Education Loan Repayment

Managing your education loans responsibly can benefit your credit rating and potentially assist your future financial goals. UAS offers multiple options for managing your education loan payments, which include the following payment methods:

You can make a one-time payment from a U.S. bank account, such as your Harvard FCU Savings or Checking Account, or with a credit card by logging into your Harvard FCU Digital Banking account to access your education loan portal.

You can also submit one-time payments over the phone through the automated payment system, or with a UAS representative by calling (844) 870-8701. If you’re located internationally, please call 262.780.2000.

When you set-up automatic payments, you will automatically receive a 0.25% interest rate discount on your loan beginning from the date of creation. The discount will not reduce the amount you owe, but will help you pay down the loan faster. You can set-up automatic payments by selecting “Education Loans” from the menu in your Harvard FCU Digital Banking account, which will take you to the UAS portal to complete the process.

Please note that the automatic payment discount does not apply to bill pay or automatic transfers set up through a third-party outside of our servicing partner, UAS. If you are using a bank account to set up your automatic payment, it must be made from a U.S. bank account, such as your Harvard FCU Savings or Checking account. Please refer to the below steps for additional guidance.

Automatic Payment Instructions:

1. Click on “Manage Recurring Payment”located under “Useful Links” on the loan summary page.
2. Click on “Create A New Recurring Payment”.
3. If you haven’t already entered your bank account information, you will be prompted to do so.
4. Select the loan for which you would like to setup the recurring payment. If you have more than one loan, a separate recurring payment is needed for each loan.
5. Enter the requested information.
6. Click “Create Recurring Payment”.

If you have trouble creating your automatic payment, please reach out to UAS at (844) 870-8701 or UASconnect@tsico.com. If you’re located internationally, please call 262.780.2000.

Repayment Tip: You can set up automatic payments as low as $25 a month while you are still enrolled, and start saving money on interest accrual before repayment begins.

1. Click on “Manage Recurring Payment” located under “Useful Links” on the loan summary page.
2. Click on “Create A New Recurring Payment”.
3. If you haven’t already entered your bank account information, you will be prompted to do so.
4. Select the loan for which you would like to setup the recurring payment. If you have more than one loan, a separate recurring payment is needed for each loan.
5. Enter the requested information.
6. Click “Create Recurring Payment”.

Repayment Tip: You can sign up to make automatic payments as low as $25 a month while you are still enrolled in order to receive the interest rate discount.

Credit Card payments can be made online by logging into your  Harvard FCU Digital Banking account, and selecting “Education Loans” from the menu. You will be directed to the UAS portal where you can make  your payment. UAS accepts Master Card, Visa, Amex and Discover, with no additional processing fee included. Please note that Debit Card payments can only be processed as credit.

If you have trouble adding your credit card as a payment method, please reach out to UAS at (844) 870-8701 or UASconnect@tsico.com. If you’re located internationally, please call 262.780.2000.

If you would like to send a check, make the check payable to Harvard Federal Credit Union and mail it to the following address:

University Accounting Service
PO Box 5879
Carol Stream, IL 60197-5879

Be sure to include your account number on your check and the remittance section from your billing statement.

You may also call UAS at (844) 870-8701 to make a payment by phone.

If you are making an international transfer, please check with your local financial institution as well as Harvard FCU, to determine the most cost efficient way for you to transfer money. You may also use one of the below links to make an international payment towards your education loan(s).

Western Union Global Pay: https://exporter.globalpay.convera.com/
FlyWire: https://payment.flywire.com/pay/payment  

Anytime a payment is received, it will be applied in the following order:

Any fees charged as a result of the failure to make 1 or more monthly payments before the applicable payment grace period expires. Late fees are assessed 15 days after your missed payment.

The amount of interest that accrues daily on the loan, which is determined by factors such as the number of days between payments, the interest rate on the loan, and the outstanding principal loan balance. Interest does not accrue on late fees.

The portion of the loan’s principal amount included in the most recent monthly billing statement.

If you have multiple education loan accounts, all of which are serviced by UAS, you may decide to have certain portions of your payment applied to specific loans. To allocate payment(s), log into your Harvard FCU Digital Banking account, and select “Education Loans” from the menu. You will be directed to the UAS portal where you can follow the below steps.

1. Select “Make a Payment” from the “Your Loan” drop down menu at the top of the page.
2. Select “All Loans” and select one of the available options for each loan (i.e. Current amount due, past due amount, etc.)
3. Enter the payment date, and choose your payment method.
4. The total payment amount will populate automatically, confirm the amount before hitting “Submit Payment.”

Please do not hesitate to call UAS at (844) 870-8701 if you have any trouble allocating your payment.

Late fees are assessed on the 16^th day past due. If your payment is missed or paid late, a late fee equal to 5% of the payment or $15 (whichever is lesser) will be assessed if the current payment and past due (if any) amount is not paid before the applicable payment grace period expires. Additionally, the delinquency may be reported to the consumer reporting agencies as past due.

