Perkins Loan Program Liquidation

Cornell University Perkins Loan Program Liquidation Information

As part of Cornell University’s commitment to transparency and borrower support, we are providing the following guidance regarding the federal liquidation of the Perkins Loan Program. Our goal is to ensure all borrowers are informed, supported, and able to navigate this transition with clarity.

Overview of the Perkins Loan Program Liquidation

Cornell University is participating in the wind-down of the Federal Perkins Loan Program. As part of this federal wind-down process, institutions are required to reconcile and close all remaining Perkins Loan accounts, transitioning them out of institutional ownership and into federal ownership. The process of transferring Perkins Loans from institutional ownership to federal ownership is referred to as assignment.

What This Means for Borrowers

If your Perkins Loan is accepted for assignment by the U.S. Department of Education, the loan servicer of your Perkins Loan will change. Your current Perkins Loan servicer is ECSI. If your Perkins Loan is accepted for assignment, the new loan servicer will be ECSI Federal Perkins Loan Servicer (EFPLS), the Department of Education’s loan servicer for Perkins Loans. It is important to note that ECSI and EFPLS are different companies. Borrowers whose loans are accepted for assignment will receive an official letter notification from EFPLS once the servicing transfer has been completed. This letter will include instructions on how to manage your EFPLS loan account.

  • Your loan terms, interest rate, and repayment obligations remain unchanged.
  • You will continue to be responsible for making payments until your balance is paid in full.

Repayment & Billing Information

Payment Methods: You should continue making payments to your current loan servicer, ECSI, until you receive notification from EFPLS that your loan has been accepted for assignment by the Department of Education.

ECSI Payment Portal Link: https://heartland.ecsi.net/

Borrower Responsibilities

  • Make sure that your contact information is up to date with ECSI to ensure that you receive important updates.
  • Continue making payments on time to avoid late fees or credit impacts.
  • If you have questions about deferments, cancellations, or hardship options, contact ECSI using the information below.

Deferment, Cancellation & Forbearance

Borrowers may still be eligible for benefits such as:

  • Teacher or Public Service Cancellation
  • Economic Hardship Deferment
  • Military Service Deferment

Download forms or submit requests through: https://heartland.ecsi.net/index.main.html#/access/downloadFormPages

What if I Was Working with a Collection Agency Before 10/14/2025?

Due to Cornell University's participation in the Perkins Loan Program liquidation, all Perkins Loan accounts previously placed with external collection agencies were recalled back to ECSI for servicing during the liquidation period.

  • All agency fees and collection costs have been removed from recalled accounts.
  • Until your Perkins Loan is accepted for assignment by the U.S. Department of Education’s federal loan servicer, you may pay off your Perkins Loan balances in full directly through ECSI.
  • ECSI is now the sole point of contact for repayment, payoff requests, and account inquiries.

Please ensure all future payments and communications are directed to ECSI until you receive notification from EFPLS that your Perkins Loan has been accepted for assignment.

If you have questions, please do not hesitate to reach out to bursar-loanrepayments@cornell.edu

Frequently Asked Questions

Are cancellation and deferment benefits still available?

Yes, eligible borrowers may continue to apply for Perkins Loan cancellation and deferment benefits (such as Teacher, Public Service, Economic Hardship, or Military Service) through ECSI during the liquidation period. However, if you are approved for a deferment, cancellation, or forbearance with ECSI after your Perkins Loan has been submitted for assignment, you will be required to apply for that benefit again with the new servicer, EFPLS, once the loan is accepted by them.

Do I need to do anything if my loan is transferred in the future?

No action is required from borrowers. If the U.S. Department of Education’s federal loan servicer assumes responsibility of your loan after liquidation, you will receive official notification from them with instructions. Continue making payments through ECSI unless notified otherwise.

Will my interest rate or terms change?

No, your loan terms remain the same during and after liquidation.

Can I still apply for cancellation or deferment benefits?

Yes, eligible cancellation and deferment benefits remain available.

How will this effect my credit?

If payments are made on time, there will be no negative impact to your credit.

Contact Information

All questions about your Perkins Loan, including deferment, cancellation, and payment inquiries, should be directed to our servicing partner, ECSI.

Live student loan specialists are available Monday to Friday, 7:30 AM - 9:00 PM Eastern Time. Live contact center specialists for other services are available Monday to Friday, 7:30 AM - 8:00 PM Eastern Time.

Website: https://heartland.ecsi.net/

Phone: Student loans: +1 (888) 549-3274

Bursar and CornellCard accounts: +1 (844) 454-6100

Please reach out to us at bursar-loanrepayments@cornell.edu with any additional questions.  Please note that our office cannot process payments, deferments, or cancellation requests. 

Last Updated: October 22, 2025
Please continue to check back regularly for updates during the liquidation process.