University-administered loan payments
Student Account Assistance
Student Account Assistance (SAA) is your primary contact for repayment of University-administered loans. Those loan programs include:
- Federal Perkins Loan
- Health Professions Student Loan (HPSL)
- Nursing Student Loan (NSL)
- Primary Care Loan (PCL)
- University Trust Fund Loan (UTFL)
The University does not service FFEL Stafford, William D. Ford Direct, Student Educational Loan Fund (SELF), or Parent and Graduate. Call SAA at 612-625-8007 if you have questions or concerns regarding repayment.
Billing and access to online loan information
Educational Computer Systems, Inc. (ECSI), is the University's electronic loan servicer for any University-administered loans you received while attending the Twin Cities, Morris, and Crookston campuses (The Duluth campus has its own billing service).
Billing
You will receive monthly billing statements from ECSI. Your billing statement, along with a return envelope, will be sent to you early each month. If you have multiple loans in repayment, you will receive one statement for all of your University-administered loans.
Online account access
Access your ECSI account online. Your online account provides many convenient ways to manage your loan repayment. Use your ECSI PIN (not your federal aid PIN number), included with the billing statement. If you do not have a billing statement, please contact Student Account Assistance (SAA) to have your PIN mailed to you.
Payment due
Payment must be received electronically, in person, or by mail on the first day of the following month by SAA. Postmarks are not considered proof of timely payment.
If you do not receive a bill, you are still expected to make a payment by the first of the month. Send your check or money order with your name and University student ID or social security number to SAA. Your canceled check is your receipt.
Early payment
You may pay without penalty all or any part of the loan principal and accrued interest at anytime before it becomes due.
Make payment
Automatic payment
Automatic payment is the cheapest and easiest way to ensure you remain current on your loan payments. It is also environmentally friendly. You get an e-billing statement, and your monthly payment is automatically deducted from your checking or savings account via a banking industry system, Automatic Clearing House (ACH.)
Sign up for this secured service at the Educational Computer Systems, Inc., (ECSI) Web site; or request an ACH application from SAA; or mail the ACH application provided on the back of your monthly billing statements. You must provide an e-mail address that ECSI can use to send a monthly notice when your e-billing statement is available online.
Other payment options
- Payroll deduction:
- If you are an employee of the University of Minnesota, you may choose to make your payments by completing and submitting to SAA the Payroll Deduction Authorization.
- One-time electronic bank transfer:
- You can do a same day, one-time electronic loan payment transfer from your checking or savings account for a $1.50 fee. Sign into the ECSI Web site to make this transaction. Your payment will then be transferred to the University.
- Pay by credit card:
- ECSI will also accept credit card payments. A sliding-scale transaction fee, based on your loan amount, is charged for this service. Sign into the ECSI Web site to make these transactions. Your payments will then be transferred to the University.
- Pay in person:
- Payments can be made in person by check or money order only for the exact amount you want to apply to your loan balance (SAA does not provide change for money amounts) at the SAA office in 211 Science Teaching & Student Services, East Bank campus.
- Pay by mail:
- Mail a check or money order for the exact amount you want to apply to your loan balance. Your payment must arrive in SAA offices before or on the due date. Postmarks on the due date are not valid. Your canceled check or duplicate copy of your money order is your receipt for payments mailed to us. Use the pre-addressed return envelope sent with your billing statement or, if necessary, address an envelope directly to SAA's mailing address, as follows:
When enclosing payment with a billing statement stub, send to:
Student Account Assistance
Minneapolis, MN 55440-0194
When enclosing correspondence or sending a payment without a billing statement, send to:
Student Account Assistance
222 Pleasant St. S.E.
Minneapolis, MN 55455-0239
Program-specific terms
Many of the University-administered programs have special terms. They may differ in terms of deferment, payment relief, cancellation, or service requirements, for example. Look at the details linked to each of the loan programs for more information, and contact SAA if you have questions
Failure to pay
Your payments and those of other borrowers are the primary source of loan funds for current students. Failure to make your payments could jeopardize the University of Minnesota's eligibility for loan funds to support current and future students. To protect the fund the University implements aggressive collection efforts, including the use of collection agencies, litigation, revenue recapture, and credit bureaus. Your student loan repayment is required even if you:
- are dissatisfied with the education you received;
- did not complete your program;
- cannot get a job in your field.
Penalties
The University assesses monthly late fees and places a hold on your academic records if you fail to make a payment when due. A fee that is 20 percent of your monthly installment is added to the balance due whenever you make a late payment. For example, if your installment amount is $40 per month, the late fee will be $8 each month that your payment is late.
Insufficient funds fee
If you pay with a check from a bank account that has insufficient funds, SAA will assess the maximum charges allowed by law and apply the returned check fee to your loan account. You will be notified to replace the check, plus pay that fee.
Default
If you fail to make loan payments, your loan will go into default status. As required by federal law, the University will disclose your loan default to a national credit bureau organization, along with other relevant information.
Please do not hesitate to contact a Student Account Assistance representative if you have concerns or questions about your ability to repay your loans on schedule.
