St. Olaf Loan

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

The St. Olaf Loan is an institutional loan that is funded by St. Olaf College and Serviced through ESCI. This is a loan 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 is in charge of all repayment. Their website on repayment can be found on their website directly under St. Olaf Loans.

SAMPLE PROMISSORY NOTE

Login steps to ECSI

Accept your loan through St. Olaf Financial Aid Portal before the semester begins in September or with their assigned Financial Aid Counselor if after the start of the school 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.
You will receive an email in 2-3 days from ECSI/Heartland with your PIN to be able to fill out your Promissory Note.
- Visit: https://www.ecsi.net/promF68
- Log in: If you haven’t received a PIN number, please call ECSI at 1-888-549-3274 or your Financial Aid Counselor.
- Please email your assigned Financial Aid Counselor or the general Financial Aid email (finaid@stolaf.edu) once you have completed this part.
After you have submitted the Promissory Note, the Financial Aid Office will disburse the loan after 3 business days into your SIS account.
Once the loan is disbursed to your SIS account with Olaf, create an account with ECSI, as this is where your will make payments on the loan.
If you need to increase the amount, you are required to complete a new Promissory Note. The Promissory Note or “Prom Notes” 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.

Whenever you accept St. Olaf loan in a new school year or increase the amount in a current school year, you are required to complete a new Promissory Note.
Accept your loan through St. Olaf Financial Aid Portal before the semester begins in September or with their assigned Financial Aid Counselor if after the start of the school 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.
You will receive an email in 2-3 days from ECSI/Heartland with your PIN to be able to fill out your Promissory Note.
- Visit: https://www.ecsi.net/promF68
- Log in: If you haven’t received a PIN number, please call ECSI at 1-888-549-3274 or your Financial Aid Counselor.
- Please email your assigned Financial Aid Counselor or the general Financial Aid email (finaid@stolaf.edu) once you have completed this part.
After you have submitted the Promissory Note, the Financial Aid Office will disburse the loan after 3 business days into your SIS account

Do I need a Social Security Number to Borrow My Olaf?

Yes! You will need a social security number to borrow your St. Olaf loan. All SSN questions can be directed to Amanda Weber. She can be emailed at weber5@stolaf.edu or schedule an appointment with here HERE.

Can I obtain the loan when I am not a student yet or have graduated?

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 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 a 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 Notes” 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 it take to process to get my loan?

Once you accept your loan, it takes 2-3 business days to get the email from ECSI/Heartland. Once the Prom Note is complete, the Financial Aid Office must wait 3 business days to put the loan into your SIS account. So, taking out your loan can take a minimum of a week to get into your account.

For example, a student requests their loan on a Wednesday. The email to with their PIN to complete the Prom note will come in Friday. Then they complete the paperwork Monday. Waiting period, Tuesday, Wednesday, Thursday. Loan disbursement 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.

What does the Prom Note look like?

Examples to our website coming soon! If you’d like to see an example of the prom note, please reach out to the Financial Aid Office

What email and Address should I put when Completing the Prom Note?

Please avoid using your St. Olaf email and St. Olaf Address when completing the Prom Note as this will need to be changed when you complete the Exit Counseling when you are leaving St. Olaf. Save yourself having to update your account by using your personal address and email.

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.

Can my loan go right into my bank account?

Loan funds will go to cover any account balances first. If you have a balance, your loan will pay off your St. Olaf balance first.

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. Please be sure to plan accordingly when large costs that may need your Olaf Loan come up.

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.

I have questions on repayment!

Repayment on St. Olaf Loans are through the Student Accounts Office. Their website on repayment (including a Frequently Asked Questions) can be found on their website or by emailing repayment@stolaf.edu.

St. Olaf Loan

Institutional Loans for International Students

Login steps to ECSI

How to Take Your St. Olaf Loan

Frequently Asked Questions