Loan Repayment

Repayment

Revolving Student Loans are institutional loans offered by NNU. ACS Education Services, a billing service for student loans, is under contract with Northwest Nazarene University (NNU) to perform the billing for your Revolving Student Loan. If you have questions regarding your loan you may contact NNU at 208-467-8534 or campusloans(at)nnu.edu

The loan you received to help you with your education comes from a revolving fund. Your prompt payment of that loan will return monies to the fund which can be used by others for the funding of their education.

Payment begins 90-days after the date you cease to be enrolled at NNU as at least a half-time regular student.

Statements are prepared and mailed by ACS on or near the 1st of each month for current loan accounts. If your loan is past-due, statements are prepared on or near the 15th of each month.

You must make payments on your loan even if you do not receive a bill or payment notice. Billing statements are sent to you as a convenience, but you are obligated to make payments even if you do not receive any reminders.

If you fail to make full payment when due or do not file forms with the proper documentation in a timely manner, you will be assessed a late charge and may be reported as a delinquent account to the national credit bureaus. 

If you fail to fulfill your responsibilities concerning your student loan, you may be required to repay the entire loan immediately including accrued interest, late charges, collection fees and legal costs.

Option 1: Payments can be made online at ACS. 

ACS offers several electronic payment options. Find out more under the Express Pay tab.

Option 2: Payments with a coupon can be mailed to a third party.

Northwest Nazarene University
c/o ACS, Inc.
P.O. Box 3295
Milwaukee, WI 53201

Please make your check payable to Northwest Nazarene University and be sure to include your tear-off payment coupon with your check. Also, it is always helpful to have your account number on your check. 

Option 3: Payments without a coupon can be mailed directly.

Northwest Nazarene University 
Business Office-Student Loans 
623 S. University Blvd 
Nampa, ID 83686 

ACS Education Services
Campus Products and Services
P.O. Box 7061 
Utica, NY 13504-7061

Deferments

A deferment is a period of time during which the borrower is not required to repay the loan principal. Being an institutional loan, deferments under this loan program are very limited. 

A borrower must request the deferment in writing from NNU and must submit to NNU any documentation required to prove that he or she qualifies for deferment. If the borrower is eligible for deferment, he or she must request the deferment in a timely manner. If it is not, and the borrower's loan is past-due, he or she will be assessed a late charge, and may be reported as a delinquent account to the National Credit Bureaus, and may also lose deferment benefits.

Student Deferment

A borrower may be eligible for a school deferment, and may defer making scheduled installment payments and will not be liable for any principal or interest during any period that he or she is enrolled and in attendance at least half-time as an undergraduate student seeking his or her first baccalaureate degree at Northwest Nazarene University. This deferment is followed by a 90-day grace period. Undergraduate enrollment at another institution does not qualify for school deferment. 

A borrower may be eligible for a school deferment of principal only after graduating from NNU but will be liable for any interest that accrues during any period that he or she is enrolled and in attendance as a full-time graduate student at either NNU or a Nazarene Seminary. Interest must be paid monthly to NNU, unless special arrangments are made with the NNU Student Loan Office. This deferment is followed by a 90-day grace period as long as the borrower continues to make the interest payments during this 90-day period.

Forbearance

Forbearance is usually a temporary postponement of payments. The borrower may alternatively request an extension of time allowed for making payments or the acceptance of smaller payments than were previously scheduled. 

The borrower must request forbearance in writing, providing documentation that supports the borrower’s claim that he or she is financially unable to make the scheduled payments. 

If in NNU's opinion, circumstances such as prolonged illness or unemployment prevent the borrower from making the scheduled payments, forbearance may be granted. Interest will continue to accrue and must be paid monthly unless special arrangements are made with the NNU Student Loan Office to pay this interest on a different time schedule. 

Download a Forbearance Request
(Note: use this form only if you attended and received your loan from Northwest Nazarene University)

Consolidation

You may want to check with your Stafford Loan lender to see if they will consolidate a private/institutional loan (this is your Revolving Student Loan). Many of these lenders only consolidate federal loans (Stafford, Perkins, Plus). Below are a few websites we have found that consolidate private loans. Look at the advantages and disadvantages very closely when making your decision to consolidate any loan.

Wells Fargo Education Connection Consolidator Loan 
800-658-3567 or 800-378-5526

Key Education Resources
800-539-5363  

Chase Student Loans
800-487-4404

SunTrust Education Loans
800-597-5286

Next Student
800-299-4639

You may also want to check out the Smart Student Guide to Financial Aid website at http://finaid.org/loans/privateconsolidation.phtml for information on lenders who may consolidate a private loan.

Warning

It is always good financial practice to never give information to consolidation companies who call you first. If the company seems to have an interesting deal, research it first, confirm any important selling points, then call THEM at their listed number.