Information About Your Soka Loan
Read the information below. There will be a quiz at the end of this form.
Soka Loan is money you borrow directly from Soka University of America and you must repay with interest.
Interest is what it cost to borrow money. Soka Loan has a fixed interest rate. 2014-2015 interest rate is 4.0%
Grace Period: You will receive a 6-month grace period on repayment of each Soka Loan that you receive. Your 6-month grace period begins the day after you graduate, drop below half-time enrollment or withdrawal from the university. You do not have to begin making payments on your loan until after your grace period ends.
Standard Loan Repayment: Fixed payment of at least $50 per month. Standard repayment period is 10 years.
You may receive a deferment while you are:
• Enrolled at least half-time at an eligible school;
• A volunteer in Peace Corps;
• A full time member/officer of U.S. Armed Force or in the U.S. Public Health Service;
In order to receive a deferment, you must submit a “Deferment Request Form” with supporting documentation to your loan servicer.
Early Repayment: You may prepay all or part of your Soka loan(s) at any time without a penalty.
Your loan servicer is Educational Computer Systems, Incorporated (ECSI). You should contact ECSI when you have questions about your loan, repayment options, change your name, email, address, or phone number. You will send your loan repayments to ECSI, but the check should be made out to: Soka University of America.
If you do not receive a billing statement, you must contact ECSI or log in to your ECSI account for your loan information.
FAILURE TO MAKE TIMELY PAYMENTS OR NO PAYMENTS
You Soka Loan will become delinquent the first day after you miss a payment. A hold will be placed on any delinquent Soka Loans. A hold will prevent the you from registering and receiving all services from SUA including release of transcript, grades, and alumni services.
You loan account will be placed with a collection agency when loan payments are not made and contact with the payee could not be established. Delinquent loans will be reported to credit bureaus and borrowers will be responsible for any collection costs including but not limited to agency fees, attorney's fees, court costs, and other fees relating to collection of the loan.