in 2-3 days from ECSI/Heartland with your PIN. Use this PIN to log in.
- If you haven’t received a PIN number, please call ECSI at 1-888-549-3274 or your Financial Aid Counselor.
Fill out and sign your promissory note.
- The promissory note, or “prom note,” is a legally binding contract between a borrower (student) and a lender (St. Olaf College) in which the borrower promises to repay their loans, interest, and any fees.
- You are required to complete a new promissory note each time you take out a loan or increase the amount of a loan.

Waiting Period & Disbursement

After the promissory note is submitted, and the mandatory waiting period of three business days has passed, the Financial Aid office will disburse the loan funds onto your tuition account.
- The Financial Aid office is legally required to wait three business days before applying these funds to a student’s account. Funds cannot be disbursed before this waiting period, even for extenuating circumstances.

Do I need a Social Security Number to borrow an Olaf Loan?

Yes, you do need a social security number to borrow your St. Olaf Loan. All SSN questions can be directed to Amanda Weber by email or appointment.

Can I obtain an Olaf Loan when I am not a student yet or have graduated?

No, you must be an active, current international student with a Social Security Number to receive a St. Olaf Loan.

Can I receive a St. Olaf loan in the Summer Term?

No, St. Olaf Loans are not disbursed in the summer.

What can I borrow my Olaf Loan for?

1. Education related expenses

2. Tuition/Housing/Meal Plan

3. Internships

4. Passport renewal

5. VISA entry/SEVIS fee

6. Study abroad costs

7. Computer purchase

8. Glasses

9. U.S. Taxes

What are not permitted uses for an Olaf Loan?

1. Vacation

2. Buying a car

3. Paying for personal credit card bills

4. Sending funds home/abroad

How much can I borrow each year?

The maximum a student can borrow each year is USD$4,000 with a lifetime maximum of USD$16,000

Can non-international students receive an Olaf Loan?

Only international students and Non-eligible non-citizens (Ex. DACA students) that are not eligible for federal aid are eligible for the St. Olaf Loan.

What is a prom note?

The promissory note or “prom note” is a legally binding contract between a borrower- student, and St. Olaf College- lender, promising to repay loans, interest, and any fees. This will be completed online with Heartland/ECSI.

How long does will it take to process my loan?

Once you accept your loan, it will take 2-3 business days for your promissory note to be generated. You will get an email from ECSI/Heartland when the form is available. Once you complete the promissory note, the Financial Aid Office must wait 3 business days to apply the loan to your SIS account. In other words, it can take a week or longer for the loan to be added to your account.

For example, a student requests their loan on a Wednesday. The email to with their PIN to complete the Prom note comes in on Friday. They complete the paperwork on Monday. After the 3 day waiting period (Tuesday, Wednesday, Thursday), the loan is applied to the student’s account on Friday.

When is the last day I can request an Olaf Loan

Graduating students can request an Olaf Loan until May 1st. Non-graduating student can request an Olaf Loan until May 8th.

Who should I put as my prom note references

The references are just people that would know how to get in touch with you after your time at St. Olaf College. They would only be reached out to if ECSI is not able to contact you when you are in repayment. Put someone in your life that will know how to contact you in the future.

What email and address should I put when completing the exit counseling?

St. Olaf needs a way to contact you regarding your loan after you graduate or leave the college, so you cannot use your St. Olaf email and St. Olaf address when completing the exit counseling form. If you do use your St. Olaf email or address, the form will be considered incomplete and a diploma hold will be placed on your account.

Can my loan be applied directly to my bank account?

No, loan funds are disbursed to your student account and are applied towards your balance. If you have a credit after the loan is applied, you can submit a refund request in SIS to have the funds sent to you.

What should I do if my loan is more than what I owe?

If you borrow more than what is owed on your student account, you would have what is called a credit refund. To request your credit refund to go into your personal account, you will need to request it through your SIS account. Credit refund requests are processed on Mondays and checks are disbursed on Fridays. If you have any additional questions on credit refunds, please see Student Accounts’ website on Credit Refunds

What if I need the funds right away?

We have mandatory waiting times before we can add funds into student accounts, so it usually takes at least a week for funds to be added to your student account. It can also take another week for the funds to be sent to you if you submit a refund request after the loan is applied to your student account.

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 exit counseling? Am I required to do it?

Exit counseling provides important information that you will need as you prepare to repay your loan. During exit counseling you will review the terms and conditions that apply to your loan, be introduced to your repayment plan and learn important information to avoid default. The purpose of exit counseling is to ensure you know your rights and responsibilities as a loan borrower who must begin repaying the loan back within 6 months of departing St. Olaf.

Exit counseling is required by law, and all students must complete it when they graduate or leave the college.

When do I have to complete exit counseling?

Loan exit counseling is required by any student who is dropping below half time, withdrawing from St Olaf, taking a leave of absence, transferring, or graduating from St. Olaf College. Graduating students will not receive their diploma until their exit counseling is done.

How do I complete exit counseling?

Students can complete exit counseling online by following the steps below:

Sign in or create an ESCI account.
Click on “Connect An Account” and provide your Heartland Key. You will be redirected once this is complete.
Select the school name, then click “View Account”.
Your exit interview will be listed under the “Documents” tab.
Reach out to ECSI/Heartland directly with any questions.

Do NOT list your St. Olaf email or physical address as your contact information. You MUST change your contact information during the exit counseling process.

What address and email should I list on the form?

Do NOT list your St. Olaf email or physical address as your contact information. You MUST change your contact information during the exit counseling process.

If you don’t keep your contact information up to date and the servicer or college is unable to reach you regarding your loan, your account may be placed with an outside collection agency which can negatively impact your credit.

Where can I find information on repaying my St. Olaf Loans?

The Student Accounts office manages St. Olaf Loan repayment. For information about repayment, you should review their website or send them an email at repayment@stolaf.edu.

St. Olaf Loan

Institutional Loans for International Students

ECSI Login Steps

Loan Process & Timeline

Accept Your Loan

Promissory Note

Waiting Period & Disbursement

Create an ECSI Account

Promissory Note

Waiting Period & Disbursement

Frequently Asked Questions