huecu graduate student loan repayment instructions

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

uasloanservice@ncogroup.com

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: uasloanservice@ncogroup.com

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: uasloanservice@ncogroup.com

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: 617-495-6640HUECU_Student_Loans@harvard.edu