Drake Private Loans
- Through the generosity of donors desiring to assist qualified individuals with demonstrated financial need to obtain an education at Drake University, there are Drake private loan funds available to students:
- Loans from this fund is awarded to qualified students as part of the overall financial package offered to students through the Office of Student Financial Planning. Once the awarded loan has been accepted the student will receive an e-mail at the Drake e-mail address from ECSI, an agency who manages the loan funds on behalf of Drake University. The e-mail will contain instructions on completing the promissory note and entrance counseling for the loan. The Student Accounts office will receive notification from ECSI once these requirements are completed.
- Under the provisions of the Truth in Lending Act (TILA) – Regulation Z, the borrower has three business days to rescind the decision to receive a loan. Loan funds will not be disbursed to the student account until these three days have elapsed.
Repayment of Drake Private Loans
- Once the borrower has left Drake University he/she will be contacted by ECSI to complete the exit counseling requirement. A hold will be placed on the Drake student account preventing the release of transcripts and diplomas until the exit counseling requirement has been satisfied.
- ECSI will also contact the borrower to set up repayment arrangements. Terms of repayment are governed by the promissory note. Repayments must be made directly to ECSI and may not be sent to Drake University.
- Drake Private Loans are not eligible for inclusion in a federal loan consolidation.
- ECSI may be contacted at http://www.heartlandecsi.net (school code G3) or (888) 549-ECSI.