Loan Repayments

The Federal Perkins Loan Program provided money for college or career school for students with financial need. The authority for schools to make new Federal Perkins Loans ended on Sept. 30, 2017. 

Nursing Student Loans is a need-based loan available to undergraduate students pursuing a degree in nursing through the School of Nursing at Salem State University.

The Nursing Student Loan program is a campus-based loan program, with the school acting as the lender. Funds are provided by the Health Resources and Services Administration (HRSA). The interest rate is 5% fixed for the life of the loan. No interest is charged while the student is in school and is enrolled at least half-time. Students have a nine-month grace period after they leave school and up to ten years to repay their loans.

Nursing Student Loans

Federal regulations require students to complete Exit Counseling for their Nursing Student Loans if they are enrolled less than half-time, are no longer enrolled in the Nursing program, or graduate. Students will contacted by their loan servicer, UNISA, on how to complete this process during their grace period. 

Federal Direct Loans

Federal regulations require students to complete Exit Counseling for their Federal Direct loans if they are enrolled less than half-time, are no longer attending Salem State University, or have graduated. Exit Counseling can be completed at studentaid.gov.

Perkins and Nursing: 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. 

Federal Direct Loans: Contact your loan servicer for more information by visiting https://studentaid.gov/loan-consolidation.  

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.

Perkins and Nursing Student Loans

UNISA is the loan servicer for Perkins and Nursing Student Loans. It is contracted with Salem State University to perform all the billing and accounting for these two loan programs. UNISA provides students with payment information and Exit Counseling. Do you have questions about your payments?

Contact UNISA

Federal Direct Loans: Students can find information about their servicers through studentaid.gov  

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.

Students can find information about their servicer at studentaid.gov  

Need Help Managing Your Federal Direct Loans?

Salem State has partnered with Student Connections to provide additional support and ensure you have everything you need to manage your federal student loans. This service is completely free!

Their Borrower Advocates can help answer any questions and help you find the best, most affordable repayment option.

While you are in repayment, Student Connections may contact you through emails, text messages, and phone calls to:

• Help you find your loan balance and monthly payment amount
• Discuss available repayment plans
• Ensure you understand options if you need to reduce or delay your payments

Visit My.StudentConnections.com or talk to a Borrower Advocate for free at (866) 311-9450.