huecu graduate student loan repayment instructions
TRANSCRIPT
HUECU Graduate Student Loan Repayment Instructions
Presentation Objectives Harvard University Credit Union Overview Loan Repayment Information Managing Your Finances Contact Information
About the Credit UnionThe Harvard University Employees Credit Union is a financial institution exclusively serving the students, alumni, faculty, staff, alumni and students of Harvard University and the affiliated hospitals. Family members are also eligible.
Member Owned Every member is an equal shareholder Volunteer Board of Directors elected by the membership
Safety and Stability Federally insured by the National Credit Union Administration (NCUA)
Cooperative Model All earnings returned to the members in the form of better value and enhanced
services. Customers = owners/shareholders
Loan Servicer Contact Information
The servicer for the loan is University Accountings Services (UAS).
Your loan repayment information will be sent on behalf of Harvard University Credit Union to the student borrower directly from UAS.
Setting Up On-line Access – Loan Info Website:
https://loanservice.uasecho.com
Step 1:
Click on “Create An Account”
Step 2 - For individuals with no social security number – select and follow Lender Assigned ID Method:
Lending Institution – drop down box – Select “Harvard University Employees Credit Union”
Identifier should be Borrower ID, located at top left of Loan Summary
Date of Birth of borrower MM/DD/YYYY
Borrower Postal code (of address on loan summary)
If borrower’s address does not have a zip code, the borrower should try “00000”. If log in attempt fails, contact the servicer for assistance.
The servicer may be contacted at 800-723-2210 or 262-780-2000 extension 6917 or via
Step 3:
The Borrower will receive confirmation of enrollment and must await receipt of a confirmation email.
Step 4:
Upon receipt of the confirmation email, the Borrower clicks on the “Activate Account”
link to complete the registration process. The Borrower can now log in and view the
account and make/schedule payments.
Loan Information
HUECU Graduate Loan Program
Variable Interest Rate based on U.S. Prime rate Changes quarterly if U.S. prime rate changes Interest accrues daily on outstanding principal balance
0.25% rate discount before and during repayment for automated electronic payment
Prior to start of repayment Interest and origination fees capitalize on principal
Loan Repayment Informationo Repayment begins six months after the student
separates from Harvard.
o Monthly payment - approx. $90.00 per $10,000 borrowed• Estimate based on current variable rate and loan term
o Payment is applied to principal & interest
o Payment required to be made each month
Making Payments
Loan payments need to be made in U.S. dollars
Payment formats: Pay by Mail Pay Online Pay via TravelEx/ Western Union option Enroll in Automatic Payment Option (0.25% rate reduction) Credit card option available ($10 fee)
Automated Electronic PaymentImmediate Discount There is a 0.25% rate discount before and during
repayment for automated electronic payment
How do you sign up for auto payment discount? Contact loan servicer Go to https://loanservice.uasecho.com where you can view
account balances and make a payment 24 hours a day 7 days a week.
TravelEx/Western Union
International currency exchange – over 26 different currencies availableEuropean, Asian, North America and Middle East
Local transfer of funds from local bank
Lower exchange costs
Visit HUECU website for more information
Loan Repayment
Timely repayment of your loan is essential to the wellness of the program.
Credit Reporting
Collections and Collection Costs
Contact HUECU or UAS immediately if you can’t make regularly scheduled payment. Financial counseling and payment modification available
Harvard University Credit Union Loan Repayment Summary Repayment begins within 6 months Make payments in U.S. $ Set-up on-line account access Contact Information
800-723-2210 Or (262) 780-2000 (for calls outside the U.S.) Website: https://loanservice.uasecho.com e-mail: [email protected]
Financial Transition Plan
Financial Transition Plan Managing Your Finances & Enjoying Your Life Understanding Credit and Credit Scoring Additional Resources
Financial Transition Plan
Know where you are and where you are going
Where are you now – financially• Income & expenses• Savings & debt
• Interest rates
Time available
Where do you want to be
Goals: Where do you want to be A realistic goal is $MART (in more ways than one)
SpecificMeasurableAdjustableRelevantTime-related
Be realistic Can it be done with current or proposed resources and
expenses
Building A Budget
Determine your income Prioritize expenses
Housing Food Clothing Utilities Transportation Miscellaneous
Credit Basics
Credit – Utilizing something now (e.g. education, car or home) and paying for it over a period of time.
3 C’s of CreditCharacter – How well do you honor your financial
obligationsCapacity – How easy will it be for you to repay the
debtCollateral – Will the loan be secured by something
What’s on the Credit Report?
Personal Information Names, current & previous addresses, employers, date of birth
Credit Information Credit granted and history & timeliness of repayment, revolving,
installment or open ended, payment patterns for past 7 years
Public Record Information Records found on public documents: bankruptcies, collection accounts,
overdue child support
Inquiries List of creditors and agencies who have requested your credit report
Who Reviews Your Credit?
Employers Landlords Automotive dealers Professional licensing boards Insurance companies Financial lenders Others
Credit Impact: Rates and Payments
Credit Score APR Monthly Payment
720-850 3.35% $731
690-719 4.77% $747
660-689 6.82% $770
620-659 10.41% $812
590-619 15.63% $874
500-589 17.02% $892
<500 Not eligible
Source: Myfico.com – 36 month car loan - $25,000
Investing
Time – How long is the money invested
Money – How much you invest
Rate of Return Higher Rate = Higher Risk of Loss
BALANCE
BALANCE is a financial education and counseling service available as a benefit of credit union membership
Money management counselingDebt repayment optionsCredit report review888-456-2227 / www.balancepro.net
Harvard University Credit UnionLoan Repayment Information
UAS Contact Information Customer Service: 800-723-2210 Or (262) 780-2000 extension 1705 (for calls outside the U.S.) Website: https://loanservice.uasecho.com e-mail: [email protected]
Call or e-mail with any questions about loan. Sign up for on-line access to UAS system today Financial Plan:
Visit a Harvard University Credit Union Branch office
Thank You!Questions? HUECU: [email protected]