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:

A one-time electronic (ACH) payment from a bank account (Checking or Savings) can be made online by logging into your UAS account at uasconnect.com.

With automatic payments, payments are automatically deducted from your bank account each month. If you set up automatic payments on your HUECU Education loan(s), you will receive a 0.25% interest rate discount that is effective from the date it is created. The discount will not reduce the monthly payment amount but will help you pay down the loan faster.

This discount does not apply to bill pay or automatic transfers set up through a third party outside of UAS. Please note that if you are using a bank account to set up your automatic payment, it must be a U.S. bank account, such as your HUECU Savings account. You can set up automatic payments via the UAS website by visiting uasconnect.com.

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 UAS account at uasconnect.com. UAS accepts Master Card, Visa, Amex and Discover. Please note that Debit Card payments can only be processed as credit. Additionally, you will not be charged a processing fee for credit card payments.

If you have any trouble making your payment, please contact UAS directly at (844) 870-8701 or, if calling internationally, at (608)-208-9009 for additional support.

UAS Credit Card Payment Guide

If you would like to send a check, make the check payable to Harvard University Employees 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 will be making international transfers, please check with your local financial institution as well as HUECU 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://gpx.globalpay.wu.com/geo-buyer/uaservice#!/
FlyWire: https://payment.flywire.com/pay/payment

Repayment Tip: Please keep in mind that you still have access to your HUECU Share Savings account, and can use it to set up automatic payments as well. 

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.

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.

Allocation is how a payment is distributed across multiple loans. 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 a payment, visit UAS at uasconnect.com, select “Payments”, choose your payment method, and use the “Pay Toward Loan” column to designate the specific portion of the payment that you would like applied to each account. Additionally, you may call UAS at (844) 870-8701 for allocation requests or questions.

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 ed_loans@huecu.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 HUECU 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.

Deferred principal (interest only) payment option is available for Resident and Fellow Loans only, for up to 48 months and may be applied for after your loan is disbursed, and any eligible enrolled or grace period ends. Borrowers may combine their 48 months of eligibility for deferred principal payments with medical residency forbearance benefits.

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

If you have a Harvard Graduate, Undergraduate, Bar, Resident and Fellow or MGH IHP loan, your loans will enter a 6-month grace period from the date you graduate or separate from your program. At the end of your grace period, any outstanding interest will be capitalized. Your first payment is due one month after your grace period ends.

You will receive your first education loan repayment 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 information.

Please refer to the table below for general guidance or contact UAS at (844) 870-8701 to confirm your first payment due date.

To calculate your student 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.

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 will pay off the interest that accrued while the loan was deferred and begin paying down more of the borrowed principal.

Towards the end of your loan term, your payments will cover the interest that accrues on a month-to-month basis only, and majority of the payment will be applied to the principal balance.

All current HUECU 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 HUECU 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. HUECU 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. HUECU 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 6-month 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.

As long as you’re enrolled at Harvard or MGH Institute of Health Professional at least half-time, you are eligible for up to 48 months of in-school deferment. After you graduate or separate, your loans will enter a 6-month grace period before repayment 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 at Harvard or MGH Institute of Health Professions, you may be eligible to eliminate 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. 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.

HUECU may grant up to four years (48 months), in increments of 12 months, an authorized postponement of payments for graduates of Harvard Medical School, Harvard Chan School of Public Health, Harvard School of Dental Medicine, and Mass General Brigham residents and fellows that are enrolled in an authorized training program. Documentation must be submitted each year, and includes an official letter from the manager or director of your residency program.

For Resident & Fellow loans only, borrowers may combine their 48 months of medical residency forbearance benefits with deferred principal (interest only) payments.

If you are a Harvard 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 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 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 determine a temporary repayment plan that will better suit your needs. 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.

HUECU: Education Lending Department

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

UAS will handle all statements and repayment information regarding your loan. If you have questions about your account details, billing statements, are experiencing technical problems like being locked out of your account, or want to make a payment towards your loan, please contact UAS directly.

UAS Mailing & Contact Information

Email Address: UASconnect@tsico.com
Fax Number: 1-866-543-6814
Phone Number: (844) 870-8701
International Phone Number: 608-208-9009
Website: www.uasconnect.com

Payments:

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

Overnight Payments via FedEx or Priority Mail:

University Accounting Service
LLC
c/o FIS Box 5865
270 Remington Blvd. Ste. B
Bolingbrook, IL 60440

Correspondence & Physical Address:

University Accounting Service
LLC
4099 McEwen Road
Suite 700B
Farmers Branch, TX 75244