Student Loan Repayment & Exit Counseling

NEW (September 2023): Click here for the most up-to-date information on entering (or re-entering) repayment on your Federal Student Loan(s)

Most student loans begin repayment six months after the student graduates, withdraws, or takes a leave of absence from the college. Students who have borrowed a federal loan while at Wheaton are required to attend exit counseling where they will receive important information regarding their cumulative loan amount borrowed as well as loan repayment options. Exit counseling is conducted during the spring semester of a student’s senior year of college. Students who withdraw or take a leave of absence from the college will receive exit counseling information by mail.

All graduating students must complete loan exit counseling.

Video: What to expect at Repayment

More information and videos are available on the Federal Student Aid website.

For details regarding specific loan programs, please review the following information:

Federal Direct Loans

Your Wheaton College financial aid award package may have included a Federal Direct Loan. If your loans were federally subsidized, or if you chose to capitalize the interest on your unsubsidized loans, repayment will begin approximately six months after your separation (graduation, withdrawal, or leave of absence) from Wheaton College.  You will be sent billing information by the Direct Loan Servicing center prior to going into repayment.

Information regarding the Federal Direct Loan program including a repayment calculator is available at the Federal Student Aid website.

Federal Perkins Loans

Your Wheaton College financial aid award package may have included a Federal Perkins Loan.  Perkins loan repayment begins after your nine month grace period expires. Wheaton College is the lender for the loan and Heartland/ECSI is the loan servicer.  As the servicer, Heartland/ECSI sends Perkins loan billing statements to the borrower, processes loan payments, deferments, payoff amounts and consolidations.

For definitions of important terms, information on various deferments, and general questions, please visit the Heartland/ECSI website.

Wheaton College Institutional Loans

Your Wheaton College financial aid award package may have included an Institutional Loan such as the Alice Friend Ireland ’34 Loan or the Troderman Loan. These loans are awarded to students who meet very specific awarding criteria. Wheaton College is the lender for this loan and Heartland/ECSI is the loan servicer. As the servicer, Heartland/ECSI sends institutional loan billing statements to the borrower, processes loan payments, deferments and provides payoff amounts.  Even though Wheaton College is the lender, your institutional loan payments should be sent directly to Heartland/ECSI.

Federal Student Loan Exit Counseling

Exit Counseling sessions are conducted in the spring for all graduating seniors who have borrowed a federal loan while enrolled at Wheaton College. Loan Exit Counseling can be completed online at the Federal Student Aid website.

Student loan borrowers receive a cumulative breakdown of all loans borrowed as well as lender/servicer contact information. Students may contact Student Financial Services to ask any questions they may have regarding their loans including but not limited to: loan repayment, deferment, forbearance, loan consolidation, loan forgiveness, and loan cancellation.

All student loan borrowers complete a federal exit counseling session on-line utilizing the following loan servicing websites:

• Federal Perkins loan
• Federal Direct loan

More information regarding the federal student loan program including exit counseling (pdf), eligibility of loan forgiveness, and a loan repayment calculator is available on-line at the Federal Student Aid website.

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