How do I maintain a good credit record?

  • Peace Corps/VISTA Volunteer
  • Law Enforcement
  • Medical Technician/Nurse
  • Work with High Risk Children
  • Early Intervention Services
  • Child and Family Services

For most students, a Perkins Loan is the first experience with credit. Student loans can be an excellent way to establish a good credit rating. Pay your loan promptly each month or quarter. Here are some tips on establishing good credit.

  • Notify Student Financial Services collection personnel or ECSI of any change of address or name.
  • Send the payment due each month or quarter even if you do not receive a bill. Send extra payments to reduce your total interest when you can.
  • If you are eligible for any of the aforementioned deferments or cancelations, file the appropriate form on or before your payment due date.

What is a Federal Consolidation loan?

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Consolidation Loans offer you the opportunity to combine different types of federal student loans. Consolidation is an option that will simplify your repayment. If you have a William D. Ford Direct Loan with Stafford and/or Perkins Loans you can currently consolidate through the Department of Education by contacting the USDE Consolidation Loan Information Center online, or by calling 800-557-7392.

What if I have problems repaying my loan?

If you have a problem making scheduled payments on your loan, contact Student Financial Services immediately (707)826-4407. A Perkins counselor will work with you to help you avoid the costs and adverse consequences of delinquency and having your loan classified as in default. Deferment and forbearance are options that can help you avoid default and maintain a positive credit history.

What happens if I do not repay my loan?

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The federal due diligence requirements for collection of Federal Perkins Loans have become increasingly strict. If you ignore bills or move without notifying Student Financial Services or ECSI, the following steps will be taken:

A hold will be placed on your transcripts and any future re-admission to Humboldt. This hold will not be released until the past-due portion of your loan is cleared.

If your account goes more than thirty (30) days past due, you will be assessed late fees. A late charge, not to exceed twenty percent (20%) of the scheduled payment, will be imposed.

When you apply for credit of any kind, the potential creditor usually checks your credit record through a credit reporting service. A delinquent student loan on that record will be an obstacle to your obtaining a home loan, car loan, credit card, or any other form of credit. Even when you clear the delinquency, the fact that the loan was once delinquent will remain on your credit report.

This is a program that automatically offsets a taxpayer’s state personal income tax refund and/or lottery winnings if the taxpayer owes the university a debt.

The regulations that govern the student loan program require that California State Universities refer to an outside collection agency any past-due borrower who has not responded to our internal collection efforts. Collection agencies are in the business of pursuing collections vigorously and aggressively. If the circumstances warrant, they will proceed with litigation. You may be responsible for all court costs, attorney fees, and collection costs, in addition to the entire unpaid principal balance plus interest. A court judgment on your credit record is detrimental to both your career and private life. Your wages may be garnished and your credit report will be affected. In addition, you must pay all the costs of the collection agency. The fee the collection agency charges to collect this delinquent debt is known as the collection cost or contingency fee.