Insufficient funds occur when your account does not have enough money available to cover your payment. If a check or ACH was returned as unpaid, you will be charged an NSF fee of $20. If you have more than one education loan account, each loan will be assessed an appropriate NSF Fee of $20.

Please remember that we are committed to helping you successfully repay your student loan(s). If you are having difficulty making payments, call us at 617-495-4460 as soon as possible.

If you make a payment that significantly reduces the balance of your loan, several things may happen:

• It is likely you will pay off the interest that accrued during enrollment, and going forward your payments will cover any month-to-month interest accrual, and be mostly applied to principal.
• Your minimum payment will remain the same going forward unless you specifically request that your loan be re-amortized over the remaining term. You can reach out to the Education Lending team at edloanpartners@harvardfcu.org to submit your re-amortization request or contact UAS directly.
• If you do not re-amortize for a lower minimum payment, and continue making the current minimum or larger payments, you will pay the loan off faster, saving money in interest over time.

UAS does not process principal-only payments for Harvard FCU loans. Your promissory note explicitly states that any payment made is first applied to late charges and fees, then to accrued interest, and the remainder to principal.

• After capitalization, the balance reduces with payments, and accrues interest on the whole, the exact same way no matter how the payment is applied.

• If you make payments before repayment and interest capitalization, payments are still split the way they would be during repayment, with a payment partially applied to interest and partially applied to principal.

It’s important to understand how your loan works. The type of education loan you’ve borrowed will impact how interest is calculated, accrues, and when your first payment is due.

Depending on the type of loan you borrowed, you may be eligible for up to 48 months of deferment while you’re enrolled in school.

Based upon the type of loan you borrowed, when you applied, and the repayment option you selected during the loan origination process, you may receive a 6 or 9-month grace period, beginning from your reported graduation or separation date. Based upon the length of your grace period, the combined maximum in-school deferment and grace period (interim period) is 54 or 57 months. The first payment is typically due one month after the grace period has ended. At the end of the grace period, any outstanding interest is capitalized. After capitalization occurs, the monthly payment is calculated, and a payment schedule is established to amortize the loan to be repaid over the loan term. For additional guidance regarding the grace period for your loan program, please refer to the Deferred and Immediate Repayment tables listed below.

Eligible loans only receive one grace period. If you take a leave of absence and return to school after entering repayment, you may qualify for our Returning Student deferment. However, your loan will enter repayment immediately after that deferment period ends.

You will receive your first billing statement approximately one month before the first payment is due. Your loan type will determine when your official repayment period begins.

For deferred loans, you will be notified of your monthly payment amount when you receive your first monthly billing statement. We are unable to provide your exact payment amount until this time due to interest accrual and capitalization that will occur prior to the start of repayment. You can review the loan disclosures issued during the application process for interest and payment amount.

To calculate your education loan payments, we use a method known as amortization. Amortization is a simple way to evenly spread out costs and is calculated precisely to pay off both principal and interest over a set period of time, known as the term of the loan.

If you have a deferred loan, when you first begin to make payments, the amount of your payments that go to interest is higher than the amount that goes to principal. This ratio slowly shifts over time as you pay off interest that accrued while the loan was deferred. Eventually, your payments will cover the interest that accrues on a month-to-month basis only, and the majority of your payment will be applied to the principal balance.

Currently, all Harvard FCU education loan products offer a fixed interest rate. However, if you previously borrowed a hybrid or variable rate education loan with the credit union, the rate is based on the U.S. Prime Rate (which can be found in the Wall Street Journal). The Prime Rate is an index to which an additional margin is added to determine a final rate. The variable interest rate is adjusted quarterly if the U.S. Prime Rate changes.

Your interest rate will not change over the life of your loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. All current Harvard FCU education loan products offer a fixed interest rate.

The interest rate will change over the life of your loan based on the Prime rate. This means your interest rate and payment amounts can change over time as well. Harvard FCU does not currently offer an education loan product with a variable interest rate.

The rate is fixed for the first 5 years beginning from first disbursement, and then becomes variable for the remainder of your loan term. This means your rate may begin to fluctuate once the rate becomes variable and payments will adjust accordingly. Harvard FCU does not currently offer an education loan product with a hybrid interest rate.

Interest capitalization is when unpaid interest is added to the unpaid principal. This occurs at certain times during the life of your loan, typically at the end of the grace period, a deferment, or a forbearance. Depending on your loan program and promissory note, interest may also be capitalized periodically during certain periods when payments are postponed. Capitalization will cause the principal balance to increase, and future interest will accrue on that larger balance.

