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Loan repayment

Borrowing to fund your education is an investment in your future. However, this is an investment that must be repaid. Repaying your student loans establishes your financial independence and credit history. It is very important that you manage your loan payments carefully—failing to repay as agreed can have serious consequences to your financial well-being.

Your loan payments will be handled differently, depending on the program.

Visit StudentLoans.gov and browse the "Managing Repayment" section for information on the following loans:

  • Federal Direct subsidized
  • Federal Direct unsubsidized
  • Federal Direct parent PLUS
  • Federal Direct graduate/professional PLUS

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), Parent PLUS, or Direct Graduate/Professional loans.

Billing and access to online loan information

Heartland (ECSI) is the University's electronic loan servicer for any University-administered loans you received while attending the University of Minnesota.

Billing

You will receive monthly billing statements from Heartland ECSIYour 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. If you have loans in repayment at the University of Minnesota Duluth (UMD) as well as any other U of M campus, your billing for UMD will be separate.

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 FSA ID 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 to SAA. Your canceled check is your receipt.

You may pay without penalty all or any part of the loan principal and accrued interest at anytime before it becomes due.

Making payments

Recurring automatic payment

Automatic payment is the cheapest and easiest way to ensure you remain current on your loan payments. You will receive an e-billing statement and your monthly payment will be automatically deducted from your checking or savings account.

Sign up for this secured service on the Heartland ECSI website. You must provide an email address that ECSI can use to send a monthly notice when your e-billing statement is available online.

Payroll deduction

If you are an employee of the University of Minnesota, you may choose to make your payments by completing and submitting the Payroll Deduction Authorization to SAA.

Electronic bank transfer (non-recurring)

You can do a same day electronic loan payment transfer from your checking or savings account for a $1.50 fee. Sign into the Heartland ECSI website 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 Heartland ECSI website 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) at the SAA office at 211 Robert H. Bruininks Hall.

Pay by mail

If you would like to mail a check or money order to make a payment on your loan balance:

  • Make the check or money order for the exact amount you want to apply to your loan
  • Send it in time to arrive (not postmarked) on or before the due date
  • Use the pre-addressed return envelope sent with your billing statement

If you do not have a pre-addressed envelope, send your billing statement and payment to :

University of Minnesota, Twin Cities
Student Account Assistance
P. O. Box 194
Minneapolis, MN 55440-0194

When enclosing correspondence or sending a payment without a billing statement, address to

University of Minnesota, Twin Cities
Student Account Assistance
211 Robert H. Bruininks Hall
222 Pleasant St. S.E.
Minneapolis, MN 55455-0239

Your receipt for a mailed in payment is your duplicate check or copy of your money order.

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

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% 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.

If you pay with a check from a bank account that has insufficient funds, SAA will assess up to 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.

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.

Review the SELF Loan FAQ for helpful information. For repayment questions or to make payments, contact the loan servicer:

Firstmark Services
PO Box 2977
Omaha, NE 68103-2977
Phone 888-538-7378

For repayment information on a private loan, refer to your promissory note and the lender you obtained the loan from.

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