Loan Repayments

Federal Perkins Loans are low-interest student loans that participating schools make to eligible students. This is a campus-based loan program, with the school acting as the lender for funds provided by the federal government. There is no origination or guarantee fee. No interest accrues on a loan while a student is enrolled at least halftime in an eligible program. After the student leaves school, there is a nine month grace period before repayment begins. The loan repayment period is 10 years. "This loan program is currently suspended by the federal government."

NSL loans are low-interest student loans that participating schools make to eligible nursing students. This is a campus-based loan program, with the school acting as the lender for funds provided by the Department of Health and Human Services. There is no origination or guarantee fee. No interest accrues on a loan while a student is enrolled at least halftime in an eligible program. After the student leaves school, there is a nine month grace period before repayment begins. The loan repayment is 10 years.

Federal regulations require that you complete exit loan counseling for your Perkins and/or your Student Nursing Loans if you graduate or drop below six credits. You will be notified by UNISA, the billing agency, on how to complete this process during your grace period.

For information regarding consolidating your loans, you may contact the loan repayment office at 978.542.6117.  We can calculate different repayment options for you so that you are better informed in your selection of your repayment obligation.

There are options available to you before you default on your loan. Contact us immediately if you fall behind on your payments. You may be eligible for a deferment (postponement) or hardship forbearance (extension of time for repayment). Qualifying situations may include, but are not limited to:

• In-school
• Economic hardship
• Temporary disability
• Internship
• Unemployment
• Military/public service

If you contact us for a deferment or hardship forbearance please keep in mind that we help thousands of borrowers that graduated from or left Salem State University. We will do our best to process your paperwork as soon as possible.

UNISA, a billing service for Perkins and Student Nursing Loans, is under contract with Salem State University to perform all the billing and accounting for these two loan programs. You will receive payment information at your exit interview.

Questions about your payments?

Contact UNISA

If you do not make payments on your outstanding loans there can be serious consequences:

• Account reported to credit bureaus
• Loss of deferment options
• Federal government takes tax refunds
• Portion of your wages can be withheld
• Lose eligibility for further financial aid
• Account turned over to collection agency
• Total debt increased due to fees
• Federal government can take legal action
• State tax intercept

• Borrow only what you need.
• Keep an information folder with all of your exit packet information, cancelled checks, promissory notes and other important information regarding your loan(s).
• Complete your required loan exit counseling. 
• Make your payments on time.
• Make sure you notify Salem State University Loan Repayment Office and UNISA of any address changes, name changes, etc.
• As soon as you encounter financial difficulties contact the Loan Repayment Office immediately before you stop making payments on your loan(s).
• Consider loan consolidation options.
• Read thoroughly all correspondence that you receive from the Salem State University Loan Repayment Office and UNISA.