The amount of interest that accrues on your loan is determined by a simple daily interest calculation. If your loans are deferred while you are enrolled in your program, then simple interest accrues on your loan principal. After your grace period, the interest that accrued during enrollment capitalizes, which means it is added to the principal and interest then accrues on the entire balance.

You are required to repay your education loans with interest. Interest is calculated as a percentage of the amount you borrowed. You may be able to deduct interest paid on your eligible education loans on your federal tax return, which could reduce your taxable income. You can log into your UAS account or contact them at (844) 870-8701 to find out when your tax statement (Form 1098-E) will be available.

Repayment Tip: The longer you take to pay off your loan, the more interest will accrue, increasing the amount you will need to repay. We encourage you to make more than the minimum payment each month in an effort to pay the loan down faster and save money on interest.

Those with qualifying loans may be eligible to temporarily suspend or reduce loan payments through deferment or forbearance if you are enrolled in school, participating in a medical/dental residency program, completing a judicial clerkship, experiencing financial difficulty, or on active military duty.

It’s important to keep in mind that during periods of deferment and forbearance, interest will continue to accrue and will capitalize when your loan re-enters repayment. This means any unpaid interest will be added to the principal balance, increasing the total cost of your loan. Also note that the loan term will be extended at the end of the forbearance period by the number of months in which your loan was in forbearance.

Please don’t forget to continue making payments until you’ve been notified that your deferment or forbearance has been approved. Otherwise, you assume the risk of your loan falling into delinquency, which can have a negative impact on your credit.

Depending on your loan program and repayment option offered or selected during the loan origination process, you may be eligible for up to 48 months of in-school deferment as long as you’re enrolled at least half-time. If eligible, this deferment is automatically applied upon disbursement of your loan, based upon the school reported graduation date. After you graduate or separate, your loans will enter a 6 or 9 -month grace period before repayment officially begins.

Deferring your loans if you’re returning to school can help to lower or eliminate your payments while your income is limited. However, it’s important to understand that doing so will result in paying more over the life of your loan.

If you are pursuing a graduate degree program post enrollment, you may be eligible to fully defer or make interest-only payments for up to 36 months. Your school will need to verify your enrollment, which must be at least half-time. In addition to completing the Returning Student Deferment application, enrollment verification will be required each year you are pursuing your degree. Documentation includes an official letter or certificate from the registrar’s office with the school logo or seal.

Based on your loan program, Harvard FCU may grant an authorized postponement of payments for up to four years (48 months) to those enrolled in an authorized residency program. Documentation must be submitted each year, and includes a completed Forbearance Application along with an official letter from the manager or director of your residency program.

If you are a Law School Graduate who has decided to enter a clerkship, you may be able to pause or make interest only payments for up to 12 months. The judge or court official overseeing your clerkship will need to provide verification. Documentation includes a completed Forbearance application, and an official letter on court letterhead signed by the judge or court official.

If you are in a period of active military service, you may be eligible to postpone your payments. Required documentation includes a completed Forbearance Application, and a written statement from your commanding or personal officer, or a copy of your military orders. Your interest rate will not exceed 6% during this time, and will be adjusted, as needed.

We understand that repaying your education loans can be hard to do if you are having difficulty finding employment, have experienced a job loss, or have an unplanned medical expense.

If you are experiencing these types of circumstances and are unable to make full payments towards your education loan(s), you can complete a forbearance application to temporarily postpone or reduce your monthly payment. Please keep in mind that Forbearance is a temporary solution that is intended to provide short-term relief. Once your forbearance period ends, it is expected that you will fulfill your monthly payment obligation until the end of your loan term.

Repayment Tip: Please keep in mind that interest continues to accrue during the forbearance period. Making at least an interest-only payment will prevent the loan balance from rising, and therefore prevent the minimum payment from becoming higher than it was before you entered forbearance.

Whether you’re looking for general loan information, missed a payment, or need help understanding your repayment benefits, HUECU is always here to help.

Harvard FCU: Education Lending Department

P.O. Box 382609
Cambridge, MA 02238-2609
Phone: 617-495-4460
Email: ed_loans@harvardfcu.org

UAS will handle all statements and repayment information regarding your loan. If you have questions about your account details, billing statements, or want to make a payment towards your loan, please contact UAS directly.

UAS Mailing & Contact Information

Regular Payments

University Accounting Service, LLC
c/o PO Box 5879
Carol Stream, IL 60197-5879

Overnight Payments

University Accounting Service, LLC
c/o FIS Box 5879
270 Remington Blvd. Ste. B
Bolingbrook, IL 60440

Correspondence

University Accounting Service, LLC
Po Box 17238
Wilmington, DE 19850

Physical Address

University Accounting Service, LLC
500 Virginia Dr.
Fort Washington PA 19034

Email Address: UASconnect@tsico.com
Fax Number: 1-866-543-6814
Phone Number: (844) 870-8701
International Phone: 262.780.2000