Managing your student loans responsibly can benefit your credit rating and potentially assist your future financial goals. UAS offers multiple options for managing your student 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 uasecho.com.
With automatic payments, payments are automatically deducted from your bank account each month. If you set up automatic payments on your HUECU Graduate Student, Family, Refinance or Bar & Residency loan(s), you will receive a 0.25% interest rate discount that is effective once the first automatic payment clears. This discount does not apply to bill pay or automatic transfers not set up directly with UAS and is only available for payments made from a U.S. bank account, such as your HUECU account. You can set up automatic payments via the UAS website by visiting uasecho.com.
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 Payment
There is a daily credit card limit of $800. UAS charges a $10 fee per credit card transaction (This is lower than many international transfer fees). All credit card payments are treated as a one-time payment transaction and cannot be used to set up automatically recurring payments.
UAS currently accepts Master Card, Visa, American Express and Discover.
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
P.O. 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, check with your local financial institution, as well as HUECU, to determine the most cost efficient way for you to transfer money.
Anytime a payment is received, it will be applied in the following order:
Late fees(s) (if applicable)
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 student 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 payment(s), visit UAS at https://www.uasecho.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 1-800-999-6227 for allocation requests or questions.
Fees: Late Payments & Insufficient Funds(NSF)
Late fees are assessed on the 16th 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 student 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.
Making a One-Time Lump Sum Payment
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 may do this by reaching out to the HUECU Contact Center to receive a re-amortization form.
- 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 in full in less than the full term, saving money in interest over time.
Making Principal-Only Payment
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.