Repayment
University Trust Fund loan
Repayment on the principal of your loan will begin 90 days after you drop below half-time student status, graduate, or leave the University. When any of these circumstance occur, you are required to attend an exit interview with SFC. You will also be billed for any unpaid annual interest applicable to your loan type. At the time you enter repayment, you will be billed monthly by ECSI, a billing servicer, for the amount calculated to enable full repayment within 10 years. The minimum payment is based on the amount you owe, according to the following table:
- $0 to $500 = $20 per month
- $501 to $1,000 = $30 per month
- $1,001 to $1,500 = $40 per month
- $1,501 and up = $50 per month
You may prepay all or any part of the loan principal and accrued interest at any time before it comes due. If you fail to make a scheduled payment, the entire unpaid balance, including principal, interest, late charges, and all collection costs, as well as attorney fees due and accrued, may become immediately due and payable. A late fee equal to 20 percent of the loan installment amount will be added for each month the loan remains delinquent. For example, if your installment is $50 per month, the late fee would be $10 per month. This charge will appear on your next billing statement. After a late fee is assessed, it will be paid first from the next payment you make to your account. Your payment history is reported to a credit bureau.
For further information on the billing process and payment methods available, please see University-administered loan payments.